AUSTRIAN CURRENCY.

New Zealand Herald, Volume LXVIII, Issue 20888, 2 June 1931, Page 9

AUSTRIAN CURRENCY.

MOVE FOR STABILISATION. INQUIRY IN LONDON. British Wireless. RUGBY. May 31. Further progress was made yesterday with the inquiry into the affairs of the Austrian Credit Anstalts by the London Committee, which was set up on the suggestion" of the Credit Anstalts. As agreed with the Governor of the Bank of England he had a meeting with the interested parties, and they were asked to invite the co-operation of the other centres, with a view to continuing the. existing credit facilities to the Credit Anstalts.

Communications with bankers in other centres are proceeding, and it is oxpected that a common policy will be adopted. Ten of the largest central banks, in addition to the Bank for International Settlements itself, have agreed to put at the disposal of the Austrian National Bank foreign exchange credit, to be used as required. These arrangements will efisuro the convertibility and stability of the Austrian currency.

There are two Austrian Credit Anstalts for trade and commerce. Ono has a capital of 125.000.000 Austrian shillings and lias 10 branches. The other has a capital of 85.000,000 shiliings, with nine branches. The president of each institution is Mr. Louis Kothschiid. The Austrian shilling has a par value of 34.505 to tho pound sterling.