The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1921-03-16
ITALY HREaARaNG N.Y.. g. ...-
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lvs' RS TO FAX u. s. DRBr
Plans Rehabilition OF Commercial Re.
lations 70 That End, Says Ricci.
$l,e31, 100000 Last Figure Amount.
Washington, March 9.---Itsly is pre-
pairing through rehabilitating her in
ternal financial condition, setting in
motion again the machinery of COM
mercial relations and resuming tho
production of staples Of commerce uti-
lized in her foreign trade to discharge
her debt to the United States, Ro-
lando Ricci, the new Italian ambas-
sador, said today in answer to an in
quiry The debt, according to the last
annual report Of former Secretary Of
the Treasury Houston, amounts to
$1,631 100000.
The ambassador in statement
said: tu
"The following is my precise opin-
ion in regard to the American loans
to Italy and the payment of said loans
by Italy:
Revise Accounts
ut must, through revision of the
accounts, ascertain tho exact amount
of her debt and then ask for con.
venient period of time within which
to pay it. This condition is essential,
because, otherwise it owuld be impos-
sible for Italy to rehabilitate her fl
nancial coalition which is in its turn
the only way whereby Italy can pay
her debt.
Italy would naturally ask the pre-
ferred nations treatment: i. e., Italy
would ask that in case Of cancella-
tion of partial remittance Of debt to
any other nation, the same treatment
be granted her. Like tho United
States, Italy entered the war without
being forced to do so by aggression
and while the nations that had beer
attacked were in very difficult straits
Italy got nothing out Of the war ex-
cept her natural boundries, and such
boundaries Italy conquered with her
own military effort which eliminated
with the victory Of Vittorio veneto.
"Italy, has therefore, political at
titude and public sentiment which
agree completely with the political at
titude and public sentiment of the
United States. This, think and hope
will facilitate my work here. I ac-
cepted the charge of doing this work
with this understanding of the stu
ation."
Express Confidence
The ambassador expressed conf
dence in the success Of the efforts
that are now being made to bring
about complete resumption Of the
formerly large and important trade
relations between Italy and tho Uni
ted States, particularly the Italian ex-
port trade with this country, which
would not be possible at first to apply
financial obligation Of Italy to Amer
lea. He indicated, however, that it
would not be possible at first to apply
the proceeds of tho sale of Italian
products imported into America direc-
tly towards the reduction of the debt
to this country.
Although no intimation has come
from the treasury of disposition to
discuss the question involved in re-
adjustment Of the Indebtedness Of
the allied powers to the United States
it is understood to be regarded by the
heads Of the foreign embassies here
as subject that must very soon
be taken under consideration in order
that the House ways and means COM
! mittee and the Senate committee on
finance MAY be in possession Of facts
regarding the probable receipts of
interest IN account Of their foreign
debts as bisis for their own calcu-
lations of the amount of revenue that
must be raised by tariff and internal
revenue legislation in this country to
meet its budget.