CRISIS NOT FELT

Otago Daily Times, Issue 21544, 16 January 1932, Page 19

CRISIS NOT FELT

VATICAN CITY’S FINANCES The independent state of Vatican City, with a population of 500, an area of 100 acres, and ruled by Pope Pius-XI, is alone among modern States not affected by the world economic crisis, although its ificome from many countries has been greatly reduced, according to Monsignor Bernardino Nogara, head of administration in Vatian City and Minister of the Treasury (writes David Darrah in the Chicago Tribune). Twenty million American Catholics have guaranteed the Pope each year whatever he needs for current budgetary expenses. American and Canadian Catholics are the Vatican City’s most generous contributors, M. Nogara said. He estimated the budget for the current year of Vatican City at 180,000,000 Italian lire (9,300,000 dollars). M. Nogara explained how this sum is derived. Part of it comes from Catholics throughout the world and part is the income on the indemnity fund paid the Vatican by the Italian Government under the Lateran Treaty. This indemnity amounted to 1,000,000,000 lire (52,000,000 • dollars) in Italian Government consolidated stock, which pays 5 per cent, and 750,000,000 lire (39,000,000 dollars) in cash, which the Vatican invested in Italian 3J per cent, bonds. Thus, the income of the Vatican from this source amounts to 76,250,000 lire (3,965,000 dollars). Deducting from this M, Nogara’s budget" estimate of 180,000,000 lire (9,360,000 dollars), 103,750,000 lire (5.305,000 dollars) is left for eontributons. These gifts are known in the, Vatican as “Peter’s Pence.”

Pope Pius does nothing to encourage the Peter’s Pence contributions, M. Nogara said, the funds being raised entirely by,the initiative of Catholics. France pays no Peter's Pence, according to M. Nogara, all contributions being retained in France and spent by the local churches. The Spanish upper classes and nobility formerly contributed 5,000,000 lire (260,000 dollars) annually, but since the recent trouble in Spain this has ceased. Mexico and South American Republics formerly contributed conspicuous sums, M. Nogara continued, but these have also ceased since political upheavals occurred. “ How much do American Catholics give? ” M. Nogara was asked, “I will reply in paraphrase,” he said. “ The Catholics of the United States are the. _<best economic supporters of the Church. They have bound themselves to give his Holiness not a concrete sum, but whatever figure the Pope holds necessary for bis needs. American Catholics also support numerous foundations and institutions throughout the world.” “ Yon don’t feel the crisis in the Vatican? ” be was asked.

“Not yet,” was the reply. “Perhaps in the future we shall. But as the budget is derived from the’income on the indemnity and as Peter’s Pence is coming from all over the world, we are optimistic.’’ _ M. Nogara explained that the Vatican’s finances are managed economically. The Swiss Guard is maintained at 125 men, although there is agitation to raise the force to 250. The upkeep of the Vatican diplomatic service in 35 countries is not a heavy budget charge, M. Nogara said, as a provision for nuncios is made locally in most of the countries. Pope Pius is much interested in charitable and building activities, it was explained, and this absorbs considerable of the Vatican funds. Improvements and building in Vatican City, together with the repairing of the cupola of Saint Peter’s, has cost 50,000,000 lire (2,600.000 dollars). When Pius became Pope 5000 parishes in Southern Italy had no houses for their parish priests. The pontiff since his coronation has. built 800 houses for curates in Sicily, and 300 in Sardinia, besides repairing and building seminaries and schools such as the Gregorian University at Rome, which has 1600 students.