ment. In 1923 an Act was passed empowering the Government to place such banks as were in diffi- culties under public (state) administration. This action was taken to give such banks time to liquidate their commitments and to enable them, if possible, to refinance and recover. Under the management of Norges Bank, and with the support of public authorities and the many joint-stock banks, which stood their ground well in spite of the crisis, these difficulties were gradually over- come. The work of recovery and re-establishment was then begun, and in the course of five or six years the worst part of the damage had been repaired. The number of banks in liquidation has been reduced year by year. Of the 133 joint-stock banks 105 were «free» at the end of 1932. The «Norsk Aktiebank Aarbok» computes the aggregate loss in which the post-war crisis in- volved joint-stock banks at 1800 million Kroner, and savings banks at 200 million Kroner, in all two milliard Kroner. In 1915 joint-stock banks founded Den norske Bankforening (The Norwegian Bankers’ Associa- tion) Chairman: Mr. E. Sandberg, Manager of Christiania Bank og Kreditkasse, Oslo. Government Inspection of Banks. All joint-stock and savings banks are subject to government inspection and control as provided by law. 120