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favourable situation and decrease in business, such as
has also occurred in other countries, seems again about
to give place to a more favourable situation. The
balance of the banks, of private banks as well as that
of the Bank of Finland, makes on the whole a very
favourable impression. It will be noticed that it is
especially credit in readily-liquidated form, particularly
bills of exchange, which has increased. Also cash
credit has increased considerably. At the same time
the period of the running of bills and loans has
decreased. The expenses of the banks are on an
average under 1 per cent. of the whole amount to the
credit of the bank, and under 1 per thousand of the
turnover; and, as we have already mentioned in
speaking of the large banks, they represent about 40
per cent. of the gross profit. As we also mentioned
in connection with the private banks, the great
increase in the capital of the banks has taken place in
latter years. It was during the period 1896-98 that
this increased by 22 millions to a total of 36 millions
of capital and 17 millions of reserve. The business
of the private banks, which are comparatively new
institutions, has increased more rapidly than that of
the Bank of Finland.
Concerning these banks, as well as other departments
of the economic life of the country, it is of interest to
examine the periods of expansion and restriction,
which return, especially in the larger countries, with
a certain regularity every ten or eleven years. There
is never perfect regularity; peculiar causes always
exercise a considerable influence, not the least in small
countries with an unusual situation. In Finland, the
consequences of the frequent failures of the harvest are
necessarily widely felt, as is, on the other hand, any
increase in the demand for wood in foreign countries.
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