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approval of the Finnish government. The Estates
choose four delegates, one from each Estate, as well
as four auditors; and these delegates form an
administration corresponding to the English Board of
Directors. They decide, for instance, according to the
suggestions of the managers, the rates of interest and
discount. The managers — called directors, as in
Germany, Scandinavia, and France — are nominated by
the Emperor, the President is proposed by the Senate
only, and three other managers are proposed by the
delegates of the Estates. At each Diet a Banking
Committee is elected to examine the administration
of the Bank and to propose any new rules which
may be necessary. At the Diet of 1872 a complete
code of rules was adopted, which has been several
times amended. Until 1876 the Bank of Finland
also took care of the Treasury funds, but since that
date a separate Treasury Office, or “Statskontor,”
has been established. The capital of the Bank has
several times been increased by means of a portion
of the profits, and it has now been brought up to 25
million marks, with a reserve which was 9 millions
in 1901, and will shortly be brought up to 15 millions.
At the same time a considerable portion of the profit
of the Bank has been applied by the Diet to the
payment of divers expenses concerning matters which
depend on the Estates.
The main object of the Bank continues to be the
circulation of notes, but there is now established in
necessary connection with this a full modern banking
business. The recently amended rule for the issue of
notes is that the Bank may issue 40 million marks
without any equivalent in gold, this being the minimum
demanded by the circulation according to the experience
of the worst years since 1890. For the purpose
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