FINANCIAL 
710 
FIN CIAL NOTES 
Andresens and ^ igens Kreditbank 
Following the cusis in the affairs of Andresens 
and Bergens Kreditbank reported by cable, new 
capital to the amount of 50,000,000 kroner was 
furnished by Norges Bank and the four private 
institutions, Bergens Privatbank, Christiania Bank 
and Kreditkasse, Norske Creditbank and Norske 
Handelsbank. Preliminary to this assistance be¬ 
ing rendered Andresens and Bergens Kreditbank 
a searching investigation was made and it was de¬ 
cided that there was every reason why this bank 
should be aided in carrying on its work. It is 
stated on good authority that the losses incurred 
by the bank were due to a general depreciation 
in values in industrial enterprises. Morgenbladet 
is of the opinion that the capital stock is intact. 
The combined capital of the two banks at the 
time of organization in December, 1921, was 730,- 
000,000 kroner. Deposits amounted to 478,000,000 
kroner. The report for 1921 showed a surplus of 
16,400,000 kroner while there was written off 
10,500,000 kroner and 4,900,000 kroner were paid 
to stockholders. At the time of the recent adjust¬ 
ment Andresens and Bergens Kreditbank was 
the largest bank in Norway. The fact that the 
Norwegian government, Norges Bank, and the 
leading private banks of the country have placed 
at the disposal of Andresens and Bergens Kredit¬ 
bank 50,000,000 kroner is considered sufficient 
proof that the bank will be able to meet all its 
obligations. It is understood that the business of 
the bank will be carried on as heretofore. 
Bank Links Pacific Trade with Scandinavia 
The Union National Bank of Seattle, Wash., is 
proving a decided factor in business relations be¬ 
tween the Pacific Northwest and Scandinavia. Mr. 
Egil Mack, in charge of the bank’s foreign depart¬ 
ment, reports most gratifying results, and Seattle’s 
position is especially favorable for more direct 
communication with Europe through utilizing the 
Panama Canal wherever possible. The Business 
Review, published by the Union National Bank, 
constitutes a good barometer, and from it is 
learned that the coal and rail strikes did not have 
the appreciable effect upon business which was felt 
elsewhere. 
Norges Bank Statement Shows Few Changes 
The recent statement issued by the Norges Bank 
shows no significant changes from a year ago. The 
re-discounting activity of the bank is carried on 
to about the same extent as last year. There has 
been some reduction in the amount of circulation 
of bank notes, but, on the other hand, deposits of 
the bank having increased, its liabilities in this 
way remain unaltered. 
American Securities Values in September 
The sales of stock on the New York Stock Ex¬ 
change during September totaled 21,775,038 shares, 
an increase of nearly 3.925,000 as compared with 
the previous month. Taking 40 representative 
bonds, as given in the Mid-Month Review of Busi¬ 
ness, published by the Irving National Bank, the 
monthly index of the value and yield .was $77.47 
as against $76.80 in August. In relation to sales 
of bonds it should be borne in mind that there has 
been a large increase in all kinds of bonds as com¬ 
pared with pre-war years. 
Swedish Capital for Finnish Industries 
According to the latest quarterly report of the 
Swedish Foreign Office, Swedish capital is being 
employed on a large scale in developing various 
industries of Finland. According to a statement 
made by Professor Voionmaa in Geneva, Finland’s 
match industry is almost wholly controlled by 
Swedish capitalists. In addition, two large de¬ 
benture loans, one issued by the City of Helsing¬ 
fors, the other by the Finnish Government, have 
recently been absorbed to a large extent in 
Sweden. 
Position of Danish Savings Banks 
In order to further elucidate the actual position 
of the money market in Denmark the Statistical 
Department asked all savings banks except those 
in North Slesvig to send in returns showing 
amounts deposited with them, exclusive of inter¬ 
ests, on March and July 31, 1922. As shown by 
this summary, the deposits of the savings banks 
rose by more than 100,000,000 kroner. This in¬ 
crease could not be due to the fluctuations in the 
note circulation, as in the course of the four 
months the latter had gone down from 446,000,000 
kroner to 432,000,000 kroner. Total deposits in 
savings banks amounted to 1,700,000,000 kroner, a 
sum twice as large as in 1914. 
“Flexibility” Provision of New Tariff 
Of the provisions in the new tariff law giving 
the President the power to change rates as well 
as the new valuation clauses, the New York Trust 
Company, in its October Index, says that “the 
duties imposed upon the Tariff Commission as a 
basis for action permitted are impracticable if 
not impossible of accomplishment. . . . The 
Fordney-McCumber law can not be regarded as 
being more than a political makeshift. . . . 
This outcome confirms the belief that a wiser 
course would have been to let the tariff alone until 
more stable conditions of world trade had been 
established.” 
Swedish Interests in Russian Private Banks 
The Swedish banker, Olof Aschberg, states that 
a concession has recently been granted him by the 
Soviet Government for the establishment of the 
“Russian Bank of Commerce” in Moscow with a 
capital of 10,000,000 gold rubles, subscribed by 
foreign capitalists who had previously had interests 
in Russia. The new bank is expected to become 
an important medium for the development of 
foreign trade between Russia and the outside 
world. The bank will be authorized to operate 
freely on the same basis as the Russian State Bank. 
According to Mr. Aschberg, Max May, formerly 
head of the foreign department of the Guaranty 
Trust Company, has accepted the post of director 
of the foreign department of the new bank. Among 
the five directors are M. Schesinger, previously 
head of the Merchants Bank of Moscow, M. 
Galasjkin, of the Junker Bank, and M. Ternovsky, 
of the Siberian Bank. 
