The "Economic Review," a quar-! terly journal compiled by the Swedish Board of Trade and edited by the Foreign Office, Stockholm, in its June issue describes the economic situation of Sweden as gradually improving. The fall of commodity prices was arrested in April this year, when the price index for the first time since early in 1920 showed an increase, though of minor importance. The stabilization of prices seems to be accomplished and the level reach. ed is about two thirds higher than the 1915 level.
The Swedish crown is still at a high level, closely approaching the goid dollar parity. A return to the gold standard has, however, not yet taken place, the Bank of Sweden being still relieved of its obligation to redeem its paper money in gold coin or specie. On July 1 the discount rate of the Rank of Sweden was lowered to per cent.; this being the third reduction since July 6, 1921, when the rate was reduced from 6} to.
Industrial production shows improvement of varying importance for different industries. The iron and steel industry still shows the smallest increase and exports of iron and steel did not, during the first quarter of this year, reach even up to the average for last year. In May, however, exports improved considerably and figures for the five months January-May show a total export of iron and steel of about 66,000 tons, as compared with only about 50,000 tons during the corresponding period of 1921.
Stocks of timber have decreased, but, in spite of larger sales, prices are not moving upwards. Production of wood pulp is now about 75 per cent. of the capacity as compared with only about 50 per. cent. last year. The paper industry shows improvement, the production of certain kinds, such as wrapping and newsprint, being 90 per cent. of producing capacity.
Unemployment shows a consider. able decrease for every month, though the problem is still serious Direct taxation has been reduced, in order to give relief to the industries and, instead, indirect taxes, such as import duties on luxuries, have been raised. Railway freights and postal charge will be further reduced during this year, On account of the seasonal character of Sweden's foreign trade, it is impossible to give a forecast for this year. The first four months of the year did not give very promising results, but May there was a surplus of imports of only 7,000,000 crowns, which is the best result so far of this year's trade. Shipping shows 2 decided improvement, the tonnage of unemployed ships belonging to the Swedish Ship-
Text read from the printed page and cleaned; old type leaves the occasional error.