ITALIAN CURRENCY

Evening Star, Issue 22462, 6 October 1936, Page 9

ITALIAN CURRENCY

THE LIRA REVALUED Press Association —By Telegraph —Copyright ROME, October 5. (Received October 6, at 1.30 a.m.) Signor Mussolini announced the revaluation of the lira at 92 to the £ and 19 to the dollar. IMPORTANT COMMUNIQUE REDUCTIONS IN CUSTOMS DUTIES. ROME, October 5. (Received October 6, at 11 a.m.) The devaluation is of approximately 40 per cent, of the gold content of the lira, 4.677 grammes for every 100, compared with 7.91. Signor Mussolini’s announcement was made after a cabinet meeting and a communique announces wholesale reductions in Customs duties on primary necessaries, including foodstuffs and coal. It adds that in order to prevent increased cost of living, the prices of certain articles will be established at the present level, and fluctuations in others will be rigorously controlled in relation to world prices. The import duty on wheat has been reduced from 75 to 45 lire a quintal, and duties, on froaen meat and live cattle will be reduced respectively by 65 and 60 per cent. The communique announces that there will be no changes in the bank notes or currency at, present in circulation. Additional taxes will be imposed on companies, excluding colonial. A policy aiming at a maximum economic self-sufficiency will be continued as being essential to military requirements and national defence, BALANCING THE BUDGET SPECIAL LOAN MEASURES. HOME, October 5. (Received October 6, at 11 a.m.) The financial measures include what is practically a compulsory loan, to which the owners of fixed property will subscribe to the extent of 5 per cent, of the value of their property. They will also pay a special annual tax of 3.50 lire on every 1,000 ( lire worth of property they possess, thus owners will be forced to buy bonds, and then be taxed in order to pay themselves interest on them. Dr Gayda describes the objects of the loan as the balancing of the Budget without disturbing the money market with another State loan; secondly, to pay for the Abyssinian war. NO ACTION BY POLAND, WARSAW, October 5. (Received October 6, at 11.45 a.m.) Cabinet decided that it was not necessary for Poland to devaluate.