An Irrational Attack
The attack on the Government in connexion with the Austrian ,,roan Bill was entirely misconceived, largely owing to combined 'ignorance and prejudice regarding the part played by the Bank of England in the affair, What happened regarding that was that the Bank, with considerable public spirit, came to the rescue of the Credit Anstalt in 1931, lending money at the market rates without conditions, when the only alternative was to get money from France with political conditions attached. The Bank not unnaturally stipulated that it should be repaid out of Austria's next external loan, and that is what is to happen now—though, in fact, it has already been repaid in part. The loan, in which a number of countries are participating, was designed to keep Austria on her feet. Great Britain did not take the initiative in regard to it and there is no reason to suppose that solicitude for the Bank of England actuated anyone. As to the transaction as a whole, it is obviously to the interest of any country which does not want international trade to dry up alto- gether to do everything within reason to keep Austria solvent. And the British Government; after all, is only guaranteeinga loan, not actually putting up money.
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