Le Nord : revue internationale des Pays de Nord - 01.06.1942, Qupperneq 165

THE DANISH CREDIT ASSOCIATIONS
D3
had been founded in 1871 developments in the towns took a
steady course and therefore remained less noticed than in the
country. Only when the rapid growth of industry in connection
with the repeated agricultural crises had led to the beginnings
of a regrouping of the population did the centre of gravity of
the activities of the associations shift to an increasing extent from
country to town. Even though, of course, big industry at any
rate depended also on other supplies of capital the associations
even in this branch had their mission, but the demand for housing
due to the growth of the urban industries was, however, of far
greater importance. The population of Copenhagen has been
doubled in the course of the last 38 years and has now — in-
cluding the adjoining urban districts — reached practically one
million. Several provincial towns developed from mere market
towns into centres of considerable industries and overseas trade.
The importance of the credit associations to town housing
schemes, which especially in the period between the two wars
assumed formidable dimensions, can hardly be overrated. With
provisional banking facilities during the actual construction
people with a relatively modest capital of their own have been
able to build large tenement blocks because substitution of long
term loans for the temporary credit could be anticipated and
the size of the loans obtainable might be calculated with com-
parative certainty. The credit associations have therefore been
able to pave the way for the introduction of the co-operative
idea into the building industry. Great building enterprises have
been undertaken by co-operative building societies founded on
members’ contributions and on the background provided by the
credit associations; these societies act as savings institutions for
the members through the sinking fund on the mortgages and they
have the advantage over the limited companies that they secure
at the outset the letting of the tenements or flats at the calculated
rent; but they do, of course, require further financing and have
therefore enjoyed public support through tax rebates and the
msertion of secondary mortgages. As this 25 year period of busy
activity has coincided with a rich development in the technical
and sanitary field it is not too much to say that the aspect of
the towns and the life of their inhabitants have undergone a
revolution — in which therefore also the credit associations have
had their share. To secure settled leasing conditions in a period
m which the authorities have continually imposed restrictions in