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of private firms can be bonded at the respective firms‘ warehouses. This, in connection with the
provisions of the Customs Law concerning Drawbacks and Allowances, makes it possible to import
goods without paying duty on them, to subject them to a process of refinement, if necessary, and
to export them to another country, a procedure which is greatly facilitated by the existence in
Vienna of an extensive and efficient commercial organisation. "The other eireumstance which
enhances the importänce of Austria for the transit trade of Europe is the great advantage which the
Western countries of the continent derive in their dealings with countries east of Austria through
making use of Austrian firms as intermediaries. If one keeps in mind the fact that in South Eastern
Europe a great number of languages, little known in other parts of the world, are spoken on a
relatively small territory and’ if the great divergences are taken into consideration which those
countries show in regard to the standard of life of the population, to business usages and terms of
payment, compared with the conditions prevailing in Western Europe, the advantage of making
use of an intermediary who is thoroughly acquainted with the respective markets and the languages
spoken there becomes evident.
In regard to the transit trade the quantities only and not the value of goods come under the
Austrian statistics. Goods which through the agency of an Austrian firm are sold from one foreign
country to another, without actually passing through Austrian territory, are not comprised, of
course, in the statistics at all. No precise notion can therefore be obtained of the importance of
Austrian transit trade from the available figures. To deal with the subject adequately would require
a special study, while it is here intended to refer to the matter in a general way only and to point
out some of the advantages which foreign businessmen may obtain from making use of the’ existing
organisations.
It is not possible to conclude a survey of the conditions which went to the making of Austrian
foreign trade and especially of the transit trade, without mentioning the support which this branch
of the economic life has found in the financial organisation of Vienna. The accomplishment of the
task incumbent on the exporter, properly so-called, which, in many cases, is identical with that of
the merchant engaged in transit trade, is dependent on the existence of an efficient banking apparatus
with numerous well-known connections abroad and of full freedom of the traffic in international
exchanges. This freedom Austria was the first among the Successor States to introduce. An exporter
not only requires frequently accommodation with large credits which are necessitated by the purchase
and sale of goods in foreign currency, but his business in many cases involves operations actually
taking place abroad. The methods employed in regard to documentary credits, the exchange operat-
jons necessitated by dealings with countries whose currency is not stable, and the manner in which
remittance is made from overseas countries (e. g. South American Republies) are examples in point.
The large Vienna banks, which are in a close organical connection with all branches of the economie
life of Austria, are splendidly equipped to do all the work which may devolve on financial institutions
in this connection.
The fundamental conditions on which depend the development and the intensification of Austrian
exports are therefore in existence. What has been missing so far, is a comprehensive information of
foreign countries concerning the ability of Austrian industry and trade to compete successfully
abroad, and the lack of adequate export directories has also been a handicap. This deficiency which,
in view of the ecircumstances referred to in the preface, has been partially remedied only by this
book, will be completely removed, it is hoped. in the course of time through later editions of the
„Austrian Exporter‘“.
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