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sinking of the value of the rouble brought a
momentary profit to Russian exporters, but was a great
disadvantage to all importers. In 1882 the import to
Finland had been as high as 167 millions, the export
as high as 120 millions; they fell in the following
years to 90 millions for the import in 1886, and
77 millions for the export in 1887. The bank
statements reflect the situation. The holding of foreign
exchange and the amounts of foreign current accounts
decreased in the period 1880-82 from 38½ to 21½
millions, and again in 1883-84 from about 27 to
under 26 millions, and in the Bank of Finland in the
period 1883-86 from 18 to 12 millions. On the
whole, the Bank of Finland maintained a careful
policy during this period; losses occurred in 1883
in two other banks, but not in the national bank.
There was another partial decrease of business in the
next few years, but 1887 was again a year of
expansion. On the whole, the bank business progressed
during this period, the total loans, for instance, in
1885-87 rising from less than 69 to over 80 millions.
The Union Bank and the Joint-Stock Bank of the
North wisely decreased their deposit interest. The
Bank of Finland had restricted its loans in 1886, but
surpassed the others now by its low rate of interest
and discount, and at the same time established a
considerable number of branch offices, with the result
that its loans increased in 1886-87 from 21 to 87
millions. The trouble was, according to Professor
Tallqvist, that leading men in the Diet had now
adopted the German “social-politische” idea that
industry and workers ought to be artificially assisted
from above, notably by an artificially low rate of
interest. Government loans of 17,600,000 marks in
1886 and of 40 million marks in 1889 contributed to
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