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The monetary situation improved further in 1895,
when the government borrowed 19 millions at 3½
per cent., while 20 millions were borrowed by the
Hypothekskassa and the Mortgage Department of the
Union Bank. These increased resources assisted the
new progress. A large number of new joint-stock
companies were now formed. In 1896, besides new
banks, ninety new companies were formed with a
capital of 9½ millions, making altogether, if we add the
increased capital of old companies, 11½ millions of new
capital. In 1897, ninety-seven companies with 16
millions of capital were formed, or, with the increased
capital of older companies, 20 millions extra capital.
In 1898, 201 companies were formed with 31½ millions
of capital, making, with the increased capital of older
companies, a total of 35½ millions of extra capital
subscribed. This is without calculating the loans of new
companies from the banks or their issue of bonds. In
1881, 2½ millions were borrowed on stock in the banks;
in 1893, 11½ millions; in 1898, 34½ millions. Bank
business was progressing rapidly; but while in 1891
loans and deposits balanced one another, being 110
millions on each side, it was the deposits which first
increased; in 1894 these being 146 millions against
122½ millions of loans, an excess of 23½ millions; in
1895 the deposits were 204 millions against loans
163 millions, excess 41 millions; in 1897 deposits
288 millions and loans 264 millions, excess 24
millions; and at the end of 1898, when the figures
had trebled from 1891, they were, deposits 319
millions and loans 330 millions, the excess of loans
representing about 12 millions. At the end of 1899
there were only 306½ million marks of deposits against
356 millions of loans, or an excess of over 49 millions;
at the end of June 1900 the deposits were 313½
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