THE LIRA

Wairarapa Daily Times, 6 October 1936, Page 5

THE LIRA

DEVALUATION ANNOUNCED.

ROME, Monday.

Signor Mussolini announced the revaluation of the lira at ninety-two to the pound and nineteen to the dollar.

REDUCTION IN DUTIES.

(Reveived Tuesday, 10.40 a.m.) ROME, Monday.

The- devaluation is approximately 40 per cent of the gold content of the lira, 4.67 grammes for every hundred, as compared with 7.91. Signor Mussolini’s announcement was made after a Cabinet meeting, and a communique announces wholesale reductions in customs duties on primary necessaries, including foodstuffs and coal. It adds that in order to prevent an increased cost of living, prices for certain articles will be established at the present level, and fluctuations in others will be rigorously controlled in relation to world prices. The import duty on wheat has been reduced from 75 to 45 lira- a quintal. Duties on frozen meat, and live cattle have T>een reduced, respectively, by 65 and 60 per cent. The communique announces that there will be no changes in bank notes or currency -at present in circulation. Additional taxes will be imposed on companies, excluding colonial.- The policy of aiming at a maximum of economic self sufficiency will be continued as an esential to military requirements and national defence.

A COMPULSORY LOAN. (Received Tuesday, 11.30 a.m.) ROME, Monday. The financial measures include a practically compulsory loan, to which owners of fixed property will subscribe to the extent of 5 per cent of the value of their property. They will also pay a special annual tax of 3.50 lire on every thousand lire worth of property possessed. Thus OAvners Avill be forced to buy bonds, and will'be then taxed in order to pay themselves interest on them. Signor Gayda describes the objects of the loan as the balancing of the budget Avithout disturbing the money market Avith another State loan, and, secondly, to pay for the Abyssinian war.