New-York tribune., 1922-12-03
New Investments
In'Italian Industry
Show Big Decline
Only Four Branches In
creased Capital During
First Half Of 1922; Better
Turn In Export Trade

hpfctol FofrOn Etnoh1iol i0TfftpynaeNps
ROME. Nov. live have somo
signs OF better turn In our for
eiKn eommsres. For instance. our
exports 10 tho United States and
France In the frst six months Of 1899
were greater than in 1921. and, not
withItAndlng tho political quarrels,
Italy has taken the hrst place in the
foreign eommsres Of Jugo.slAyia
In the frst half OF this year invest
ments Of new capital IN industries
amounted 10 i,sio,ooo,ooo lire, Agains.
2,iso, 600, 900 In the corresponding
period Of 1871. The decrease 10 = clear
evidences Of the actual crisis. Some
industries have reduced their capital.
For instance. IN the banking group the
cuts have amounted TO i2i 100000 lire
and In the commercial enterprises TO
90, 100000. Only four industries have
increased thslr capital In is22--the
food and agricultural industries, is7,-
ooo, 900, electrical works, $4,000 ,oooi
land and house societies, al, 900, 900, and
textiles, 100000. With reduction
Of capital and q rigid eurtailmsnt Of
expenses, - is hoped that the affairs Of
the mschaniesi induEtry Of AnSslve
may be settled.
The government has issued other
Trsasury bonds at per cent, redeem
able In Ave years. and 80 the attraction
Of tho puzzle is diverted from indue-
trial Investments.
The export Of vine 10 increasing, and
laot month saw the preliminary expert
msnt Of exporting italian grapes to the
United StAtsB IN the hope OF being able
20 compete vith the Californian pro-
dueere.
The devastated area occupied BY the
enemy during the war has been almost
reeons,rueted BY the Inhabitants them
selves, without the aid Of subsidies
from the government or the payment Of
reparatlona. On the other hand, We
have rseantiy made . loan OF 100000
gold lire 20 Austria, our former snemJ.
The statistics Of tho number Of un-
smploTed are hetItiousi they consider
as unemployed all those receiving sub.
sldies from the ststs. bot many work
intermittsntly despite these grants.
On the other hand, the war has In
ereaaed the number Of workers. because
many wives and holdsrs OF small In
comes, who before the var lived a life
Of ease, arc now compelled 70 work,
ewing 70 ths decreased purehasing pow
sr Of money and consequent increased
coat OF livinE.
Then sanity Of the Fascist doctrines
explains Why In these days, notwith.
standing the uncertainty OF political
events, foreign exchanges are improv-
ing plightly. husIolinl has declared
for a Arm financial policy.
Formerly FaeiGm seemed 70 be only
A reaetion 20 ths exesssss Of Socialism,
but in recent months, after the COM
plete failure Of the general strike de-
elAred last Jui- hy the Socialist trade
union (on chleh occasion the Fnseisti
proved 20 b perfectly organised strike
brsakers), they organised about 100000
workers IN the autonomous national
trade guilds.
There ars ssveni characteristics
which diherentiato the Faseist trade
union movement from other trade
unions. Principally they are sverse 10
any stoppGge OF work in the public
service, and they REFUGE any support
70 the monopoliStie Socialist eo.opera-
tiyes. Recently they dissolved the
a'orksrs' eo-operAtives 10 whom the
Port OF Genoa was intrusted. New
nationalist workers we're admitted and
they favored che wage reduction OF
that class OF workers. They always
showed The desire 70 defend property
and 20 develop saving. because the de-
velopment OF public welfare Ia parallel
70 the development OF capital itsslf.
We are certainly facing q nationalist
movement but the ehiels OF the party
are too intelligent not 10 understand
that II "a no. a moment to repeat the
old phrase, "IsAliA tsrk de- Sc"
The customs duties on grain and
-four, which we're suspended during the
ear 20 encourage Imports and which
we're scheduled 10 be rsinStatsd on
December 81, Will be again Suspended.
The new Minister for Agriculture es-
tlraStea that the wheat imports for the
current year Will not amount 20 more
than 2o,ooo,ooo quintals. =,
The government has also promised
20 abolish all legal restrietions on
tsnAn,s' rents and TO grant full free
dom OF labor.
The movement against the eight
hour day IL inereAslngI the workers
are resigned 20 accept the prolonsa-
tion OF hours.
The employees Of the lstria stats
tobacco faetoriss are spontaneously
Offering 20 work an hour more without
increase IN salaries.