6 JANUARY 1923, Page 10

The news from Austria seems at last to be less

gloomy. The financial measures of the Government are un- doubtedly meeting with some success. The " gold loan " has already been half subscribed, measures are being taken to increase the revenue, and a real start appears to have been made in retrenchment, particularly by the discharge of superfluous officials. The Times gives, the following figures : Out of 270,000 Government employees the League of Nations requested, under the Credit scheme, that 100,000 should be discharged by June, 1924 ; 25,000 by January 1st, 1923. 23,600 have actually gone and 40,000 more are to go in the next six months. So the energetic Economy Commissioner, Dr. Hornik, really does seem to have got a grip on the bureaucracy, which was undoubtedly strangling the country. Although the League's scheme is not yet in action (it has still to be ratified by Italy), some of the credit for this improvement and the comparative stability of the exchange undoubtedly belongs to it. The mere fact that a scheme of salvation has been elaborated has put new heart into the country.