ITALY ACTS

Manawatu Standard, Volume LVI, Issue 264, 6 October 1936, Page 7

ITALY ACTS

THE LIRA DEVALUED. RIGOROUS PRICE CONTROL. REDUCTIONS IN DUTIES. (United Press Association—By Electric Telegraph.—Copyright.) Received October 6. 10.40 a.m. ROAIE, Oct. 5. Signor Alussolini has announced tho revaluation of the lira at 92 to the & and 19 to the dollar. Tin: devaluation is of approximately 4U per cent, of the gold content of the lira, 4.G77 grammes for every 100 as compared with 7.91. Signor Mussolini’s announcement was made after a Cabinet meeting, and a communique announces wholesale reductions in the Customs duties on primary necessaries, including foodstuffs and coal. It adds that, in order lo prevent increased cost of living, the prices of certain articles will he established at their present level and fluctuations in others will be rigorously controlled in relation to world prices. The import duty on wheat lias been reduced from 75 to 45 lira a quintal. The duties on frozen meat and live cattle are reduced, respectively, by 05 and GO per cent. The oommuniquo 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. The policy aiming at maximum economic self-sufficiency will ho continued as essential to the military requirements and national defence.

COMPULSORY LOAN. TO PAY FOR AVAR. Received October G, 11.30 a.m. ROAIE, Oct. 5. The financial measures include practically a compulsory loan, to which the owners of fixed property will subscribe to tho extent of 5 per cent, of the value of their property. They will also pay a special annual tax oil property possessed. Thus owners will, lie forced to buy the bonds then taxed in order to pay themselves interest on them.

Signor Gayda, in tho Giornale D'ltalia, describes the objects of the loan as tlie balancing of the Budget without disturbing the money market with another State loan; secondly, to pay for the Abyssinian war.