The Baltic Clause was a special arrangement in Baltic trade policy during the interwar period. By adding the clause to their trade treaties, the Baltic states aimed to secure the special customs privileges they had granted or would grant to each other. In the long term, at least in the cases of Estonia and Latvia, the aim was to extend this principle towards a customs union.
The underlying reasons for such measures were, of course, economic. Just a few years earlier the small countries abutting the eastern shores of the Baltic Sea had been part of the same colossal economy. By creating a system of regional preferences, the newly independent countries were actually trying to simulate and compensate for the old system. Re-aligning the economy was a central part of the transition process that took place during the first years of Baltic independence. The plans also had a political dimension and were connected to Baltic cooperation and later the Baltic Entente.
The history of the Baltic Clause has been written mostly from the Estonian and Latvian viewpoints. This is understandable because at the beginning of the 1930s the clause became an official part of Estonian and Latvian foreign trade policies. In my paper I will show that, for Finland, the Baltic Clause was originally not so much a door to a customs union as a means of gaining similar advantages without the political burden of such a union. However, due to the lack of economic connections Finland chose not to use the Baltic Clause in her trade treaties.
The paper is mostly based on archival materials from the Estonian National Archives and the archives of the Ministry for Foreign Affairs of Finland. The author is preparing a doctoral thesis on Finno-Estonian economic relations during the interwar period.
1. A clause is a provision in an agreement that defines an exception to a rule.
2. When talking about the conferences and political cooperation between Finland, Estonia, Latvia, Lithuania and Poland in this article, I will mainly use the term “Baltic cooperation”. When referring to this group of countries I will use the term “border states” realising that in some connections it had a wider meaning as well. The term “Baltic states” I use in the modern more narrow sense, meaning only Estonia, Latvia and Lithuania. More about the terminology of this topic see Lehti, M. A Baltic League as a Construct of the New Europe. Envisioning a Baltic Region and Small State Sovereignty in the Aftermath of the First World War. Peter Lang, Frankfurt am Main, 1999, 13–14.
3. Both the values of imports and exports between the Baltic countries and Finland were only around 1–2 per cent of Finland’s total foreign trade. Finland’s share in Estonian foreign trade was much higher, 3–9 per cent in exports and 2–5 per cent in total imports. Pihkala, E. Der Baltische Handel Finnlands 1835–1944. – Jahrbücher für Geschichte Osteuropas, 1975, 23, 24; Pihlamägi, M. Eesti kaubad põhjanaaber Soome turul 1920. ja 1930. aastatel. – Acta Historica Tallinnensia, 2000, 4, 76.
4. By including the most favoured nation clause in a trade treaty, the signatories agree to grant each other the same benefits that are offered in trade treaties with other countries. If countries A and B have a trade treaty based on the principle, all the benefits A gives to C are transferred to country B as well. However, if countries B and C do not have a treaty including the principle, all the benefits C gives to A are not transferred to country B.
5. Viner, J. The Customs Union Issue. Carnegie Endowment for International Peace, New York, 1950, 18–19; Kalela, J. Grannar på skilda vägar. Det finländsk-svenska samarbetet i den finländska och svenska utrikespolitiken 1921–1923. Söderström & C:o Förlags Ab, Borgå, 1971, 231.
6. See for example Salnais, V. Economic treaties as foundations of solidarity and peace among nations. – Baltijas Unija, 1934, 2, 2, 7–10; Kaasik, N. The Baltic Clause in treaties of commerce. – The Baltic Countries. A Survey of the Peoples and States of the Baltic with Special Regard to their History, Geography and Economics, 1935, 2, 177–180; Kuldkepp, M. Märkmeid Eesti–Läti majanduslikest suhetest. Pulmaunelmatest lahutusmõtteni. ERK: Üld-, Majandus- ja Kultuuripoliitiline Ajakiri, 1937, 7/8, 189; Royal Institute of International Affairs. The Baltic States: A Survey of the Political and Economic Structure and the Foreign Relations of Estonia, Latvia, and Lithuania. Oxford University Press, London, 1938, 127–128; Vendt, A. Estnische Handelspolitik. Die geschichtlichen und wirtschaftlichen Grundlagen ihrer Entwicklung. University of Cologne, 1938, 119; Ekis, L. Latvia. Economic Resources and Capacities. The Press Bureau of The Latvian Legation, Washington, D.C., 1943, 47; Koik, H. Eesti–Soome kaubalepingu revideerimine 1930.–1931. a. – In: Uurimusi Läänemeremaade ajaloost, I. Eds S. Vahtre, H. Ligi, H. Siilivask, H. Piirimäe. (Tartu Riikliku Ülikooli toimetised, 316). Tartu, 1973, 353; Hiden, J. The Baltic States and Weimar Ostpolitik. Cambridge University Press, Cambridge, 1987, 109–110; Medijainen, E. Eesti välispoliitika Balti suund 1926–1934. TÜ ajaloo- ja rahvastikuteaduse labor, Tartu, 1991, 44–45; Hiden, J., Salmon, P. The Baltic Nations and Europe: Estonia, Latvia and Lithuania in the Twentieth Century. Rev. ed. Longman Publishing, New York, 1994, 86; Lehti, M. A Baltic League as a Construct of the New Europe, 368–369; Pihlamägi, M. Väikeriik maailmaturul: Eesti väliskaubandus 1918–1940. Argo, Tallinn, 2004, 88, 97.
7. Medijainen, E. Eesti välispoliitika Balti suund, 45–71. The long-lasting negotiations for a customs union between the two countries failed and ended by the late 1930s.
8. Lehti, M. A Baltic League as a Construct of the New Europe, 368–369; Medijainen, E. Eesti välispoliitika Balti suund, 44.
9. “Baltische Klausel” is mentioned for the first time in a Finnish foreign ministry document, while discussing the trade negotiations with Latvia in June 1924. In addition, while writing about the signing of the Finno-Latvian trade treaty in August 1924, the Finnish newspaper Kauppalehti uses the term “Baltic Sea Clause”, “Itämeren klausuli”, which suggests a wider meaning even for a modern reader. The term “Baltic Clause”, “Baltian klausuuli” or “balttilainen klausuuli”, usually referred to the clauses in the Estonian, Latvian and Lithuanian trade treaties in Finnish documents. The Finns usually did not use the word “Baltic Clause” to describe the reservations in their own treaties, which of course speaks volumes about the political content of the term. The Finnish Ministry for Foreign Affairs to the Finnish Embassy in Riga, 7 June 1924. The archives of the Ministry for Foreign Affairs of Finland (UMA), 58B1, box 46; Uusin kauppa- ja merenkulkusopimuksemme. – Kauppalehti, 25.8.1924.
10. Pihlamägi, M. Väikeriik maailmaturul, 88; Commercial convention between Estonia and France. Signed at Paris, January 7, 1922, League of Nations Treaty Series, 1927.
11. Kaasik, N. The Baltic Clause in treaties of commerce, 177–178.
12. Pusta, K. The Soviet Union and the Baltic States. John Felsberg, Inc., New York, 1943, 24.
13. Estonian memorandum concerning the Baltic Clause December 1937. National Archives of Estonia (ERA), 1579-1-77, 20.
14. Medijainen, E. Eesti välispoliitika Balti suund, 44. Soviet Russia, however, was usually discussed separately and, for example, the Latvians talked about a “Russian Clause” in their trade treaties.
15. Kalela, J. Grannar på skilda vägar, 248; Kaasik, N. The Baltic Clause in treaties of commerce, 179. It has to be noted that the full Baltic Clause did return to some Finnish trade treaties after the Great Depression, but this falls outside of the topic of the paper at hand.
16. Lehti, M. A Baltic League as a Construct of the New Europe, 368–369. The idea of the Baltic Clause being a path to a customs union is visible in earlier research as well. See for example Hoetzsch, O. The Baltic states, Germany and Russia. – Foreign Affairs, 1931, 10, 1, 130–131; Ekis, L. Latvia. Economic Resources and Capacities, 47.
17. Medijainen, E. Eesti välispoliitika Balti suund, 44.
18. Samas, 44–45; Kaasik, N. The Baltic Clause in treaties of commerce, 179. Kaasik also claims that Finland was cautious and avoided committing itself to the economic community presupposed by the clause.
19. Kaasik, N. The Baltic Clause in treaties of commerce, 178.
20. Excluding beverages, sugar, tobacco and syrup, which had tariff reductions, and margarine, which did not possess any reductions.
21. Governmental bill on the signing of the treaty of commerce and navigation between Estonia and Finland, 30 March 1922. UMA, 58B1, box 148.
22. Pihkala, E. Der Baltische Handel Finnlands 1835–1944, 22–23.
23. Tuomipuu, J.-P. Suomen ja Viron taloussuhteet 1919–1922. University of Helsinki, 1991, 6.
24. Pihlamägi, M. Väikeriik maailmaturul, 109; Lamberg, J.-A. Taloudelliset eturyhmät neuvotteluprosesseissa. Suomen kauppasopimuspolitiikka 1920–1930-luvulla. Suomen Tiedeseura, Helsinki, 1999, 37. Both countries presented a new customs tariff in 1919.
25. Zetterberg, S. Suomi ja Viro 1917–1919: poliittiset suhteet syksystä 1917 reunavaltiopolitiikan alkuun. Suomen Historiallinen Seura, Helsinki, 1977, 192.
26. Zetterberg, S. Suomi ja Viro 1917–1919, 208–210, 259.
27. Rautkallio, H. Kaupantekoa Suomen itsenäisyydellä : Saksan sodanpäämäärät Suomessa 1917–1918. WSOY, Helsinki, 1977, 151, 176–179.
28. Entwurf zum Handels- und Schiffahrtsvertrag zwischen Finnland und Estland, July 1919. ERA, 957-11-165, 120; Tuomipuu, J.-P. Suomen ja Viron taloussuhteet 1919–1922, 48–50. The head of the committee was the Finnish consul in Tallinn Yrjö Putkinen. See Ministry for Foreign Affairs to consul Yrjö Putkinen, 14 July 1919. UMA, 58B1, box 148.
29. Zetterberg, S. Suomi ja Viro 1917–1919, 212.
30. See Hovi, K. Interessensphären im Baltikum. Finnland im Rahmen der Ostpolitik Polens 1919–1922. Vammalan Kirjapaino Oy, Vammala, 1984, 45–50.
31. Consul Hjalmar Göös to the Finnish Ministry for Foreign Affairs, 12 February 1920. UMA, 58B1, box 148.
32. Lehti, M. A Baltic League as a Construct of the New Europe, 350; Nordlund, S. Temporary partners or permanent connections? Scandinavian responses to the Baltic-State markets, 1918–1940. – In: Emancipation and Interdependence. The Baltic States as New Entities in the International Economy, 1918–1940. Eds A. Johansson, K. Kangeris, A. Loit, S. Nordlund. Centre for Baltic Studies, Stockholm University, Uppsala, 1994, 221.
33. Hovi, K. Interessensphären im Baltikum, 50; Zetterberg, S. Suomi ja Viro 1917–1919, 189.
34. Roiko-Jokela, H. In light and shadow. Turning-points in Finnish-Estonian relations between the years 1860–1991. – In: Relations between the Nordic Countries and the Baltic Nations in the XX Century. Ed. K. Hovi. Institute of General History, Turku, 1998, 91–93.
35. The Baltic League, November 1918. ERA, 1624-1-87, 8. For Estonian plans in 1918 see for example Esthonia. Her claim for independence, spring 1918. ERA, 1619-1-8, 8; Memorandums of the Estonian foreign delegation 20 March 1918 and 16 August 1918: Jaan Tõnisson Eesti välispoliitikas 1917–1920. Dokumente ja materjale. Comp. H. Arumäe, T. Arumäe. Jaan Tõnissoni Instituut, Tallinn, 1993, 79, 93; Pihlamägi, M. Väikeriik maailmaturul, 108–109.
36. Jahnsson, Y. Reunavaltioiden merkitys Suomelle. Viipuri, 1919, 1–4; Holma, H. Viro ja Suomi : poliittis-yhteiskunnallinen katsaus : esitelmä Turun Suomalaisen Yliopistoseuran esitelmäkokouksessa Turussa 21.4.1919. Helsinki, 1919, 14–20. See Lehti, M. Reunavaltiot talousalueena : idea ja toteutus. – Faravid : Pohjois-Suomen Historiallisen Yhdistyksen Vuosikirja, 1996, 18–19, 229.
37. Piip, A. Tormine aasta. Ülevaade Eesti välispoliitika esiajast 1917–1918. aastal dokumentides ja mälestusis. Kirjastus Vaba Eesti, Örebro, 1966, 61.
38. Piip, A. Tormine aasta, 205, 207; Zetterberg, S. Suomi ja Viro 1917–1919, 43–46, 88–89. The idea was also promoted by other Estonians. See Hanko, A. Taloudellinen elämä. – In: Viro ja Virolaiset. Ed. G. Sarva. Porvoo, 1919.
39. Viljanen, V. M. J. Suomi, Reunavallat ja Venäjän kysymys. Talouspoliittinen tutkielma. Edistysseurojen Kustannus Oy, Helsinki, 1920, passim.; Lehti, M. Reunavaltiot talousalueena, 230–231. About the suggestions made by Päts, see Zetterberg, S. Suomi ja Viro 1917–1919, 196–199. Interestingly, only a few months earlier, in the spring of 1919 Viljanen had not considered the border states a good compensatory market but only emphasised the importance of the Entente. Viljanen, V. M. J. Taloudelliset pyrkimykset meillä ja muualla. Selvitystä eräisiin taloudellisiin päivänkysymyksiin. Kotimaisen Työn Kustannus Oy, Helsinki, 1919, 16–17.
40. Lehti, M. Reunavaltiot talousalueena, 231.
41. More on the status of the committee, see Lamberg, J.-A. Taloudelliset eturyhmät neuvottelu-prosesseissa. Suomen kauppasopimuspolitiikka 1920–1930-luvulla, 35. The preparations for a treaty with France also started in January. France had high customs rates and was considered an important economic and political partner. The United Kingdom was not an issue while it was the main supporter of free trade. Trade relations with Germany were difficult because the country could only sign treaties based on the most favoured nation principle enforced by the Versailles treaty. At that time, the committee did not see advantages in signing treaties based on that principle.
42. Minutes of the Committee for Trade Treaties, 5 January 1920. UMA, 58Da, box 401. Viljanen was sceptical about the Scandinavian trade already in the spring of 1919, stating that Sweden, Norway and Denmark were actually the main competitors of Finland. Viljanen, V. M. J. Taloudelliset pyrkimykset meillä ja muualla, 16–17.
43. Voionmaa, V. Suomen uusi asema. Maantieteellisiä ja historiallisia peruspiirteitä. Porvoo, 1919, 421, 463. This view is shared also by contemporary researchers and believed to be the main reason for the troubled economic relations among the Baltic States and Finland.
44. Minutes of the Committee for Trade Treaties, 22 January 1920. UMA, 58Da, box 401.
45. Memorandum written by the Committee for Trade Treaties, 1 April 1920. UMA, 58B1, box 148. About the customs union negotiations between Estonia and Latvia, see Medijainen, E. Eesti välispoliitika Balti suund, 48–58.
46. This was the so-called “seprakauppa” in Finnish or “sõbrakaubandus” in Estonian. For a thorough study see Päiviö, R. Mikä tappoi seprakaupan. Suomalaisten ja virolaisten harjoittamasta vaihto- eli seprakaupasta, sen hiipumisesta 1800-luvun lopulta ensimmäiseen maailmansotaan ja sen loppumisesta 1920- ja 1930-luvuilla. University of Turku, 2009.
47. Memorandum written by the Committee for Trade Treaties, 1 April 1920. UMA, 58B1, box 148.
48. In the trade treaties signed before the war, an exception concerning customs unions was common practice, and can be found, for example, in many German treaties.
49. Memorandum for the Finnish Minister of Foreign Affairs Rudolf Holsti written by the head of the Trade Department of the Ministery of Foreign Affairs Leonard Åström, 29 April 1920. UMA, 58B1, box 148. The difficulties concerning the most favoured nation principle and the special advantages designed for Estonia were already discussed a little earlier. Memorandum written by the Foreign Ministry official Ilmari Saari, 2 January 1920. UMA, 58Da, box 400.
50. See for example Lamberg, J.-A. Taloudelliset eturyhmät neuvotteluprosesseissa, 59; Aunesluoma, J. Vapaakaupan tiellä. Suomen kauppa- ja integraatiopolitiikka maailmansodista EU-aikaan. Suomalaisen Kirjallisuuden Seura, Helsinki, 2011, 43–44.
51. This fact is also noted by Juha-Pekka Tuomipuu and Asko Korpela. Tuomipuu, J.-P. Suomen ja Viron taloussuhteet 1919–1922. University of Helsinki, 1991, 50; Korpela, A. Suomen kauppasopimusneuvottelut. (Liiketaloustieteellisen tutkimuslaitoksen monisteita nro. 16.) Helsinki, 1966, 80–81.
52. The treaty signed in 1918 was nullified at the Paris Peace Conference.
53. Memorandum written by the Committee for Trade Treaties, 1 June 1920. UMA, 58Da, box 401. The same viewpoints were repeated in September and the committee even stated that the most favoured nation principle would ruin the committee’s plan for Finnish trade policy while making it impossible to grant special privileges to border states. Memorandum written by the Committee for Trade Treaties, 22 September 1920. UMA, Secret minutes of the Finnish government.
54. Erkki Reijonen’s memorandum on the draft of the Finno-Estonian trade agreement, 12 March 1920. UMA, 58B1, box 148.
55. It should be also noted that the Estonians did not include the extended customs union clause in their trade treaty with the United Kingdom in the summer of 1920.
56. Lehti, M. A Baltic League as a Construct of the New Europe, 361.
57. Memorandum of a meeting between Rudolf Holsti and Ants Piip, 2 May 1920. ERA, 1624-1-17, 56.
58. Finnish Ministry for Foreign Affairs to chargé d’affaires Erkki Reijonen in Tallin, 6 July 1920. UMA, 58B1, box 148; Tuomipuu, J.-P. Suomen ja Viron taloussuhteet 1919–1922, 25–27, 56, 62–67. It was even suggested that Tõnisson had some personal grudges against the Finns.
59. Memorandum written by the Committee for Trade Treaties, 9 February 1921. UMA, 58B1, box 148.
60. Memorandum written by the Ministry for Foreign Affairs, 18 March 1921. UMA, 58B1, box 148.
61. Minutes of the Finno-Estonian trade negotiations, 17 March 1921. UMA, 58B1, box 148. The declaration was made when discussing the so-called “customs union clause”. It would seem that it was V. M. J. Viljanen who was the main Finnish spokesman for a customs union. He discussed such plans with the Estonians as late as 1931. Minutes of the Foreign Affairs Committee of the Riigikogu, 15 April 1931. ERA, 957-18-33, 139.
62. Memorandum written by the Ministry for Foreign Affairs, 16 May 1921. UMA, 58B1, box 148. Interestingly, it was exactly in May 1921 when Ants Piip, the Estonian foreign minister, visited Finland and lobbied for closer cooperation between Estonia, Latvia and Finland.
63. Minutes of the Finno-Estonian trade negotiations, 20 June 1921. UMA, 58B1, box 148; Pihlamägi, M. Väikeriik maailmaturul, 88; Kaasik, N. The Baltic Clause in treaties of commerce, 178–180.
64. Draft of the Finno-Estonian trade treaty, 20 June 1921. UMA, 58B1, box 148. Translation by author.
65. Minutes of the Finno-Estonian trade negotiations, 22 June 1921. UMA, 58B1, box 148.
66. In September 1921, during a Baltic conference in Riga, Estonian representative Alexander Sack introduced his plan for an economic union between the border states. Possibly, the Finnish government at that time wanted to avoid direct references to such plans. See Lehti, M. A Baltic League as a Construct of the New Europe, 352.
67. Diary of Erkki Reijonen, 28 October 1921, National Archives of Finland (KA), collection of Erkki Reijonen, box 27.
68. Envoy Aarne Wuorimaa to foreign minister Hjalmar Procopé, 24 January 1930. UMA, 5C12. Translation by author.
69. Diary of Erkki Reijonen, 13 January 1923. KA, collection of Erkki Reijonen, box 27.
70. Eestin-Suomen kauppasopimuksen periaatteellinen merkitys. – Suomen Ulkomaankauppa, 25.9.1931, 503.
71. Pihkala, E. Suomalaiset maailmantaloudessa keskiajalta EU-Suomeen. Suomalaisen Kirjallisuuden Seura, Hämeenlinna, 2001, 150–151.
72. Memorandum written by the Finnish negotiators, 28 May 1921. UMA, 58B1, box 80.
73. Instructions to the negotiators, 20 June 1921. UMA, 58B1, box 80.
74. Ilmari Saari to Leonard Åström, 21 June 1921. UMA, 58B1, box 80. According to the Minutes of the Finno-Estonian negotiations, the Estonians introduced the new article only a day before. Minutes of the Finno-Estonian trade negotiations, 20 June 1921. UMA, 58B1, box 148; Draft of the Finno-Estonian trade treaty, 20 June 1921. UMA, 58B1, box 148.
75. Foreign minister Ants Piip to the Estonian government, 7 October 1921. ERA, 957-5-56, 25.
76. Memorandum concerning the French-Estonian commercial treaty, November 1921. ERA,
957-5-56, 67; Kaarel Pusta to Ants Piip, 9 November 1921. ERA, 957-5-56, 108; Draft of article
12 of the Estonian-French commercial treaty, November 1921. ERA, 957-5-56, 231; Draft of the Estonian-French trade treaty, October 1921. ERA, 957-5-6, 2–4; Estonian memorandum, June 1922. ERA, 957-5-57, 7; Instructions for Estonian negotiators, 15 November 1921. ERA, 957-5-57.
77. The Scandinavian countries had decided in autumn 1920 to start demanding a Scandinavian Clause to their trade treaties. Kalela, J. Grannar på skilda vägar, 231.
78. Memorandum written by the Estonian foreign minister Aleksander Hellat, March 1923. ERA, 957-5-58, 30.
79. Memorandum written by the Estonian foreign minister Aleksander Hellat, March 1923. ERA, 957-5-58, 29–31. Sweden accepted the clause already on 15 December 1921, but the negotiations came to a halt because, according to the Estonian constitution, it was not possible to sign trade treaties with the exchange of notes.
80. Estonian memorandum concerning the Baltic Clause, December 1937. ERA, 1579-1-77, 18.
81. Kaasik, N. The Baltic Clause in treaties of commerce, 177. An interesting detail is that the Finnish head negotiator in Bulduri was Leonard Åström, who, as it has been shown earlier, had a central position in the formation of the prototype of the clause already in the spring of 1920.
82. Pihlamägi, M. Väikeriik maailmaturul, 95–97.
83. Memorandum written by the Committee for Trade Treaties, 9 March 1922. KA, collection of Juho Vennola, box 50. The suggestion made by the committee is also noted by Asko Korpela. Korpela, A. Suomen kauppasopimusneuvottelut, 84.
84. Hiden, J. The Baltic States and Weimar Ostpolitik, 109; Pihlamägi, M. Väikeriik maailmaturul, 88. In a Baltic economic conference held in Riga in September 1921, the Latvian representative suggested that Finland, Poland and Soviet Russia would not sign most favoured nation treaties, thus making it possible to grant benefits to eachother. Latvia, Lithuania and Estonia formed a special case because this group had started to plan a customs union and hoped to extend this union to other countries as well. A reservation such as the Baltic Clause was not discussed at least according to the minutes, but can easily be seen to fit into the Latvian plans. Minutes of the economic conference in Riga, 12 September 1921. KA, collection of Juho Vennola, box 45.
85. Roiko-Jokela, H. In light and shadow, 94.
86. Lehti, M. A Baltic League as a Construct of the New Europe, 358.
87. Kalela, J. Ulkoministeri Enckell ja reunavaltiopolitiikka vuonna 1922. – Historiallinen Aikakauskirja, 1966, 3, 305.
88. Lemberg, M. Hjalmar J. Procopé som aktivist, utrikesminister och svensk partiman. Procopés politiska verksamhet till år 1926. Svenska Litteratursällskapet i Finland, Hangö, 1985, 209–210.
89. Fink, C. The Genoa Conference: European Diplomacy, 1921–1922. The University of North Carolina, 1984, 249–250.
90. Minutes of the Committee for Trade Treaties, 22 August 1922. UMA, 58Da, box 401; Foreign minister Carl Enckell to the Finnish embassy in Hague, 31 August 1922. UMA, 58B1, box 4; Memorandum written by the Committee for Trade Treaties, 31 August 1922. UMA, 58B1, box 4; Hjalmar Procopé to foreign minister Juho Vennola, 30 November 1922. UMA, 58B1, box 4.
91. Hjalmar Procopé’s memorandum concerning the trade negotiations with Hungary, 5 November 1922. UMA, 58B1, box 145.
92. Procopé, H. Några randanmärkningar till Finlands handelstraktatpolitik. – Ekonomista Samfundets Tidskrift, 1933, 28, 9.
93. Minutes of the Finno-Russian trade negotiations, 18 December 1922. UMA, 58B1, box 51.
94. Minutes of the Finno-Russian trade negotiations, 8 February 1923. UMA, 58B1, box 51.
95. Memorandum written by the Committee for Trade Treaties, 19 February 1923. UMA, 58B1, box 51; Instructions to Finnish negotiators, 22 February 1923. UMA, 58B1, box 51.
96. Memorandum written by the Committee for Trade Treaties, 21 March 1923. UMA, 58B1, box 51. The matter was possibly discussed unofficially with other Baltic states at an economic conference held in Helsinki at the beginning of March 1923. There the trade relations between the border states and Russia were under discussion. More about the conference, see Lehti, M. A Baltic League as a Construct of the New Europe, 359–366.
97. Memorandum written by Hjalmar Procopé concerning the trade treaty with the Netherlands, 2 April 1923. KA, collection of Juho Vennola, box 2.
98. Memorandum concerning the trade treaty with Belgium, 26 July 1923. KA, collection of Juho Vennola, box 50; Memorandum written by the Committee for Trade Treaties concerning the trade treaty with Denmark, 13 April 1923. KA, collection of Juho Vennola, box 51.
99. Pihkala, E. Suomalaiset maailmantaloudessa keskiajalta EU-Suomeen, 158. The Russian trade was a disappointment to the Baltic states as well. Rauch, G. v. The Baltic States: The Years of Independence: Estonia, Latvia, Lithuania, 1917–1940. University of California Press, Berkeley, 1974, 126.
100. Memorandum written by Hjalmar Procopé concerning the trade treaty with Denmark 11 July 1923. KA, collection of Juho Vennola, box 51; Lemberg, M. Hjalmar J. Procopé som aktivist, utrikesminister och svensk partiman, 218.
101. Anglo-Finnish treaty of commerce and navigation, Autumn 1923. KA, collection of Juho Vennola, box 50.
