Evening star., 1923-10-01

put down the revolutions. Our finan-
cial policy Is not to permit imitation
OF our currency, nor even defation.
presen, pre- NJ ssp' agnre We " Iee believe Fin,and II Ind
is on the way to peace and content
ment. We have balanced our govern
ment budget and our exports exceed
our imports: Our big job has been
accomplished
\ \ r u
Finland has achieved remarkable
results. Her strong and efficient gov
ernment has done for Finland what
no other first-class government in
Europe has SO far been able to do.
She has restored her machine for
international trade by the stabilize
tion OF her money at about thirty
six to thirty-eight to the dollar.
How did she do 1t? In the first
place her receipts from taxes in 1922
exceeded her expenses by $12,000,0 900.
Her 1921 balance sheet was also
favorable. The finance minister plans
on reducing taxes next year.
Her floating debt, which stood at
SIS, 100000 three years ago, has been
paid Off. Her circulation of money
has decreased from 1855 million Fin
nish marks on March 81, 1921. to 1.436
million marks June Is, 1923. Like
from 1,s36 million marks on Decem-
Der 81. 1920. to 1878 million marks
November ], 1922.
Finland, therefore. does not require
any further help along these lines.
She is neither debasing her currency
nor debauching her credit
The second big fact in Finland is
shown by the sound business position
of the country. In 1921 she had a
slight excess Of imports over exports
it totaled s5,90o,000. But in 1922
she reversed this, and her exports
exceeded her imports by $I4,000.000
She Is now over the safety line.
When we remember that the ex-
ports of Finland are the necessaries
OF life. like lumber, leather, paper
pulp. butter and cheese, we can see
that Ftnland's future should be In
creasingly prosperous. Her largest
item of Import is coal. but against
this she possesses 100000 electric
horsepower, of which only one-tenth
Is developed. At this time the gov
ernment Of Finland is developing
loo.oo0 additional electric horsepower
Tor the exclusive use of her govern
ment-owned railroads and to save
large coal import.
Her military expenses are still too
HIsn. In lS2O she spent 1874 per cent
OF ner revenue for armies, as against
14.1 per cent In 1922. but Finland's S
forests, railroads and telegraphs ali
show substantial profits to the gov
ernment during the past three years.
Finland's financial condition is
healthy. Her exports exceed her i'm
ports. Government expenditures are
less than government receipts and
government obligations are being re-
duced. Result: Her currency - the
machinery Of international trade
mas become practically stabilized and
has moved during the past nine
months between thirty-eight and
thirty-six for one American dollar.
This has had the effect of increasing
business confidence in this little
country. With the machine of in
ternational trade re-estabiished her
import and export business Is grow
ing rapidly.
We therefore are forced 10 the
conclusion that while the European
situation. financially and economi-
caiiy speaking. is dark, Finland.
under the strong and extremely able
leadership Of Kallio, Ryti and the
agrarian party. has passed the worst
and from now on should'be recognized
by all thoughtful and careful stu
dents OF finance as a refreshing little
oasis in Europe's financial desert
Tomorrow-Russia Before Dawn.
tCopyright; 1923. In T.. s. and Great Britain
py sortn American Newspaper Alliance.