ITALY’S BILL FOR IMPERIALISM

Southland Times, Issue 23826, 25 May 1939, Page 5

ITALY’S BILL FOR IMPERIALISM

NATION FACES HEAVY LIABILITIES BIG GAP BETWEEN REVENUE AND COSTS (United Press Assn—Telegraph Copyright) (Received May 24, 8.40 p.m.) LONDON, May 24. Extraordinary times demanded extraordinary financing, said the Italian Minister of Finance (Senator Thaon di Revel), delivering the Budget, according to the Rome correspondent of The Times. ,

Senator di Revel said the Italian absorption of Albania and the four Libyan provinces required an early heavy expenditure quite apart from the cost of rearmament, though Abyssinian expenditure had been reduced to 500,000,000 lire (roughly £70,000,000) in 1937-38. The normal Budget, however, was larger, and if the deficits were added to extraordinary expenditure the total liabilities in 1937-38 were 42,120,000,000 lire. Loans, levies and other financial expedients met these liabilities.

The expenditure for the current year would be 32,500,000,000 lire compared with the estimate of 15,035,000,000 lire. The expenditure for 1939-40 would be 32,000,000,000 lire. . Senator di Revel did not explain how the requisite money would be raised. He admitted the difference of several thousand million lire between estimated expenditure and revenue, but he said taxation would be overhauled and property registers would be revised.