Orross. BANK'S PROGRESS Notwithstanding exchange difficulties in many of the
countries in which the Ottoman Bank operates and political disturbances in some of them, General Sir Herbert A. Lawrence was able to find plenty of ground for optimism in his speech on Tuesday. He pointed out that the results of the company's exploitation proper had been very muds better than the published figures and had allowed them, without touching reserves, to cover the depreciation in exchange and investments. Moreover, it had continued to be impossible
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FINANCIAL NOTES
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to transfer all the profits earned. Had they been able to transfer all their profits they could, instead of merely main- taining the dividend, have considered a substantial increase.
The chairman also spoke cheerfully of Turkey's industrial progress. Agricultural production achieved a new record in 1938 and important industrial schemes are being carried out. He pointed out that this scheme of industrialisation entailed heavy purchases abroad and that the consequent deficit in the trade balance under the clearing system does not signify an outflow of funds, but expresses indebtedness in terms of products of the country..
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