ITALIAN MEASURES

Hokitika Guardian, 6 October 1936, Page 5

ITALIAN MEASURES

LIRA DEVALUED

ECONOMIC DECREES ISSUED.

(United Press Association—By Election Telegraph—Copyright;.

(Received this day at 1.20 p.m.) ROME, October 6

The devaluation of the lira is of approximately forty per cent of the gold content. Mussolini’s announcement was made after the Cabinet meeting, and a- communique announces wholesale reductions in customs duties on primary ncessaries, including foodstuffs and coal. It adds that, in order to prevent the increased cost of living, the prices for certain articles will be established at their present level, and fluctuations in others will be rigorously controlled in relation to world prices. The import duty on wheat lias neen reduced from 75 to 45 lire a quintal. The duties on frozen meas and live cattle are reduced respectively by 65 and 60 per cent. The communique announces there will be no changes in bank notes or currency at present in circulation. A>l ditional faxes will be imposed on companies, excluding colonial. The policy aiming at a maximum of economic self-sufficiency will be continued as essential to military requirements a'iul national defence.

The financial measures include a practically compulsory loan to which the owners of fixed property will subscribe to the extent of fiv e per cent of the value of their property. They will also pay a special annual tax oti every thousand lire worth of property possessed.

Thus the owners will be forced to buy bonds, and are then taxed , n or ■ der to pay themselves interest on them.

Signor 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 ior tile Abyssinian war.