New-York tribune., 1922-04-09
Free Duty Period
For Grain Imports
Extended bv Italy
Tariffs. Suspended During
the War and Scheduled to
Resume March I, Will Be
Reinstated on June 80

Special Foreign Financial Correspondence
ROME, March 20.-The customs
duties on grain and -four which were
suspended during the war to en-
courage imports. and which we've
scheduled to be reinstated on March
81. have been declared imperative
until June 80 by the government.
1t is the opinion of many Italians
that the government should have def
nitely suspended these duties not only
for this year, but also for another sea-
son. The reinstatement on June 80 will
mean an increase in price not only on
foreign grain of the new season, but
also on the old crop and native wheat
The tariffs before The war were IN
lire IN gold on grain, and 11l2 lire on
flour. equivalent to 30 and so lire in
paper. Russia and Rumania then were
the main sources of supply, whereas in
the last few years the United States
has supplied as much as these two
countries combined, shipping to Italian
ports 24000,000 quintas "a quntal is
about 220 pounds) in 1918, IL 900 900 in
1920 and more than 100000 during
the frst SIX months of 1921, as COM
pared with 100000 quintals in 1912.
The prices of North American wheat
have shown & tendency to decrease
within the last few months, from 317
lire quintal in April, 1920, to 12o
lire now.
The same uncertainty shown by the
government in the matter Of tariff re-
instatement is evinced in it's financial
policy. A law dated September "a,
1920, made compulsory the registration
of all private securities for tax pur-
poses. But in Italy about -tenths
of all such securities are payable
simply to bearer, which makes evasion
of income, capital and succession taxes
easy. The law, however, has never
been applied. partly because of the
hostility of the stock exchanges, and
partly because of the enormous diff
f1culties which would have arisen in
the Immediate registration Of millions
of securities. The government now has
declared that registration is not COM
pulsory, but instead, has put special
tax upon persons who failed to register
their securities to compensate the eX-
chequer for fees lost.
Sgnor Nitti recently delivered an
important speech on the economic and
financial situation of the country, up
holding the necessity of rigorous
policy of economies Che declares that
40 per cent of the civil servants are not
necessary and should be dismissed),
further reduction of money circulation
and agreements of an economic Gus
toms nature with our former enemies
1t is pity that it should be so easy to
map out beautiful programs when one
IS on the opposition, just as it should
be so difficult TO actuate them when
one is in power. When Signor Nitti
was in the Cabinet he gave away when
faced with threats of strikes on the
part Of railwaymen and civil servants,
increasing their salaries, and thus con-
tributing to the high cost of living.
Many believe that we should follow the
example of the United States whose
policy Of retrenchment of public ex-
penses and monetary dehaton pursued
after the Civil War Illegal Tender act,
Resumption act, etc.), has been the OBJ
ject of intensive study by Sgnor
Stringher, a director of the "Banca
d'Italia."