relatively few of these banks have been compelled to suspend payment or to seek the shelter of public administration. Savings banks have pre- served their sound status and thereby also the confidence of the saving public. In very recent years these banks have operated well under consistently good conditions. In 1932 the resources of 173 of the larger savings banks were increased by a total of 26,000,000 Kroner. By an Act of June 29, 1932 a guarantee fund was established for Norwegian savings banks that are in difficulties, but which are deemed good for their commitments. In 1914 savings banks formed the Centralfor- eningen for Norges Sparebanker (Central Associa- tion of Norwegian Savings Banks). The present chairman of this association is Mr. H. Gundersen, Manager of Oslo Sparebank. Private Banks (Joint-Stock Banks). In 1848 the Christiania Bank og Kreditkasse was founded as the first private joint-stock bank in Norway. It is now the largest joint-stock bank in the country. In 1855 the Bergens Privatbank was established (commenced operations on Jan. 1, 1856), in 1858 Den norske Creditbank (Oslo), and in 1859 Privatbanken (Trondheim). The following figures show the expansion of joint-stock banks: . 118