The daily morning journal and courier., 1896-07-24


 son does not stop the cable from work ing.-Pittsburg Chronicle Telegraph. ==---=---==-=--=-=
 Austro-Hungarian Currency Reform. Nearly four years have now elapsed since the laws for the reform of the Austro- Hungarian currency came into force. It cannot be said, however, that the hopes for a speedy introduction of gold standard which were originally entertained have been realized, It was to be anticipated that monetary reform In country like Austria Hungary could not be accomplished in a day. Nevertheless, there was reason to be- lieve that the requisite financial opera tions would take a normal course, and that no undue delay would occur in the projected resumption of specie pay ments. This. however, has not proved to De the case, and the prolongation of the reform is causing considerable in- convenience to the public at large. The greater part of the gold necessary to redeem the Austro- Hungarian state notes has been procured. Hungary is in possession of the whole amount, and
 
 atively small sum of about 39, 500, 900 ao- rins this important part of the opera ton will have been concluded State notes to the amount of two hundred million fiorins have been redeemed, but there still remain one hundred and twelve million florins' worth of state notes to be gradually withdrawn from circulation. their place being taken by the, new currency. It must, however, be borne in mind that as yet practical ly no gold coin has been issued. The present currency chiefly consists of bank and state notes of comparatively large denominations, together with bulky one-forin silver pieces and minor silver, nickel and bronze coins of the new crown system. It is this which is caustwg so much annoyance to the gen. eral public. The withdrawal of the small bank-notes and the substitution for them of heavy coin has not con tributed to facilitate the transaction of business, to say nothing of the incon- venience caused by the carrying of quantities of small coin about the per- son.
 Various reasons are advanced to ac- count for the delay which has occurred in the completion of the reforms. It is urged that so long as the Austro- Hun garian Ausgleich and the divers fnan- cial questions connected herewith are not settled it will be impossible to pro- ceed with the reforms. Moreover, it is pointed out that the views entertained 1 by the state and the directors of the l Austro- Hungarian bank with regard to the renewal of the charter of that insti l tuition are so divergent that unless l some arrangement is arrived at in the near future there is every prospect of l still further postponement During the past few weeks conferences have re- peatedly taken place in Vienna and Budapest, but they have as yet led to 1 no definite result As matters now stand, the authorities are willing, un- der certain conditions, to renew the charter of the bank for a term Of l twelve years. On the other hand, the representatives of the bank require a l charter extending over not less a period ] than fifteen years and should it be granted they are prepared to make sev- I eraI minor concessions to the govern I ment. Furthermore, an understanding 1 will have to be arrived at relative to the participation of the government in l the management and in the annual l profits of the establishment, together 1 with various other items of more or less importance. At present the differ- 1 ences existing between the state and the representatives of the bank with l regard to the majority of the questions aI fa,, f,,,r. as, ,r settled and the outcome of the negoti- 1 ations which are to be resumed at the beginning of next month, is awaited l with interest The unfavorable trade | balance of the monarchy is likewise put forward as reason for the delay that has arisen in the execution of the cur rency reforms According to statistics issued at the beginning of this year, the exports during 1895 exceeded the i'm ports only by about tWenty-six million fiorins. This amount is lower than any recorded since 1876, and it is appre-
 hended that, should gold be put into
 circulation, 1t could not be retained ir
 the country for any length of time 1T
 consequence of the amount owed
 abroad.
 That the public is becoming impa'
 tient at the delay is shown by the faci
 that the Association of Austrian Econ
 omists has organized an inquiry for the
 purpose of ascertaining the opinions ol
 the most prominent financial authori
 ties in the country as to the best meth
 cd of accelerating the further introduc
 ton of the currency reforms. mum
 Der of questions bearing on the subject
 have been formulated by the associa-
 tion and submitted to eminent ffnan
 ciers and economists in all parts o1
 Austria, and their replies will be pub lished in due course. Much, however
 has already been said and written witt regard to the Austro- Hungarian none
 tary reform, and it is scarcely to bt hoped that the wellmeant efforts cl the Association of Austrian Economist:
 will lead to any practical result.-vien na Correspondence London Times. Russia and Egypt.
 ITo understand tba oYiein and aim ~