A device for the positioning of an adjustment element dependent upon a desired level and the actual level, particularly for the adjustment of a hoist gear train of a tractor, a combine or the like, has an operating circuit 10, which has a multi-way valve 3 pressure-operated in two directions, and a control circuit 29 for the operation of the multi-way valve, connected to a pressure source 19, which is connected to two control devices 11, 12 of the multi-way valve. Circuit 29 has two adjustable series-connected throttles 22, 24, connected to one of the two control devices. The first throttle 24 is also connected to a tank 7 and the second throttle 22 is also connected to pressure source 19. Both throttles have the same maximum flow-through cross section, and are adjustable in the same manner. Third and fourth throttles 27, 28 are provided, one being between the pressure source and control device 11, and the other between the control device and tank 7. The third and fourth throttles 27, 28 are each adjustable throttles, so that both control devices of the multi-way valve can be influenced as desired. The throttles are mounted in series and have the same flow-through cross section and are adjustable in the same manner. The maximum flow-through cross section of the third and fourth throttles is selected in the same manner as the flow-through cross section of the first and second throttles.