On Monday the Bankof bland invited. to an issue of
£1,800,000 of Austrian guaranteed Treasury Bills, being the British portion of the loan of 3i millions which is being raised simultaneously by six European countries to meet Austria's immediate financial needs. The League of. Nations scheme for the financial resuscita- tion of Austria has already. achieved unexpected success, and upon its ultimate fate the development of inter- national co-operation may largely depend. For in this particular issue the central banks of six European countries have joined together to ensure the success of the venture. Never before has there been a co-operative effort of this. kind between the central banks of Europe, and that the initiative in this step, which must have far-reaching effects, was taken by the Governor of the Bank of England, Mr. Montagu Norman, is a matter for congratulation.
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