The Hungarian Minister of Finance, Dr. de Lukacs, made - a statement
last Saturday, when he declared that the Hungarian finances could not be put straight by economy alone. The year 1909, he said (according to the Times correspondent), had ended with a deficit of nearly £6,000,000. The apparent surplus of 21,200,000 was the residue of a loan of £11,500,000. In the first six months of the current year £4,200,000 of Consols had been issued, and deposits in the banks had been drawn upon in order to meet the deficit of £'8,400,000. Of the Consols, it had fortunately been necessary to use only E660,000 up to the end of June. But it would not be possible to continue indefinitely in this manner. Meanwhile a second appeal to the German market seems improbable ; but there are rumours that another loan may be attempted in France.
Previous page
