The beginning of the month saw the lifting of the
League of Nations' financial control from Austria and Hungary. This is a point of importance in the history of those countries, of the rest of Europe in relation to them, and of the League. The Times of Friday last published an article by Sir Arthur Salter describing the causes and effects of the control which was a most satis- factory story of success. Apart from the financial details it is to be remembered that in Hungary the scandal of the franc-note forgeries was likely to destroy confidence, but the League had the power and the good sense to treat it without fear. Sir Arthur's story of Austria is all to the point, but we ourselves have always felt that the necessary financial dealings would never have succeeded alone. What made them a success in a country on the very verge of despair, bankruptcy and disruption after the War was the feeling evoked by spontaneous expres- sions of good will from outside which stirred the Austrians to help themselves. The League as the vehicle of good will and confidence proves itself indispensable.
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