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HAMBROS BANK PROGRESS
Among the few Continental countries which are still profitable fields for British banking is to be counted the Scandinavian group, Norway, Sweden, Denmark and Finland Those countries account for well over half the accounts of Hambros Bank, and Mr. R. Olaf Hambro told the shareholders last week that conditions in every one of them were excellent. Their balance of payments has moved in their favour and their industries with the single exception of woodpulp are prosperous. 'Mr. Hambro considers, however, that the companies in that industry are well able to withstand trade recession. He reported also that the Bank's services had been employed to an increased extent in Italy. Hambros Bank has taken the prudent course of drawing upon its contingencies accounts to reduce the balance-sheet value of its German accounts governed by the Anglo-German credit agreement to the value at which they can be liquidated.
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