ITALIAN DECREE

Hokitika Guardian, 10 December 1934, Page 6

ITALIAN DECREE

FOREIGN CREDITS ‘SUItREDER

CONSTERNATION CAUSED

(United Press Association —By Electric Telegraph—Copyright)/*’

ROME, December 8. A drastic credit decree demands that, all Italians, resident in Daly must surrender within ten days all cied.ts held abroad for' which they will be compensated in lire. Non-compliants Avill be ‘" subject to severe penalties, (including. , the possibility of imprisonment' ll' transportation, ' and a fine amounting to a s um which is not disclosed. , V) p• ■ The decree also empowers foreign exchanges to institute the u K e of credits by Italian banks for individuals abrOa d , which must be similarly surrendered in exchange, for lire, in order to make payments outside Italy. It is also abiigatoi'y on banks an commercial houses to declaie . be foie December 31 credits and foieign ali'an bonds held 'abroad. Mobilisation of foreign securities is necessary to mantain the lire, and avoid leaving the gold standard, m which connection Signor Mussolini is emp a

Newspapers declare the Governmen has the right to control private capital as it does production and commerce. ■ . The decree is causing consternation.