Der Deutsche correspondent. [volume] (Baltimore, Md.) 1841-1918, 1915-03-10
AUSTRIA'S FINANCES MEET
WARS DRAIN.
Rg Raron Won Czoernig.

Army.
Written for the German lnforma-
ton Seryice)
What will be the economic out
come of the European war2 Which
of the bolligerent countries are best
equipped in natural resources and
industrial development to have the
enormous financial burdens Of the
conflict? How will the various ma
tions face the future after peace has
been declared?
The former Austro Hungarian
premier, Weckerle, in an interview
dicussed these subjects from the
standpoint of their bearing on the
dual monarchy, which he believes to
be the nations likely TO be least af
fected by the conflict OF recent
years Austro-Hungary has begun TO
assume great importance in Europe
as an agricultural state. For many
years writer's on economics have
placed agricultural states on q much
lower cultural and financial plane
than industrial states Some enthu-
siast have even gone so far as TO lay
down as a principle that that state
which supplies its own foodstuffs is
OF less value than the state which ex-
ports industrial articles and imports
food supplies.
Sell Dependent State Ideal
1t is open to question if this prin7
ciple were formerly correct. After
the war IL certainly win not be. Only
an agricultural state can recover
from the war rapidly. Only an agri-
cultural state can be free and inde-
pendent in its international rela-
tions.
Hungary is just beginning to de-
velop into an industrial state, and
Austria has just made the first steps
toward becoming one She produces
only enough for her needs and eX-
ports very little. Hungary, on the
contrary, exports her agricultural
products
The dual monarchy will be able TO
recover from the war more easily
than an entirely Industrial state.
Even if England's threatened block
ado took place the monarchy has
enough provisions for it's own citi-
zens and could provide assistance
for her allies. During the war in
dustry is busy in the manufacture Of
war supplies. Afterward there will
be plenty OF work in the repair of
what has been destroyed com-
munications, etc. The farmer viii
sell to the manufacturer and the
manufacturer to the farmer That
means that our money will remain
in the country and secure financial
independence.
Russia's Great Weakness.
Russia would be in the same fav-
orable position as Austria if she were
not hindered by her inefficient land
cultivation system. Before the war
certain provinces suffered from
starvation. although others near by
reaped a rich harvest. Russia Will
hardly be able to invest money in
her industries unless she has assist
+ ance from abroad Germany has re-
duced her rate OF interest to s per
cent. standard not considered too
high in peace times. This reflects
the economic situation in Germany
and faith in her financial strength.
Austia's Splendid Banking Situation
Austria is not tagging financially.
Tho payment on the war loan reach
I ed The first billion early in Jan
! uary The short time in which the
payment was forthcoming is good
I sign OF the money market IN the dual
monarchy.
The world war has changed many
universally accepted standards and
theories One of these theories was
the inexhaustible gold resource Of
France The Bank OF France was
considered the richest in gold in the
world, in comparison to which the
/ bank of Austria-Hungary appeared
| like a dwarf Today the gold re-
serve of this latter bank is proper
/ tionately one Of the best in Europe
These results are due largely to the
fact that for the last three years the
harvest has been rich. enabling the
/ farmer to save.
But the chief point is that the
/ Austro-Hungarian bank since the
( Balkan crisis has husbanded its re-
sources, so that since the outbreak
4 of the war not one bank i'm the em-
: pire has failed and three billions OF
war loan have been subscribed.