DENMARK: Folketing Home

Beetling behind a big red fan of beard, Denmark’s huge Social Democratic Premier Thorvald A. M. Stauning has sailed his little country handsomely, since the spring of 1929, through fair weather & foul. Most ticklish stretch came after Britain, to whom Danish farmers sell most of their eggs and butter, cheapened the pound (TIME, Sept. 28, 1931). Premier Stauning sensibly cheapened Denmark’s krone proportionately in step with the pound. Results were so good that thrifty Danish exporters of dairy products began to think results would be better if the krone were devalued not merely down to but below the pound. Last summer they marched in force on King Christian X’s palace to demand that Premier Stauning make the krone worth 30 to the pound instead of 22 (TIME, Aug. 12). Last week in Copenhagen the Danish Parliament assembled and such super-devaluation was Denmark’s rabble-rousing issue. Many a smart farmer was trying to give this super-devaluation a push by illegally holding on to foreign exchange paid for his exports, thus tending to create a sterling shortage in Danish banks.

The session turned out to be the shortest in Danish history. The red-bearded Premier, who was once head of the Danish cigar-sorters’ union, had determined to pass the devaluation issue back to the voters. The voters who had called on the King, the radical farmers, he knew would vote against him. Though his Government was under no compulsion to face an election for another year, he last week got a decree from hard-jawed King Christian proroguing Parliament, dissolving the lower house (Folketing) and calling for new parliamentary elections.

Just before dissolution, Finance Minister Hans Peter Hansen presented a budget, ideally suited to electioneering purposes, showing an 18,000,000 kroner ($3,940,200) surplus for last year, promising a smaller surplus next year.