EUROPEAN FINANCE

Hokitika Guardian, 22 December 1932, Page 6

EUROPEAN FINANCE

RUSSIAN CRISIS

HUGE DEFICIENCIES FOUNT)

(Ur'ted Press Association—By Electric Tel egraph—Copy right.)

LONDON, December 21

The “Daily Mail” says: M. Stalin fef now faring 'Russia's most serious political and economic crisis. A special -financial commission has discovered enormous deficiencies in. the wage funds, thus threatening millions of workers with the cessation ’or their pay(linos in the national finance is now admitted. The people are wrecking M. Stalin’s plans for agricultural and industrial development. ■The newspaper “Pravda’’ says that the 'hioh officials are criminally ignoring the Government’s instructions, while the rank and file are absenting tliemse'lve from work, thereby reducing the productivity to a dangerously low level.

LOAN TO AUSTRIA

GUARANTEED BY BRITAIN

RUGBY, December 20.

The House of Commons to-night approved of a resolution authorising the Treasury, in pursuance of the Austria protocol, drawn up at Geneva on July 15th last, to guarantee the payment of principal and interest on a loan of [ such an amount as would 'produce a §um of not more than one million gold Shillings. Mr Neville Chamberlain (Chancellor), explained that the protocol provided on the side of Austria, for internal reforms including the balancing of the budget, and it aimed at the abolition of the exchange control, and at the strengthening of the National Bank. The Austrian Government undertook to meet in future all of its foreign obligations. The proceeds of the amount of loan to be guaranteed by the British Government were to be used to repay a temporary advance made by the Bank of England last year.