Foreign News: Oily Salvation

Joyous throngs of Austrians rushed to the village of Zisterdorf east of Vienna last week, smelled, felt and tasted oil which had just been struck by Swiss drillers.

"This oil may mean the salvation of our poor Austria!" cried Professor Julius Suida of Vienna Technical College. "I estimate that this new oil supply will be worth more to the State than the $150,000,000 which was lost in the crash of the Kreditanstalt" (TIME, June 8, 1931 et seq.).

...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!