The Washington herald., 1922-03-19
FOREIGN CREDITS
TO AUSTRIA MAY
RELIEVE PROBLEM
Four Million Pounds Are
Available for Regulation
OF Currency.

Trade Commissioner Epson a.
Vienna reports to the Department
OF Commerce q period Of suspense
and apprehension In Austrian busi-
ness circles resulting in lessened
Industrial activity. This situation
may be relieved by the fact that
the foreign credits previously prom
ised by England. France. Italy and
Czecho-Slovskia were officially ,.on-u
hrned on March ,. -Four million
pounds Of credit are at the dispo.i-
tion OF the Austrian Governmfnt
and will be used for regulating In.
foreign currency market A.
means thereto the government con-
templates selling foreign securities
for Austrian notes and making
short-term loans on securities OF
value. also discOunting bills Of eN-
change payable in sound money FOR
not more than sixty days. Credit
from Czecho- Slovakia amounts 10
soc. 900, 900 Czecho-Slovak crowns
and is to be used chiehy for the
discharge OF previous obligations 90
the Austrian government for coal.
sugar and transportation. Although
these credits are only a temporary.
relief OF Austrian finance they have
revived the hope that sooner or
later there will be 4 restoration -
Austria with foreign help.
on March s. the exchange rate o.
New York stood at 6.7SS crowns e.
the dollar compared with $3.50 o1
February ]. and on February -
The latest statement Of the rirru-
lation Of Austrian paper currcurv
is dated February and shows
233. 900. 100000 crowns outstandiug
Checking accounts and other de-
mand obligations Of hanks amount
to Is. 900. .OOO. 900 crowns. The stock
quotations Of the four leading
hanks increased an average - q
per cent. Stock quotations ~ tc =
leacing industrials decreased %
per cent Import duties on every
thing except luxuries have been w.
creased to 200 times the basic rate.
The coal situation is somewhat
improved. Austrian state railwaas
have a supply for thirty-hve day
the southern railways for thirty
days and the electric works fur
twenty days. The deliveries a.
Ruhr coke to the Alpine Montau
Company were resumed on Febru-
airy %. However. the situation is
still serious. On February 3. the
/ vienna University was compelled 10
suspend lectures and classes be
cause Of lack OF coal for heating
purposes.
Unemployed in Vienna are oficf-
| ally reported on February % asl
| $4,000. 1t is estimated that there
are $4,000 unemployed in Austria |
The Volkswirt index Of the cost o
living stood on March /. at l.67Sy
Austrian industries are facing
serious crisis. since German manu-
facturers with lower wages al
production costs are beginning
underbid by 30 per cent in the ma
chine-tool industry. IS per cent
the aluminium industry and also
motor tools. automobiles. cast-irod
and leather. However. the Aus
trisns claim that they are prod =
ing better quality goods. At the
present rate Of exchange. il is pos
sible to import some Amer San
articles. for example shoes priced
at from s. 20 So
Trade DeclIufnE.
Since the first week OF Fehruarv
the movements Of merchandise have
been staEnant. notwithstandinc
price reduction. Purchasers are eN-
pectinE further reductions and ar.
holding of. Austrian exports haye
fallen on particularly on account "F
German and Czech competition and
because OF the economic crisis fa
JuRo-Slavia. Only exports 20 Eu-
mania have been fully mainta'nc1.
OF Western European countr."e
England was the best customer -G
February chiefly buying papc-
pasteboard. fancy goods and metal
articles. The opening Of the VicurH
Sample Fair on March 10 inspire
the hope Of improved business a.
tiVity. Consul Foster reports ths-
the declared exports to the Uujt.G
! States during February amount
to f37S.oOO including furS. SO 0nn.
aluminium. $4,000: art works. S@n.-
ooo. and returped American Eou-r,.
chiefly leather. tl2s.ooo.
Railway passenger rates werc r--
creased by 600 per cent on F,n-
rusry l. freight rates by $50 r.~
cent.