AUSTRIA’S FINANCES

Otago Daily Times, Issue 18612, 21 July 1922, Page 5

AUSTRIA’S FINANCES

SLUMP IN THE CROWN, AMAZING PANIC IN VIENNA. DEMONSTRATION BY WORKERS. Pxeea Aasociaiion —By Telegraph—Copyright LONDON, July 19. (Received July 20, at 8.50 p.m.) Vienna messages report that an amazing panic swept over the city to-day, bringing all business to a standstill. The workers, on reading in the papers an announcement that the price of the loaf had been increased to 2700 crowns, which is equal to an advance of 60 per cent, within a week, formed a procession, and, carrying Red flags, they marched to Parliament. The meat market immediately rushed the stocks to the cold stores and closed the doors. The panic spread with lightning speed and every shop lowered its iron shutters. Hotels and cafes were barricaded, and within half an hour Vienna was like a besieged city. Mounted forces paraded the streets. The military prevented the demonstrators from entering Parliament, and dispersed the mob. The Government, in the hope of stemming the slump in the crown, has prohibited* all free trade in foreign currencies, even by banks, <bonfining dealings to the Government Bureau at fixed prices. The new plan is not expected to help. An official declared that Austria was hurrying to Sovietism. The exchange quotation is now 160,000 crowns to the pound sterling.—A, and N.Z. Cable.