AUSTRIA’S COLLAPSE.

Otago Witness, Issue 3574, 12 September 1922, Page 23

AUSTRIA’S COLLAPSE.

CARTLOADS OF PAPER. VIENNA. September 2. As the result of the extraordinary currency situation, cahs, vans, and handcarts were pressed into the service to-day to carry immense packages of notes from tho banks to pay the August wages, the employees frequently receiving bundles weighing 31b or 41b. Some were able to get only part of their wages, owing to the shortage of big notes. There was an increase in the note circulation during the past week of 234 milliards.ROME, September 3. Signor Nitti considers an Austro-Italian monetary union absurd. He believes that the most efficient remedy for the existing situation would be Customs union between Italy, Austria, and Hungary, and the luttle Entente. PRIME MINISTER INVITED TO GENEVA. LONDON, September 4. The Daily Telegraph’s Geneva correspondent states that the Austrian Prime Minister has been invited to discuss with the Council of the League of Nations the question of remedies which are necessary to relieve Austria. It is said that the entire Austrian currency is purchasable for £3,500,000. The question is whether the League should advance that sum on the security of the railways in order to re-establish a fiduciary circulation. It is also stated that certain banks are prepared to lend Austria £15,000,000 if the League will give a guarantee. BANKERS OFFER ASSISTANCE. LONDON, September 6. The Daily Express states that a group of powerful bankers has agreed to offer Austria, subject to approval by the Reparations Commission, between £20,000,000 and £30,000,000, to be secured on Austria’s import revenues, subject to a moratorium for a quinquennium and an indemnity.