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They are well prepared for the disturbances which can
hardly be avoided when the general economic tide is
turning and prices are declining. The South African
war has probably decreased the speculative tendency
in England, so that there is less chance of a crisis.
The United States are the field of an extraordinary
expansion, but they are also developing a corresponding
strength. In Germany the wise chiefs of the national
bank have provided as far as possible for the reaction.
The Bank of France is stronger than it has been at any
previous period, its task being easier because of the
small tendency to speculative enterprise in the French
nation. Among the smaller nations, Holland has, as
usual, so acted that it cannot easily get into difficulties,
while Belgium with its great enterprise, and also
Switzerland, have naturally utilised the strong
neighbouring market of France. The leaders of Finland’s
finance seem to have acted with great circumspection.
That the private banks should re-discount and borrow
on securities in the Bank of Finland is only natural;
they have not done this to any very great extent, not
much more than a total of 10 millions; and in the
summer of 1901 the amounts were decreasing. On
the whole they seem to have maintained their strength;
and, what is more important, this has evidently been
done quite satisfactorily by the Bank of Finland.
Also the Bank has increased the total amount of its
loans during the period 1895-99 from 31 to 51
millions, and later by still larger amounts; but, like
the Scandinavian banks, it has increased its rate of
discount and interest in time, and has therefore been
able to preserve such resources as foreign bills, credit
in other countries, and saleable bonds. At the end of
1899 it obtained a provisional loan of 7 millions from
the government, and we have explained how the Diet
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