Must Help Themselves

Manawatu Times, Volume LV, Issue 6865, 23 May 1932, Page 7

Must Help Themselves

Britain's Straight Talk To Danubian States AUSTRIA MUST MEET HER OBLIGATIONS United Press Association —By Electric Telegraph—Copyright. Deceived Sunday, 9.50 p.m. GENEVA, May 22. Captain Eden, Financial Secretary to the British Treasury, in the course oi a comprehensive statement on the financial situation in Central and Southern Europe at the final sitting of the League Council, declared that Britain was unable to guarantee loans raised to afford temporary assistance to other countries, Britain considering it was not desirable to encourage certain countries to expect to be maintained in their present situation by external financial help. France, Germany and Italy concurred in this view. Britain was prepared to participate in an international loan foj; Austria subject to that country continuing to honour her obligations.

National Cabinet for Austria

Deceived Sunday, 9.50 p.m. VIENNA, May 21. Dr. Engelbert Dolli'uss, lately Minister of Agriculture, has form’od a National Cabinet to succeed the Burcsch Ministry. Austria’s Deficit ACUTE POSITION FACED. LONDON, May 11. Following the resignation of the Government, Austria is faced with drastic action to maintain its financial stability, says the Vienna correspondent of the Manchester Guardian. The Budget deficit amounts to £2,000,000, and a further £7,500,000 in foreign currency is required to meet the service charges of the State, municipal banks, and industrial obligations abroad. The League of Nations is not able to assist further.

The Beiehspost, the Government newspaper, recommends the dovaiorising of the currency by 10 per cent, and stabilisation on a lower gold basis. It declares that on a return to such measures Franco will be wdlling to grant a loan to enable Austria to maintain the gold standard. Britain, however, is reported to be countering tho French move by offering to reduce Austria's foreign indebtedness if she abandons the gold standard.