72 AUSTRIA - CREDIT 



of postal cheques on which the amount to be paid may be shown not only 

 in crowns, but also in marks, francs, liras and pounds. The holder of a 

 current account sends the cheque with corresponding order to pay to the 

 Vienna Bank which undertakes the final payment. This is generally 

 arranged directly between the savings bank and the foreign banks, if the 

 Bank indicated has its head office or a branch office at the place of destin- 

 ation or if the payments are to be made by transfer of credit in current 

 account. Othen\dse, the Vienna Bank sends the consignee the amount 

 through the ordinary channels provided by the post office. If payment can 

 be made by the bank, the Vienna Postal Savings Bank assigns the amount 

 to the foreign bank or sends the payee a cheque directly and he receives the 

 amount on presentation of the cheque at the bank. The choice between 

 the two methods of payment is, as far as is practicable, left to the payer. 

 The rate of exchange is fixed in accordance with the most recent prices 

 on the money market. The charges on payments made are, generally, 

 identical with those for the international postal service properly so called, 

 with which we have already dealt. 



There are special rules for the settlement of the accounts between the 

 offices, with which, however, we do not think it necessary to concern our- 

 selves especially. 



(c) Government Security Business. 



This branch of the Austrian Postal Savings Bank Service is concerned 

 with the purchase, custody and sale of Austrian State securities for the ac- 

 count of depositors. 



Purchase of securities (i) is effected at the request of the depositors. 

 The purchaser is charged at the rate registered in the official hst of the Vienna 

 Exchange on the day of purchase, increased by 2 %o of the amount of the 

 purchase price and at least by 40 heller. The amount thus arrived at is 

 deducted from the purchaser's account. 



If the savings of a depositor exceed the maximum hmit laid down by 

 the law, that is 2,000 crs., he is invited by registered letter to reduce the 

 amount of his credit. If, in the month following the despatch of this 

 letter, he has not done so, the Office purchases Austrian Consols for his 

 account at the rate of exchange, for an amount equal to the excess of the 

 deposits over the legal maximum, in any case for a nominal value of at 

 least 400 crowns. The purchase price is then deducted from the pur- 

 chaser's account in payment. The securities purchased remain in the 

 custody of the post office until the owner requests that they be sent to him. 



The custody of documents of title is undertaken, as guarantee of the 

 kind and quantity of the documents, the value of the coupons and, in case 

 of bonds drawn for, also of the numbers. When securities are deposited 

 with it, the Postal Savings Bank Office gives the depositor a Rentenbuch 

 (Consols Book). 



(i) The Austrian Governinant Securities, the Austrian Postal Savings Bank purchases 

 for the accounts of depositors and holders of current accounts are clearly specified. 



