The early years of the new Norwegian monarchy were marked by a shortage of funds. The Norwegian state was poor and funds were needed elsewhere than in the upkeep of a large court. In that sense it was a stroke of good fortune that Prince Carl had set as a condition for accepting the throne that he would not be forced to keep a large court. However the royal travels and the upkeep of the royal residences, after the initial refurbishment in 1905, were to some extent neglected. One example of the negative financial situation is that Prince Carl had been promised a Royal Yacht when he accepted the throne, but this was not fulfilled until 1947.