Acute Conditions

Hawke's Bay Tribune, Volume XVII, Issue 176, 11 July 1927, Page 7

Acute Conditions

Discontent in Italy “Times” Correspondent’s Investigations. IMPORTATION OF U.S. CAPITAL. SEVERE CRISIS. ißy Cable — Prest a.bbd. — Copyright.) (Received 11, 10.50 a.m.) London, July 10. “The Times” publishes the results of investigations by their correspondent who has just returned from ItalyHe says the sensational rise in the lire i nchiefiy due to the immense importation of American capital which precipitated a severe crisis and broufht about a great falling oil in exports, a slump in wholesale cereal prises, the contraction,of the internal shortage of money and an increase in unemployment. Wages have been reduced 10 per cent., while the cost of living has only dropped five. All classes are suffering, resulting in widespread discontent and misgivings as to the future. The nawspapers at present, he says, only exist for propoganda purposes, therefore it is only rarely that an unprejudiced opinion is heard, such as that of Senator Conti, the wkell 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 peasants and landowners in the north were insolvent and had abandoned their holdings. Agriculturists are so distressed that the Government is establishing banks and opening extraordinary credits. It is possible that Count Volpio’s assurance of the revaluation of the lire will be made even at the risk of mortgaging the country to America. This is the best policy but sufferers resnt the difficulties and regard their lack of prosperity as the fault of Fascism. NO PUBLIC CRITICISM ALLOWED. They might be more willing to make sacrifices if given a fair hearing, says the correspondent, but the Government has not permitted public criticism or adopted a thorough method of carrying out its economic policy. It mobilised a cumbrous bureaucracy to fight high prices, fining closing down, and even threatening the imprisonment of shopkeepers, who either refuse or are unable to bring down prices, Only inferior foodstuffs have decreased in price, continues the correspondent. Restauranteurs have lowered their charges but smaller portions are bein gserved to patrons. The enforced reduction of rents h»i caused a cessation of building resulting in unemployment. Signor Mussolini’s remedy for whidh is public works, and this irritates the heavily-taxed citizens who consider this expenditure of public money tantamount to squandering.

FASCISTS’ INTIMIDATION. Tlie Fascists’ increasing intimidation may prevent the bitter distress and discontent appearing on the surface but these conditions are now the most acute since the inauguration of Fascism. The Government is still maintaining its policy and Signor Mussolini has repeatedly and uncompromisingly answered the hysterical appeals of industrialists and agriculturists. Fascism’s strangle hold on the methods of popular expression may prevent political repercussion hut many changes are possible before Ttalv recovers her equilibrium—(“Times” cable).