RECOVERY BY AUSTRIA.

New Zealand Herald, Volume LX, Issue 18471, 7 August 1923, Page 8

RECOVERY BY AUSTRIA.

DR. ZIMMERMAN'S CLAIM.

GOOD SECURITY for > LOAN.

Early in June last Lord Gurzbh received at the ; Foreign Office, Dr. Zimmerman, the Commissioner -General of the League of Nations for Austria. >' " . In an interview, Dr. Zimmerman, who visited London to conclude the negotiations for "the raising of the Austrian loan, declared;: that the situation in Austria, which only ten months ago seemed to approach a state of ; chaos, had now undergone a complete change.:.., New life and new hope had come to the Austrian people, and .the foundation of a new prosperity had been laid. The basis of - this resurrection had ; been '"the. guaranteeing of Austria's political and economical independence by- net neighbours,' and the rigid reforms effected in her finances. Over 100,000 State officials had been dismissed, and the number of Ministries reduced from eleven -to eight r : The reorganisation of the- railways, which weighed heavily on the Budget, had been taken up. with the assistance of a British expert.' Only 3 per cent, of the loan now remained to be 97 per cent, having been already underwritten by Great Britain; France, Czecho-Slovakia, Italy, Belgium, Switzerland, • Holland; Denmark", and Spain. .Austria was- addressing; herself to, her lenders not as a poor beggar State, but as a State 1 which had a sound investment to offer. ; - j . • ;:....: ; ,. ■• A ••'; striking feature..of,. Austria's ; recovery was the fact thai the' number of unemployed had decreased from 170.000 in February last,to 120,000 in May, In outward; ■ appearance Vienna ' had also changed, v It was now,' a gay city, with brilliant shops and crowded streets, where the •number of private motor-cars was steadily increasing.. The Viennese theatres and concerts were still keeping up their amazingly high artistic standard.