Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-16
AUSTRIAN TRADE
S2|O,ODO,O0O Off
Importers Rationed, With
Preference to Fuel, Raw
Materials and FoodstuffS.

BY Gable to The Star.

BY Gable to The Star.
VIENNA, Austria, November 49,
Austria's visible trade balance shows
a deficit of about 5000, 100000. AS its
budget also shows deficit and further
foreign aid in the form of loans seeins
to be out of the question, the govern
ment. having taken extreme measures
to maintain the stability OF its cur
rency is doing out means OF foreign
payment.
State agencies have monopoly In
dealing in foreign currencies and
Austrian importers are rationed, with
preference being given to dealers in
fuel, raw materials and foodstuffs
Preferential treaties on the basis OF
contingentS have further complicated
the task of the importers. Free COM
merce is impossible and restrictions are
threatening to cause a breakdown OF
all trade relations Restrictions and
preferential treatment are bringing
reprisals so that none knows where
Central Europe is heading. Many liken
the situation to the period during the
80 years war.
Clearing Systems Numerous.
Manufacturers and business men are
showing surprising ability to adapt
themselves to the new conditions. As
means of payment cannot be acquired
in the form of foreign exchange, all
kinds of clearing systems are spr1nging
up like mushrooms.
One of the Strangest clearings Is In
the hotel business. For example, an
Austrian living in a Paris hotel runs
up a bill because he cannot bring
schillings out of Austria or buy French
francs in Austria for export. Likewise,
a Frenchman in Vienna hotel runs up
bills and finds it inconvenient to bring
francs into Austria. In such case
an Austrian family deposits sch1llings
with the Austrian hotel keeper, who
arrangeS with the FTenchman to have
a similar amount in francs deposited
with the Paris hotel keeper, and the
two bills are cleared
Travel bureaus are arranging such
clearingS on large scale. A similar
system is being used to finance sales OF
foreign newspapers where the news
paper has a correspondent in country
that forbids the purchase of foreign
exchange. In such a case correspond
ents' expenses are used to cover sales.
Shipping companies are also working
out clearingS.
Goods Are Exchanged.
Some manufacturers have found a
way of exchanging goods, especially in
the case of raw materials. A need hav-
dTIStIl 1Ul d BCIlCAdl 6OOOo SASAAoAl6C
clearing. Austrian industrial leaders
have now organized limited liability
cooperative association for clearing
goods between countries. Shares cost
So each and are limited to members.
Only old, reliable firms can join the
association. 1t is not organized for
profit and the costs are covered by
one-half of l per cent charge and reg
ulated by board. A reserve fund is
built up by per cent charge on
exchanges. Goods and services are
placed in a pool and credited to the
members Credits must be turned over
within three months and are debited
to the members, SO that each transac-
ton balances.
SURPRISES can be drawn out or paid
in through the postal savings accounts
of clearing associations, SO that the CO.
operative clearing association becomes
an acceptance clearing institution
working in conjunction with the Aus
TRAN postal savings department.
Copyright, 1917