ITALY’S GOLD COVERAGE
SUSPENDED BY GOVERNMENT 1 ROME, July 22. The Government has suspended the 40 per cent, coverage of gold for notes owing to the urgent need for money for payments abroad. CONTRARY TO POLICY LONDON, July 23. (Received July 23, at 0 p.m.) The Daily Telegraph’s Rome correspondent says: “ The decision to suspend the gold coverage was reached at a secret Cabinet meeting. The decision was not released until after the banks and bourses were closed for the day. No reaction thus occurred. It is pointed out that the decision is entirely contrary to the official policy of maintaining the high nominal lira value which Signor Mussolini has pursued over since his famous speech at Tesaro in 1927, when he declared that Italy would defend the lira and maintain its value, if necessary, with blood.
The Daily Telegraph’s city editor says; “ Italy’s decision is the first blow to her finances from the projected Abyssinian campaign.”
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/ODT19350724.2.74
Bibliographic details
Otago Daily Times, Issue 22631, 24 July 1935, Page 9
Word Count
157ITALY’S GOLD COVERAGE Otago Daily Times, Issue 22631, 24 July 1935, Page 9
Using This Item
Allied Press Ltd is the copyright owner for the Otago Daily Times. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons New Zealand BY-NC-SA licence. This newspaper is not available for commercial use without the consent of Allied Press Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.