The state deepest bogged last week in a fiscal morass was Austria (see p. 23). Other governments painfully pinched for money by Depression were those of Newfoundland and Brazil (see below). But many a nation is not pinched. Last week Canada easily converted more than $600,- 000,000 worth of a series of Dominion bonds (totalling $1,084,800,000) into other series at impressive savings in the rates of interest. Fortnight ago Italy offered an internal loan of 4,000,000,000 lire ($210,000,000). Italian investors offered a total of 7,004,439,500 lire, a 75% oversubscription.
Newfoundland's Mere $8,000,000. Because the...
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