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influence on the international balance, which corrects
itself.
An important place in the banking system of
Finland is held by the Hypotheksföreningen i Finland,
established in i860, and now under the management
of Colonel Kasten Antell, who is also chairman of the
board of directors. It is an association of property-holders,
who are jointly responsible in the same manner
as such associations in northern Germany, as the
Prussian Landschaften, for instance, or as the associations
of property-holders in Denmark and in Sweden. At
the end of 1900 it had provided about 4700 loans,
of the total value of 40 million marks, of which
34 millions were still outstanding. It has obtained
money by the issue of debentures which, with the
exception of a few millions issued in Finland, are all
placed on the great markets, especially in Germany,
at first at 4½ per cent., later at 4 per cent., and lastly
at 3½ per cent. It owns now a reserve of 1¼ million.
It is controlled by the government, and the State of
Finland has until now guaranteed its foreign loans.
The borrowers pay at present for the first loans 5¾ per
cent. and for the later loans per cent., including
interest and amortisation and expenses. Instead of
increasing the interest, when, as at present, the general
rate of interest has gone up, the association has
preferred to let new borrowers pay a rebate on the loans
which they receive, which rebate has been increased of
late from 2½ to 4 per cent., and to let the decrease
which was decided on a few years ago (a quarter
per cent. on the yearly interest to be paid by all
debtors) continue. During recent years losses and
non-payment of interest for longer periods have been
entirely unknown. The loans are secured on half of
the valuation. There are complaints, however, because
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