Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1918-12-27
Italy Has Borne
Tremendous Load
In Financing War

ROME. Dec. I0.-(Ey MALL
While the military part Italy has
played IN the war is sufficiently
known and appreciated by both the
allies and the neutral powers, the
same cannot be said Of the financial
effort OF the young nation which,
when her national wealth is consid-
cred. is the state on which the war
has imposed and leaves the heaviest
financial burden. First of all, very
few know that If Italy has been
able to prosecute the war to a VIC
tOriOus conclusion, II has been due
to the economy practiced by her
people, to the latter's great saving
quality which war has revealed to be
a national characteristic.
Naturally, even in Italy much is
now being said about the manufac-
turers' fabulous extra profits, but
even in Italy experience has proved
that in most cases the reported fabu-
lous earnings of the war cOntrac-
tors have been greatly exaggerated.
In a country which was never very
rich. one is likely to look at figures
from a point Of view quite dliIer-
ent from that of, say, an English
man. What in Italy are considered
extraordinary profits, would make
the average English manufacturer
smile.
Although the salary of an English
non-commissiOned officer would
prove a blessing for an italian Of
iicer. and the pension the English
government pays to the family Of
a dead soldier is drawn here only
by the widow of a superior officer,
yet the war has cost an enormous
sum of money. The reason for this is
that, first OF all, Italv had to Gre
ate industries which had never eX-
listed before, and enormous quanti-
ties of foods, clothing, minerals, oils
AID machinery had TO be imported
regardless of distances and prices.
With the declaration of war the
farmers were transferred from the
fields TO the trenches, the mechanic
was modified and transferred to
the war plants and the munition fac
tories thus causing a steady de-
crease in agricultural and industrial
production and a corresponding in
crease in importation. At the same
time expectation ceased completely.
The direct and unavoidable con-
sequence of the economic situation
created by the war, was that the
daily war expenses reached a total
that was almost staggering. In or
der to meet them the government had
to float several loans, both at home
and abroad. and then raise the old
taxes and impose new ones on an al
ready much taxed people.
1t is still premature to say what
the total OF ltaly's war debt will be,
as Il is impossible to foresee the
total value Of the war orders which
are still being filled. the amount OF
the money contracted to spend, what
the period of translation from the
state OF war to that of peace wilf
cost. and the amount of money re-
uuired TO rebuild the devastated
towns and endow with new rolling
stock the railroads of the country.
At the end Of the tirst fiscal year
which closed on June 80, ltaly,s war
debts amounted to lire, $4,000, 600, 600,
divided as follows:
War loans flOated in
the kingdom ..... s., 16O, OOO. 600
War loans floated
Increase in the paper
Total ..........sE. sec. OOO. 600
The more optimistic are of the
ODinion that at the end of the war
the actual war bill will not exceed
81. 900, 100000.
er value this financial effort on
the part of Italy, one must forget
that the amount spent represent
three-fOurths OF Italy's national
wealth before the war, and that the
financial burden that the nation
must support for years VIII be ter
rifle. especially because the largest
nart of the money was spent abroad
and has not benefited the country in
general.
Italy realizes the enormous difficult
ties she will soon be facing, but
while she expected to be supported
by her richer allies. she already has
begun the work of reconstruction,
based on a program Of strict econo-
mics.