The Daytona daily news. [volume] (Daytona, Fla.) 1903-1926, 1916-12-19
TAlY'S COIN VALVES
CONTINUE TO DROP
tAssociated Press Correspondence,

tAssociated Press correspondeuce.)
ROME. Nov. 3O.-The big CONNER.
c1al and financial problem now dis
turbing Italy is the depreciation Of
her money in foreign markets. Not
w1thstanding the success of her
armies and the confidence at home
and abroad that her territory cannot
be invaded, the lire (19.3 cents) has
continued to drop in value since Italy
entered the war
At the beginning Of the war an
American dollar was worth five lire
fifteen centimes. During the present
year this dollar in Italy has had an
average value of six lire fifty GEN.
times. This same general depreciation
applies to every country in Eur ape.
The lire. before the war quoted at
par with the French franc, has lost
10 to Is per cent of it's purchasing
power there. In other words, during
the present year it has taken an aver
age of 112 lire to buy 100 French
francs. the lowest average value of
the lire on the Paris Bourse since
1871. when the present Italian gov
eminent had just firmly established
itself by the taking of Rome.
In calling attention to these facts,
ltalie. OF Rome, points out that the
lire in Switzerland loses % per cent
OF its value and is worth no more
IN proportion than the German mark,
whereas the Spanish dollar or five
pesetas piece. having less actual silver
in it than the five-lire or five-franc
piece. is now worth in Paris six francs.
The POpOlo Romano in a recent dis
cussian of the situation stated that
the general reason for the deprecia-
ton of the lire was the excess of pur-
chases made abroad over goods sold
abroad, an excess which it estimates
for tn year 1916 as 1898 900 900 This
excess is due to war supplies bought
abroad, to the destruction of tourist
trade of peace times. and to the neces-
sity OF keeping at home articles of
food or clothing formerly exported
In practice this excess means that
if an Italian merchant imports guam
tity of American shoes at 81 each. he
must pay an exchange rate that makes
each pair really cost him $500 The
POpOlO Romano states that unless
some solution is found to the problem
the country will after the war face
disaster, and will not then be in any
better position to increase the ex-
change value of it's money than now
1t predicts that all the available
moneys and bonds will be drained
out of Italy by this species of war tax
1t urges an arbitrary fixing among the
allies OF an exchange standard until
after the war. 1t states that the final
solution of the problem lies in domes-
tic economy, the limiting of imports
and. Immediately after the war. the
increase of Italian industrial exports
to the Orient.
Temporary measures adopted re-
Gently by the government are tending
to force economy in the consumption
of all articles that must be purchased
in foreign countries. 1t has placed an
arbitrary price of so cents the two
pounds on sugar. which is regarded
as luxury in Italy. has taken charge
of all beet sugar factories in Italy
and of all sugar imported. and has so
limited the supply that even at this
price sugar cannot be purchased in
more than two-pound lots Each week
a certain number of carloads of sugar
is assigned to each large city and
when this supply is distributed sugar
cannot be had for any money
The government has also so limited
the imports of coal that coal is now
retailed at SEQ the ton and the greater
part of the population will be unable
to use it at all this winter While
meats, particularly mutton. may be
found on the market at 40 to 80 cents
a pound. a recent decree has forbid
den the sale on Thursday and Fridays
of each week. Another decree provides
/! for thee losing of stores at $50 at
| night and the dimming of street lamps
at 10: 30.
! If the lire continues it's depreciation
| in value. other national economies
may be forced upon the people of
Italy this winter