RECONSTRUCTION IN  EUROPE.

An encouraging view of the progress of reconstruction  in those smaller
European countries which have been assited by the League of  Nations is taken in the Financial Committee’s report to the League  Council.

In Austria, last year’s budget closed with a small  surplus, and the foreign debt has been substantially reduced. Production and  foreign trade are expanding, whilst unemployment is showing a more than  seasonable reduction. Hungary, too, can show a surplus of receipts over  expenditure. Home and foreign trade have both improved.

In the case of Bulgaria, the satisfactory position  which has been achieved is attributed largely to the good harvests last  year.