HELP FOR AUSTRIA

Nelson Evening Mail, Volume LXIV, 20 June 1931, Page 7

HELP FOR AUSTRIA

FROM BANK OF ENGLAND

WARM APPROVAL IN LONDON

HAS GOOD EFFECT IN GERMANY

(British Offioial Wireless)

RUGBY, 18th June. The news that tho Bank of England had made an interim advance of 150,000,000 schillings to the Austrian National Bank pending the completion of negotiations for an international loan to the Austrian Government to provide the necessary funds to guarantee liabilities of the Credit Anstelt was received in Vienna with expressions of keen satisfaction. • The promptitude of the Bank of England’s action is warmly approved in financial circles here. The city editor of the ‘‘Evening News’’ says that since tho war the Bank of England has consistently pursued a policy designed to promote general world stability, under the conviction that, world monetary conditions are now so bound up together that every industrial country depends for its prosperity on measures of general si ability. Its entry into the present Austrian complication after appeals by the Austrian authorities is actuated by this motive.

Tho city editor of the “Evening Standard,” commenting on the more assured feeling in markets reported from German financial circles, of which features of promise aro that some money has already returned to Germany and that the Reichsmark has been steadied, says * —“The most important factor leading to the greater confidence iri Germany is the help which the Bank of England is giving Austria. Credit granted to Austria should he the means of restoring stability in that country, and increasing infidence throughout Central Europe.” A feature of the foregn money market in London to-day was a sharp recovery in German bonds.