Full resolution (JPEG) - On this page / på denna sida - VIII. Money and Banking
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The bank was at first managed by the late Henrik
Borgström, its main promoter and initiator, and after
his early death, by the late August Törnqvist; and
later by Baron J. Cronstedt as manager-in-chief and
ex-Senator L. Mechelin as president of the board of
directors. It has been extremely successful. During
the period 1877-79 it paid a dividend of 15 per
cent.; from 1880 to 1882 the dividend varied from
17 to 19 per cent.; since 1884 it has paid 20 per
cent., and in later years still more, in 1900 the
dividend being 24 per cent. It has at the same
time been able to form a considerable reserve.
When in 1896 it decided to increase its capital of
3 million marks by another million, it was able to
issue the stock at 400, while 128 is the price of
the paid-up capital with the addition of reserve, so
that by this issue it could increase its reserve by
another 3 million marks. It has now 4 million
marks share capital and 8,700,000 marks reserve. The
lowest recent quotation of the stock is 500, at which
price it returns a little over 4 per cent. The turnover
of the bank last year was about 2,600 million marks,
and its deposits 88 million. Its expenses have in
later years been about 40 per cent, of the gross profit.
The Joint-Stock Bank of the North for Commerce
and Manufacture (Nordiska Aktiebanken för Handel
och Industri) was established in the speculative year
of 1872; and one of the objects of this bank, whose
headquarters are in Viborg, adjacent to St. Petersburg,
and whose basis was to be the metallic monetary
system in Finland, was that it should also operate in
Russia, where the local banks were still confronted
with the difficulty of irredeemable notes. The bank
was meant also to act as a Credit Mobilier or
Industrial Company; that is, to take part in establishing
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