LIRA DEVALUED

Poverty Bay Herald, Volume LXIII, Issue 19138, 6 October 1936, Page 5

LIRA DEVALUED

DECISION OF MUSSOLINI REDUCTION OF DUTIES FOODSTUFFS AND COAL COMPANY TAXES RISE (Klee. Tel. Copyright—United Press. Assn.) (Reccl. Oct. 6, noon.) ROME, Oct. u. Signor Mussolini has announced the revaluation of the lira to 92 to the pound sterling and 19 to the dollar. The devaluation is of approximately 40 per cent of the gold content of the lira, being 4.677 grammes for every 100 compared with 7.91. Signor Mussolini’s announcement was made after a Cabinet meeting and a communique announces wholesale reductions of customs duties on primary necessities, including foodstuff's and coal. It adds that in order to prevent an increase in the cost of living, the prices of certain articles will be established at the present level, and fluctuations in others will Ire rigorously controlled in relation to world prices. The import duty on wheat has been reduced from 75 to 45 lire a quintal, and the duties on frozen meat and live cattle have been reduced respectively by 65 and 60 per cent. The communique announces that there will be no changes in bank notes.or the currency at present in circulation. Additional taxes will be imposed on companies, excluding colonial. The policy of aiming "at the maximum economic self-sufficiency will be continued as it is essential to military .requirements and national defence.