CREDIT FOR AUSTRIA

Hawera Star, Volume LI, 22 June 1931, Page 8

CREDIT FOR AUSTRIA

BANK OF ENGLAND HELP. GUARANTEE OF LIABILITIES. (British Official Wireltyj&.) RUGBY. June IS. The news that the Bank of England had made an interim advance of 150,090,000 schillings to the Austrian National Bank pending the completion of negotiations for the iinenm.tio.al loan to the Austraiait Government to provide the necessary funds to guarantee the .liabilities" <>/ the Credit Anstelt wtis received at \ ienna> with an expression of keen satisfaction. The promptitude of the Bank pi England's action, is warmly approved in financial ciinclles here. The city editor of the- “Ekening News” says that since the. war the Bank of England" has consistently pursued a policy designed to promote! general world stability under the conviction that world monetary conditions! me now so hound up together that every industrial country depends for prosperity on the measure oi general stability. Its entry into the present Austrian complication after appeals by the Austrian authorities is actuated by this motive. The city editor of the “Evening t.'-"anda,rd.” commenting on the more assured feeling iiii the markets reported from German financial circles, of which .features of promise are that some money has already returned to Germany and that the Reichsmark has been steadied, says: “The most important factor leading to greater confidence in Germany is the. help which the Bank of England is giving; Austria. The credit granted to Austria shnuihl lie the means of restoring stability in that 'eonntiry and increasing confidence throughout Central Europe.”

The feature of the foreign money market in London to-day was on apnreciable sharp recovery in German bonds.