TRUTH ABOUT ITALY

Greymouth Evening Star, 11 July 1927, Page 5

TRUTH ABOUT ITALY

WIDESPREAD DISTRESS FAILURE OF FASCISM (Australian and N.Z. Cable Association.) By Cable —Pres» Assn. —Copyright.) LONDON, July 10. “The Times” publishes the results of investigations by a correspondent just, returned from Italy. He says that the sensational rise in the lire, was chiefly due to immense importation of American capital, which prevented a severe crisis. There is a great falling off in exports, a slump in wholesale cereal prices, contraction of internal shortage of money, and an increase in unemployment. Wages have been reduced ten per cent, while the cost of living only dropped five. All classes are suffering, resulting in widespread discontent and misgivings as to the future. LONDON, July 10. The newspapers at present only exist for propaganda purposes, therefore it is only rarely that unprejudiced opinion, is heard, such as that of Senator Conti, the well-known Industrialist, who speaking in the Senate, called attention to the depreciation of stocks, which had decreased by 682,000 lire in six months. Senator Rota pointed out that, as the result of falling prices, many peasant landowners in the north were.insolvent, and had abandoned holdings. Agriculturists are so distressed that the Government is establishing banks and opening extraordinary credits. It is possible that Count Volpi’s assurance of a revaluation of lire will be made, even at the risk of mortgaging the country to America. It is the best policy, but the sufferers resent the difficulties, and regard the lack of prosperity as the fault of b ascisin. They might be more willing to make sacrifices if given a fair hearing,. but the Government has not permitted public criticism, or adopted a thorough method of carrying out an economic policy. It mobolized a cumbrous bureaucracy to fight high prices, fining, closing down and even threatening imprisonment of shopkeepers, who either refuse or are unable to bring down prices. Only inferior foodstuffs have decreased in price. Restauranteures have lowered charges, but smaller portions are being served to patrons. Enforced reduction of rents caused a cessation in building, resulting in unemployment, Mussolini’s remedy for which is public works, and this irritates the heavily taxed citizens, who consider the reckless expenditure of public money tantamount to squandering. The Fascists’ increasing intimidation may prevent bitter distress and discontent appearing on the surface, but these conditions are now most acute since the inauguration of Fascism. The Government is still maintaining its policy. Mussolini has repeatedlj' and uncompromisingly answered hysterical appeals of industrialists and agriculturists. Fascism’s stranglehold on the methods of popular expression may prevent a political repercussion, but many changes are possible before Italy recovers her equilibrium.