The Washington herald., 1922-06-11
ITALIAN MARKETS
IMPROVE STEADILY
Conditions More Settled as
Unemployment
Decreases.

Unemployment in Italy is stead
lily decreasing. according to a cable
from Commercial Attache MacLean.
just received by the Department of
Commerce. With the exception of
a strike of the Lombardy metal
workers, called in opposition to
wage reduction. labor conditions
are more settled. The depression
existing in the metallurgical and
mechanical Industries is matched
by the low output in other branches
of manufacture. and business fall
ures are increasing. a total of 277
being reached during April. The
cost of living continues to decrease.
according to the Bachi index Of
wholesale prices, based on the aver
age price in 1920 OF seventy-six
commodities. which registered S4.37
for April as compared with 90.1
for February. 1t has been recently
announced that the government in
the next four years will expend
l.I50,OOO,0O0 lire lOr renewals and
replacements and this should oper-
ate to the advantage of Italian
plants prepared to furnish the new
equipment called for.
For the six months ending De-
cember 81, 1921. iron and steel scrap
has entered the country in large
volume and has been used in max
ing steel. Pig iron importations
on the other hand, have been much
reduced, not so much by the new
and higher duty as by the slacken-
ing demand. The production of pig
iron in Italy is practically at the
zero point.
The total January imports
amounted to 1.30S.O00,O00 lire and
exports 6l9,OOO,OOO. The coal mar
ket is dull with lower prices for
the British product. Coal imports
in April totaled 10000 tons. wheat
222.000 tons. Prices of the two
basal commodities, silk and olive
oil remain firm, and limited sales
are reported. Pig iron Eglinton No.
is quoted at 770 lire as against 800
lire in January.
The weather. which was cold and
rainy in April and checked the
growth OF cereals. is at present IA
vorable to crops. Rice acreage has
been increased by 10000 acres. while
that of corn is the same as 1921.
The Banca Nazionale di Credito,
which is to take over the affairs of
the Banca Italiana di Sconto, was
legally organized May 13 The
stock market shows signs of re-
turning activity with a general in
crease in prices, whereas Ira ex-
change. quoted at $50 cents on
June 1, has registered a decline due
to operations in cotton.
The preliminary Russian-Italian n
commercial agreement signed De-
cember rs. which provides that
Russia shall recognize the right of
Italian citizens to payment for
goods already furnished or service
rendered in Russia, has been re-
newed May "a as a more permanent
agreement
An important bill is that relating
to the "Latifondo" or large landed
estates which represent a problem
Of great Importance for Italy. but
at the same time difficult to solve
During the war and since, many
promises have been made regard
ing the breaking up of these es-
tates and turning over of land to
the peasants. and the whole subject
will be threshed out.
state revenues for April totaled
1.3S7.000.000 lire. an increase of A.
100000 compared with 1921. The
collective note circulation of the
three banks of issue on April 80.
was 1852. .0on. .0n0 lire. as compared
with 1s.20S, 100000 on December 81
Discounted notes amounted to S.
s45,000,e00 lire. Deposits in private
banks on March 81 totaled 2,o3s.-
100000 lire, loans and discounts
7353.000.000. Total bank clearines
for February were 45.564. 00o. 900
REGISTERING decrease OF s.31o. o.ooe.-
600 from the January figure.