An arrangement for correcting declination in an optically readable bearing compass having a body enclosing a hermetically sealed capsule containing a compass card and a main reading line calibrated indicate bearing to the earth's magnetic pole without correction of declination. The compass body further includes an opening or passage having an optical system therein suited to facilitate taking the bearing indicated by the wind rose. The compass has a movable auxiliary reading line which is adjustable with respect to the compass body and the main reading line to both sides from its center position corresponding to the zero value of declination thus permitting the correction of bearing error caused by the geographic displacement between the true North Pole and the magnetic north pole.