Evening star., 1923-06-05
final DETAILS Up
FOR 0RAUSTR|ANL0AN
Morgan Representative in
London Considering Ameri-
can Share of 900, 600.
BY the Associated Press.

| BY the Associated Press.
LONDON, June 5.-Final arrange
| ments for floating the American share
| of the ,E27OO0.O 900 loan for Austria
are being made here. Thomas w.
Lamont of j. p. Morgan and Com
pany. and Montagu c. Norman, gov
ernor. of the bank of England, have
reviewed the latest first-hand reports
brought from Vienna by DIR. Zim-
norman, league of ma tions high COM
missioner for Austria.
Mr.. Norman expressed the highest
satisfaction with conditions in the
country, and added: THE reconstruc-
ton ofa Austria becomes more and
more necessary as the Ruhr situation
becomes more acute. The fact that
the Austrian currency. has BEEN che
stablest in Europe since its stabiliza-
-tlon last September. is e.neonra g-in-g at
the moment of launching this recon
structlon loan, which is d. form of in :
nat1ohal COLLABORATION new in the
worlds history"
Report Encouraging.
l. 1t was an extremely encourag gine
I.report Or. Zimmerman had to make
| OF Austria's rapid rehabilitation He
SAID that duRing, the. paA ten months
| the country had undergone complete
| change; new life and new hope had
come to the Austrian people and the
| foundations of new prosperity had
been laid through a plan of construc-
| tive international effort new in the
worlds history.
| The scheme, in broad lines. was
first. Austria's political and economic
| independence, guaranteed by all its
| nelghbors: second. Il plan for reStor-
ing the equilibrium OF the budget in
| two years by Il heavy reduction in
expenditure and an increase in rev.
| enues. This involved reorganization
| of the whole state administration, the
| dismissal of 100000 officials and the
| creation of new taxation; and, third,
internal and foreign credits had to be
! found to cover budget deficits during
| the reconstruction period.
One of First Conditions.
One of the first conditions of the
plan was the complete suppression of
the money printing press and the
creation of a bank of issue, while, in
addition to the security of revenues
from customs and the tobacco
monopoly, an international guarantee
would be organized.
DR.. Zimmerman said that during the
six months he had been in Vienna he
had observed complete unanimity on
the part of the Austrian government
and people of foreign states and of
private capital to make the scheme
success. The number of ministers had
been reduced from eleven TO eight.
and nearly $1,000 officials dismissed
and reorganization of the railways
was under way. DR.. Zimmerman said
he had introduced system Of
monthly budget control under which
all funds. both Austrian and foreign.
devoted to rehabilitation are placed
under his own control. The budget
deficit, which last October amounted
to 570,000,0 100000 paper crowns. had
been reduced in the past five months
to just under monthly average of
339 900, 100000.
Sees Confidence Restored.
Dr. Zimmerman said the stabiliza-
tion of the crown since September
had resulted in the restoration of
l.confidence in the national currency
! and an enormous increase in savings
deposits, from 100000 gold crowns
| in September to 1S,000,000 at the end
of April, while the shares of banks
and industrial Enterprises all were
| rising and Vienna was rapidly recov-
ering its old position as the clearing
| house for central Europe. Vienna
| no longer was a starving city. lat
was thriving and full of life and en-
erSy. with crowded shops. increasing
trade and industry and the working
classes more prosperous and con-
tented.
Concluding his optimistic state