At last, Austria,' it appears has succeeded in establishing that
credit society which it has imitated from France ; but with in the plan. The French association is independent both of the -Bank of France and of the Government; the Austrian is formed out of shareholders in the National Bank. Part of its pro- perty is a Government debt, and the conditions bring it more de- cidedly under the control of the Government. It seems that the National Bank has lent to the Government, chiefly within the last year or so, as much as 155,000,000 florins ; in consideration of this debt, the Government places at the Bank's disposal Imperial domains of value to that amount, giving to the Bank the right to levy the revenues or to sell the domains—always supposing that the returns of the lands do not exceed the amount for which they are hypothecated. Shareholders of the National Bank are per- mitted to subscribe towards the capital of the Hypotbek Bank— which capital is to amount to 35,000,000 florins ; and the new Bank may issue bonds to the extent of five times that amount. This is imitated directly from the Societe de Credit Foncier at -Paris, a society for raising credits upon real property ; but it will [LATEST EDITION.] be observed that the new institution is integrally mingled with the National Bank, with the National Debt, and with the Execu- tive Administration. Its shares, if we understand the quotations rightly, began at a discount, and did not appear to be received with favour. It seems, indeed, to be nothing more than a new appeal by the Executive to the loan-market of Europe; Baron Bruck consenting to put on the latest costume from Paris, and to figure in the disguise of a credit society. In other words, the State hopes to obtain in disguise the credit that is denied to it in its own proper character.
