The report commenced as follows: “Danmarks Nationalbank’s activities during the past banking year have been affected to a significant degree by the prevailing slackness of business in important areas of commerce. Throughout the banking year money has been in ample supply both at home and abroad, and the interest rate extremely low.
In Denmark, both the discount rate for bills of exchange and the lending rate were lower than in any previous year, and the demand for money was in both cases unusually low.” This was all that Danmarks Nationalbank wrote about the economy’s development in this first report. However, a noteworthy statement in this paragraph is that “the demand for money ... (is) unusually low”.