Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1915-04-28
AUSTRIA EQUAL
To HEAVY BURDEN
IMPOSED BY WAR
Official Statement in Vienna
Declares Economic System
of Empire Is Adequate for
Any Emergency.

vienna, April g. -- The OFFICIAL
Fremdenblatt publishes an article by
the director of the Allgemelne Yer
kehrsbank on the financial defensive
power of Austria Hungary, In which
he asserts that the economic system
OF the dual monarchy has proven and
VIII prove equal TO the great tasks
imposed upon 1t by the war.
To the most intensive exploitation
of the available working forces, to
the willing submission of the people
TO national regulation of nourishment
and to the sound basis of the indus
trial and economic life, he said is
due the fact that nowhere a trace
of a crisis shows itself. +"
Pointing to the success of the Aus
that the decrease in bank deposits as
a result of this loan amounted to
only 3 per cent or 900, 900, 900 crowns
($150, GOO, 000), which, in view of
total deposits of 10000, 600, 600
crowns, justifies the assertion that the
war loan for the greater part was
paid from out of our economic re-
serves. so that the deposit accounts
in Austro- Hungarian banks remain
intact.
Increase OF Deposits.
"As matter of fact" he continues,
the deposits in the larger Viennese
private banks, not considering the
postal savings bank, increased dur
ing the first two months of 1916 by
100000 crowns, /. g., IA per cent.
This ratio was undoubtedly higher in
the provinces.
"A further war loan is at the mo-
ment not a matter Of actual occur
ence, but 1t is certain If new APP
peal TO the people should be neces-
sary, the next war loan would be
floated on terms even more favor
able than the first
I'm case a longer duration of the
war has TO be reckoned with. and IL
the costs are estimated at 10000, geo
crowns, the country would have to
raise additional taxes of about 700,-
000, 900
The Austro-H Hungarian debt at
the end of 1913 amounted TO $4,000
GOO, 900 crowns, of which 10000. 000,-
900 comprises railroad investments,
so that more than half of the nation
al debt consists of productive expend-
lures. The budget receipts of the
two countries since 1900 increased
nearly 5000, 900, 900. In Austria the
annual taxable income of the people
when estimated last was nearly T.,
600 600, geo The wealth Of the people
Of Austria is estimated at 100000
000, 900 crowns. The normal value of
the agricultural production has risen
to nearly 5,000,000,0O0 yearly. The
of the state budget for
both monarehies therefore permits
the covering of the interest require
ments of the war costs without any
injury whatever TO the economic life
Of the country"
The article controverts the asser-
ton that Austria Hungary is meet
ing its money requirements in con-
nection with the war by drawing on
the Austro- Hungarian bank, and
points out that the financial depart
nent had received money neither
from that bank nor from the postal
savings bank, but that in issuing the
war loan it had relied upon an Aus
.rian bank syndicate, which together
with a Hungarian syndicate of equal
rank was available for the credit re-
luirements of the entire country and
would show itself equal to any fur
her tasks.
The injuries done to the economic
life of Austria Hungary by this ter
.ible war;" he says, ARE inflnitesimal
with those wrought In !
)ther countries. because the economic |
life Of this country is based chiefly |
On its own home resources, and be- !
,ause our part in the affected inter-
traffic is only modest"
The article concludes as follows: |
That the monarchy heretofore had !
o adapt herself to conditions and |
,uild up its economic system from its |
)wn resources proves of great adj |
now. she can draw the pow
srful means for the conduct of the |
var from her own national resources
md will also be strong enough to |
meet the great tasks of the ensuing !
PEACE"