Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1917-03-09
SAVINGS DEPOSITS
Increase IN ITALY
New Industries Will Enable
Nation TO Redeem Bonds
Promptly
WELCOMES TRADE
WITH UNITED STATES

ROME, March s.-Italy will be able
70 redemm her war bonds to the last
lire through the earnings Of the new
Industrial enterprises developed by
the war, according 70 Minister OF
State Luigi Luzsatt. Italy's best
known fnancier. To a correspondent
he said:
Italy is far richer than strangers
give her credit for. II is a striking
fact that we have surprised ourselves
during the struggles OF this war In
time Of danger we have discovered ca
pacitles which have astonlshed US,
particularly in our Industries. We
have now operating more than 1000
factories for war materials, employ
Ing about a half million workers.
Americans know how saving are the
Italians who go to them. Therefore,
it may not astonish them to know that
IN war time our savings banks are &C
tually increasing their deposits, de-
spite the heavy popular subscriptions
10 our war loans.
Prompt Debt Payer.
Among all the new nations, this
wish to declare: Italy in the past
has always beep the best payer Of her
debts, puncually; no one more than
We have a stricter idea Of the day OF
payment, the keeping OF which con-
stitutes the financial honor Of a peo-
pie, en- honor which should be as un-
stained as that Of its military or pO-
litical honor.
"All the foreign Governments that
extended us faith and credit when We
were Piedmont and later when we
we're United Italy, have been satisfied
We send them our loans far below
par, thereby giving high rates Of in
terest and other profits; afterwards,
we were happily able to take up our
loans at face value. and when our
bank bills were the>eQual of gold mon
ey values in every country, even that
of the American dollar. We had no
difficulty in converting the national
bonds to the value Of s1,6O0,0OO,OOO, or
S,OOO.OOOOOO lire.
I'm July, 1914, Italian money was
quoted at par in New York. The sor-
rows and hazards of the war came
and today our money has deprecated
thereby more than 80 per cent.
Welcomes Z. S. Trade.
ALREADY there are nations seeking
10 occupy the place in italy held be-
fore the war by Germany. Among
these are said to be the United States.
We welcome commercial relations
with the United States. We are al
ready large buyer Of her goods. But
II the United States wishes to trade
with us. would it not be better TO
show her interest substantially?
"Doubtedly VIC are suffering from
the old time-worn system Of in inter
national exchange which permits OF
fortunes being made through specula'
tion. What we need and what the
world needs is an international cham
her of compensation, which I have
proposed many times, the last time be
ing at Paris last year. the operation
of which would be a great peaceful
bond sustained by honest, recriproca
interests.
Europe just now has too much pa
per money. while the United States
has too much gold. The United States
not only should. but will have to, re-
store the gold to the countries which
suffer from the lack of IT, and the
sooner she restores it, the sooner vii
she smeliorate the crisis which always
comes TO a country too rich in gold