Evening star., 1923-04-29

on her assets under guarantees that
Austria would proceed to pull her
self together. America gave the nee
essary lead in that direction.
When Congress passed the required
legislation the allied powers followed
suit. and Intervention by the league
Of nations was then in order.
Need of Budget.
1t was calculated that 65o:o0o.o0o
gold crowns (roughly $130.G00.000)
would be necessary to balance the
budget within two years. Thereupon.
France, Italy. Csechoslovakia and
Great Britain undertook to guarantee
four-f1fths Of the sum. Since then.
Belgian. Dutch. Swiss and Swedish
capital has come into the consostium.
The guaranteeing powers were to be
represented by a committee Of: con-
troll, which has the right to be in
formed about administration of the
revenues assigned by AustriS as
security. and is privileged to suggest
methods of increasing them. The
committee Of control is to meet Eeri-
odically at Geneva. The member.n ma
tions entered into remarkable self-
denial agreement, whereby they
pledge themselves to respect Sthe
territorial and political independence
of Austria and to seek no special ego
nomic privileges. Nothing savortng
Of "money-lenders control is pso-
vided for or contemplated.
Austria on her part was to select a
commissioner general. approved by
the league, and to work out a pro
gram of reforms designed to put the
country financially on its feet by the
end of 1924. This writer is informed
that Austria's first choice for COM
missioner general was an American
of international renown perhaps
Herbert Hoover-but because of our
abstention from the league. anothes
foreign national was selected. The
choice fell upon DR.. Zimmerman. fors
mer burgomaster of Rotterdam and
an administrator of rare experience
and skill.
Bank Issue Required.
Austria was finally required to es-;
tablish a bank of issue and to cease,
the manufacture of "printing-press
money" uncovered by gold reserve.
Then came a requirement for an issue
of treasury bills secured by the to-
pacco monopoly and customs-receipts
to cover the budget deficit to the end
of 1923.
An amazingly good beginning has
been made. Since October, 1922. the
budget deficit has been reduced by
5000. 100000. Austrian capital is not
fleeing to foreign parts. Capital Sc
questered abroad has been recalled.
Anne ricans returning from Vienna re-
port that the cost Of living is getting
back to normal. while the cessation
Of imitation has given remarkable
stability to Austrian exchange. EN-
ployment Is steadily on the up grade.
The danger of bolshevism has evapo-
rated Popular confidence in better
day has come. One of the leagues
requirements was that the Austrian
parliament should be adjourned sine
die fob at least two years. The OBJ
ject was that the commissioner gen.
eral and the Austrian government
might work in peace and quiet on
the problem of regeneration. Presi-
dent Harding has learned, through
his recent experiences with Congress.
the blessings Of that sort of system.
Austria was burdened with a gigan-
ito army Of civil servants. DR.. Zim-
norman is slashing 1t. right and left.
He dismissed $4,000 in January and
was preparing to get rid Of another
100, 600 before June 1. Customs re-
| ceipts increased by gigantic figures.
The crisis in the Ruhr resulted In
valuable steel and iron orders for
Austrian works. Austria has been
saved.
toeayrisat. 1881 -,--x