FINANCIER BANISHED.

Timaru Herald, Volume CXXXIV, Issue 18848, 10 April 1931, Page 13

FINANCIER BANISHED.

MUSSOLINI’S SCATHING V/ORDS. Riccardo Gualino. has been sentenced by the Provincial Commission at Turin to five years’ exile on Lipari Island, for “having repeatedly caused grave damage to the national economy.” The Commission added that Gualino was at the disposal of the French Parliamentary Inquiry Commission regarding his relations with the Oustric companies.

Gualino was Italy’s wealthiest financier, and at one time was reputed to be the richest man in Europe. His arrest caused deep interest throughout the country. It took place in his palatial home in Turin a few hours after his return from France. The official notice does not mention the charges upon which the Ministry of the Interior took action, but the financial world here believes that the French Government asked for it a few hours before M. Steeg’s Cabinet fell. If so, the prisoner made a fatal mistake in rushing home, from which he had beaten a hurried retreat after Signor Mussolini’s speech at the inaugural meeting of the National Corporations Council last October. The Duce then said that “Cagliostros of the business world, acrobats of industry, parasitic dummy growths on the sound body of Italian business will in future feel more acutely the heavy hand of the law.” As with Ingoldsby’s jackdaw, the business men pointed to Gualino. crying ‘That’s him.” Starting life as an impecunious lawyer, Riccardo Gualino made his first big deal in the post-war boom. After getting increased capital, he turned his small shipping concern—the Nia—into a huge artificial silk company, baptised Snia, in memory of its modest parent. Nia shareholders, informed of the change after the event, had no immediate ground for complaint. His Unica chocolate combine, followed by cement, perfumers, vermouth, and the French Oustric ventures, brought him millions and a reputation for business genius, his knowledge of the law doing yeoman service. When the slump came shareholders complained that they suddenly discovered that Gualino had long ceased all connection with the enterprises he created. His arrest caused no regrets, even in Turin, where formerly he employed thousands. He had built sumptuous houses, raced with the best horses, jockeys, and trainers that money could buy, and patronised the arts and the stage. But he deeply offended the Piedmontese by importing cheap labour from the South and grossly underpaying his women operatives. A many-sided man, a brilliant and acute talker, he is the only Italian citizen, for three centuries and more, who has acted the part of a Renaissance Maecenas. His gallery of ancient art in Turin enjoys world fame; he financed the Royal Opera in Turin, enabling the public to enjoy music no manager could risk producing; and he gave the same facilities for drama md concerts in the small theatre built n his private palace. He was also a matron of modern art. \TO colds in the head this winter if you have a Unique hot water bottle t your feet in bed. It assures cosy varmth and natural sleep. Unique—a British product. (12)