The Economic Position of Switzerland During the War (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1919 Excerpt: ...as it is quoted in New York papers, at so many francs per dollar, we have the following figures: Swiss Exchange In New Yobk (pae 5.18 Francs For $1). i1917 average, 4.78. Oct. 30, 1918 4. 68 Nov. 29, 1918 4. 92 Feb. 15. 1919 4.92 It will be seen from these figures that Swiss exchange in New York was higher at the end of October, 1918, than the average for 1917, but much lower than at the high point of 1917, which was in December of that year. At one time in 1918, however, the rate had risen above the December, 1917, level. The rate at the end of November, 1918, was milch below the October, 1918, level and shows the effects of the armistice and the allied victory over the Central Powers. No further change occurred however, between November and February, 1919, the rate standing the same on February 15 as on November 29. PUBLIC FINANCE. The war necessitated a large increase in public expenditures in Switzerland. A large part of these extra expenditures were mobilization expenses. In all, the Swiss Federal Government floated eight war loans from 1914 to Januarv, 1918, one of these in the United States for $15,000,000. These loans aggregated 782,000,000 francs, or about $150,000,000, or approximately $40 per capita. These loans increased the public debt of Switzerland from 146,270,000 francs in 1913 to 745,050,000 francs at the end of 1917. In addition, a floating debt was being incurred from 1914 onward, which stood at 319,400,000 francs at the end of 1917. The total national debt of Switzerland, therefore, at the end of 1917 was 1,036,553,000 francs, which is equal to 260 francs, or about $50 per capita. While this is a considerable sum it is not large enough to prove a. great burden upon the Swiss people after the war, and is relatively small compared with th...