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millions against loans 385 millions, or excess of loans
71½; the deposits had at the end of May gone down
to 309; later the loans decreased, deposits increased.
At the end of June 1901 the deposits were 319
millions, the loans 336 millions, an excess of only
17 millions, reckoned, as usual, beyond foreign
exchange and government deposits in the Bank of
Finland.
Generally the business of the world has somewhat
decreased since the second quarter of 1900, when the
prices of iron and steel first broke in the United
States, and also when the average prices, as they are
calculated in the so-called index numbers in the large
countries, showed a small decrease. The reaction
became still more pronounced in 1901. In some
countries there had been a critical situation even
earlier, as for instance in some of the countries of the
Balkan Peninsula and in Russia and Poland; in Russia
the crisis continued longer and was sharper than in
any other country. The progress had been very
pronounced in the Scandinavian countries and Finland
and therefore it was only natural that the reaction
there should begin comparatively early; and,
moreover, this early reaction seems a guarantee against
later disturbances. There are evidently no such
difficulties as, for instance, in Germany, where the
expansion has been more considerable. The periodical
variation of prices seems to be inevitable; sentiments
and opinions which influence prices and credit vary in
a general way; and men move in crowds. But there
does not seem to be any absolute necessity for violent
crises. It is during these crises that the efforts and
policy of the banks exercise enormous influence, and it
is satisfactory to notice that all of them, especially the
leading banks, have evidently learned by experience.
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