A one-way receiving path is connected to the input side of a first phase-shift network which produces signals in phase quadrature at its output side, which is connected to the input side of a second phase-shift network which is conjugate to the first and whose output side is connected to a one-way transmitting path. A two-way transmission path and a balancing impedance are connected to the junction between the phase-shift networks. The arrangement provides a balanced or unbalanced hybrid circuit. Each phase-shift network can comprise a symmetrical polyphase network with cascaded network sections for handling voice frequency signals.