70 AUSTRIA - CREDIT 



The Postal Savings Bank Office pays interest of 2 % per ann. on 

 the cheque account, the permanent deposit included. 



On the postal cheque and clearing operations the following taxes and 

 charges are paid : On every operation conducted in connection with an 

 account a tax of 4 heller called Manipolaiionsgehiihr is levied. There is 

 a charge of 34 %o on all entries to the debit of an account up to 6,000 crs. 

 and of ^/g %oOn larger amounts. There is exemption from this charge for 

 payments effected by means of a transfer of credit and by post office order, 

 for amounts debited to the holder of a current account on account of pur- 

 chase of Government securities and aU amounts the savings bank deducts 

 from a current account under the head of taxes, commission etc. 



With regard to the administration of funds paid into cheque account, 

 the Central Bank must always have at its disposal the amounts necessary 

 for its work. The surplus must be invested in such a way as to reduce the 

 risks to a minimum. The following investments are authorized : the pur- 

 chase of salt spring certificates, deposits in current account in the large 

 banks at short maturity, advances on absolutely safe security; discount of 

 biUs when no risk is incurred ; purchase of shares in Government Debt. 



A special reserve fund has been formed to meet eventual losses. 



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The international postal cheque and clearing service is conducted in 

 two ways : by means of the postal service properly so caUed, also styled 

 official service {amtlicher Verkehr), directly by the post offices; or by means 

 of the postal bank service, by the post offices and banks. 



The postal service properly so called is in operation among the 

 countries that have organized a cheque and clearing service. It has been 

 working between Austria, Hungary, Germany and Switzerland since 

 February ist., 1910 (Agreement of October 27th., 1909 for the introduction 

 of the international postal cheque and clearing service). 



Anyone who has a current account in any of the above countries may 

 give order for a transfer of credit to the holder of a current account in 

 another: transactions in cash are not allowed. 



For transfer of credit, Austria makes a very small charge : for transfers 

 up to 2,000 crs, 14 %; for transfers of larger amounts Vs %• '^^^ minimum 

 is 5 heller. 



There are special rules for the cheque service between Austria and the 

 Levant : only the I. and R. Post Offices of Beyrouth, Constantinople I, 

 Durazzo, Jerusalem, Jaffa, Janina, Salonica I, Scutari (Albania), Smyrna I 

 and Vallona are authorized to accept deposits and make payments in 

 cheque accounts. 



The international postal cheque and clearing service, in the countries 

 whereitisestabHshed, namely: Austria, Hungary, Germany, Switzerland and 

 Belgium, regulates international economic relations only by transfer of 

 credit and not by cash, or by transfers between current accounts in the 

 Bank and in the post office. 



