“A certain measure of assistance by the Reich will, at times, be necessary to overcome industrial bottlenecks which are to be expected on account of the cutting off of English and overseas imports.
“Of particular importance is the guaranteeing of raw material industries which to a considerable part depend on overseas imports.
“For the moment it may be left undecided whether a future supply of bauxite from the German stocks is necessary for utilizing the capacities of the aluminum plants.”
As soon as the troops entered Norway, Germany issued notes of the Reichskreditkasse which were legal tender only in Norway and which could not be used in Germany. As in the other occupied countries, this was a means of pressure to obtain financial advantages, which were supposedly freely given by the brutally enslaved countries.
The Germans did their best to become masters of the means of payment and of Norwegian credit by the two methods which have become classic: Imposition of a veritable war tribute, on the pretext of the maintenance of the army of occupation, and also the working of a system of clearing to their profit.
German seizure of the means of payment.
First, indemnities for the maintenance of the army of occupation.
At the beginning of the occupation, the Germans used for their purchases notes of the Reichskreditkasse. The Norwegian holders of this paper money used to change it at the Bank of Norway, but this financial institution could not obtain from the Reichskreditkasse any real equivalent. In July 1940 the Bank of Norway had to absorb 135 million Reichsmark from the Reichskreditkasse. To avoid losing control over monetary circulation, the Bank of Norway was obliged to put the Norwegian notes at the disposal of the Germans, who drew checks on the Reichskreditkasse which the Bank of Norway was obliged to discount.