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Latvian Jewish Co-operative Banks Report Year of Progress

Steady growth in the Jewish co-operative loan and savings bank movement in Latvia was reported here at a conference of Jewish Credit Co-operatives.

Membership in the twenty-five institutions represented at the conference was reported at 7,399, and the combined balance-sheet reaches the total of 3,881,000 lati, an increase of about 500,000 compared with the previous year. The lat is worth about 20 cents.)

The banks now have a capital of over one million lati and deposits of about two million, an increase of 268,000 lati over the previous year. Twenty of the banks ended the year with a combined profit of 17,000 lati.