* * * * BANKING IN EUROPE.
It is good in these days when there seems to be so little that is cheering in the financial condition of European countries to find that at the recent Annual Meeting of the Ottoman Bank, the Chairman, General the Hon. Sir Herbert Lawrence, was able to state that, in spite of the threat of political compli- cations which continued to prevail in the world at large, (Continued on page 44.) FINANCIAL NOTES
(Continued from page 42.)
especially since the outbreak of civil war in Spain, the financial and commercial recovery which began in 1935 had continued during the past year. Sir Herbert hastened to add, however, that the character of the movement was peculiar " in that it consists essentially in an irregular series of purely national internal recoveries. Hence its irregular pulse and the slow rate of revival in international trade." With regard to con- ditions in Turkey, Sir Herbert was able to state that the year 1936 was on the whole favourable to the economic welfare of that country, and that, thanks to a combination of improved conditions, the impulse given to the Ottoman Bank's exploitation in Turkey following the Convention of 1933 is now bearing fruit. An improved position in Egypt was also reported by Sir Herbert Lawrence.
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