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the association does not lend on property valued at
less than 6000 marks, and even this limit has only
recently been conceded after some resistance from the
Senate, instead of the former limit of 8000 marks.
There is a fear that the property of the settlers in the
northern part of the country, where land is as easily
obtainable as in the uncolonised districts of the United
States, and also as easily given up, might not be
sufficiently good security. The managers and directors
have declared that according to their experience it is
possible to fix a lower limit without any risk whatever.
The Mortgage Bank for the towns, Städernas i
Finland Hypothekskassa, was established in 1895, and
has now a share capital of 3 million marks, with a
reserve of about one-third of a million. It is a bank
where, unlike the Hypotheksföreningen, there is no
joint responsibility on the part of the borrowers.
Professor A. Kihlman is the chairman; and, in succession
to Herr Aug. Ramsay, who was appointed chief of the
Division of Commerce and Industry in the Senate, it
has as manager ex-Senator Serlachius. At the end of
1900 it had issued bonds for a total amount of 30½
millions, bearing interest at 4 per cent., the price being
99. The mass of its loans are for long periods on
amortisation and are not granted on more than
one-half of the value. Most of them, 26½ millions in all,
are held in Helsingfors. It has recently paid to the
shareholders a 6 per cent. dividend.
The above-mentioned law of 1886, which permits
the banks to issue bonds or debentures on security of
mortgages or bonds of governments and of
municipalities and under government control, had at the
end of 1899 been taken advantage of by the Union
Bank and the Joint-Stock Bank of the North, the
total of their issues being 23 millions.
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