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Finland has not yet any Exchange. There are only
periodical sales of securities. It must not be forgotten
how new this whole development is. More frequent
sales of securities are wanted.
The savings banks have also made progress, although
by no means to the same extent as the banks. They
are established either by private people or
municipalities and communes, and by the law of 1895 are
subject to the control of a savings-bank inspector. In
1880 they numbered 109, with 36,000 accounts and a
capital of 14½ millions. At the end of 1899 there were
188 savings banks, with 133,000 books, and 72 million
deposits. The average in 1880 was 396 marks per
book; in 1899 it was 542 marks. In the country the
deposits amount to 20¼ millions: in the cities to 51½
millions. The deposits were less in number and of less
amount in the so-called Old Finland, formerly the
Russian part, and were greatest in the south-western
part of the country, where the savings bank of Åbo,
for instance, established in 1823, has 15 million marks
of deposits. In one single härad one out of every nine
persons has money deposited in the savings bank; for
the whole country the number is one in twenty. The
savings bank of Helsingfors has 8½ million marks of
deposits. The reserve of all the savings banks amounts
to 8¾ millions, or 12 per cent. of the deposits. Half
the capital is lent out on mortgage on real estate, 34
per cent. against other guarantees, 11 per cent. deposited
in the banks or placed in saleable bonds, and 2 per
cent. held as cash. Interest varies from 5.45 per cent.
paid by borrowers in Nyland, to 5.97 paid in the
distant Kuopio. In one year, 1899, the average
interest over the whole country increased from 5.56 to
5.68. The interest paid to the depositors was
increased from 4.39 to 4.60, less than the average
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