Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-15
italian Premier'S Visit Ex-
peCted to Promote PreIim-
mary Plans.
INTERNATIONAL MEETING
LIKELY BEFORE MARCH |
All Powers May Reach a Final
Agreement on Financing
Of War Claims.
BY DIR. MAX WINKLER.


opeCIal DlSpatch TO The Star
NEW YORK, November 14.-Dino
Grandi, Italys youthful foreign min
ister is emulating his colleagues in
other countries. NOTABLY Pierre Laval
OF France, who has just returned TO
ParlS from rather eventful sojourn
In the United States.
Slgnor Grand is anxious to return
the visit of Secretaries Mellon and Slim
son and is doubtless also eager to dis
cuSS with Americas Chief Executive
ana men of affairs problems which may
AFFECT the economic wellbeing of his
country and commercial and financial
relations between the two nations.
1t is also likely that the achieve
ments CT the Laval-Hoover meeting will
be discussed from the standpoint of
Italy, so that no serious difficulty viii
be experienced from that quarter when
the question Of intergoVernmental in
debtedneSs will come up finally for &C
, ton at an international conference,
which may be expected to be convened
at an early date. In fact 1t is quite
probable that this will take place before
March l, when the so-called stillhalte
or stand-still agreement relative TO
short-term German credits expires, but
certainly before July /, when the one
year debt moratorium proposed by
president Hoover comes TO an end.
Merchant Marine Profitable.
Prof. Rom9lo Angelone, Italian COM
mercial attaChe at Washington. and
one Of the leading economists of his
country, Is authority for the statement
that Italy's merchant marine is operat-
ing much more proftably than that of
any other nation.
Regardless of cne's views on the
merits or dement's of Fascism marked
progress has been registered during the
Mussolini administration. in the course
of which annoying interferences in evil
dCnce everywhere throughout the Euro
pean continent were conspicuous by
their absence. 1t was thus possible to
evolve and put into effect many con-
structlve measures which would have
been blocked had Mussoini permitted
full freedom of action by the opposi-
ton.
In order to neutralize the effects of
the decline in the pound sterling and
other currencies upon domestic indus
tries, Italy introduced Is per cent aid
valorem tariff, which set at rest fear
OF the market being flooded with goods
manufactured in countries with depre-
clated and fuctuating exchanges.
1t IS too early to state to what eX-
tent the United States is going to feel
the influence Of the Italian levy. Trade
between the two countries aggregated
last year about $3.50, 600 900. of which
S30,000,000 represented American pur-
chases in Italy, the remainder consti-
tuting Italian imports from the United
States. Compared with 1929, last years
figures show shrinkage Of more than
so per cent.
In view of Americas large invest
ments in Italy, the latter's favorable
balance OF trade with the United States.
amounting to about 5000 900, may be
viewed with favor by those holding
various Italian government municipal
and corporate securities
So far this year Italys budget shows
a deficit OF 864,000,0O0 lire. which, how
ever is confidently expected to be not
only reduced, but converted into a sur
plus as result of the recently intro
duced levy estimated to yield ! 500 ,OOO.-
600 lire. The governments cash posi-
ZION Is reasonably satisfactory.
Public Works Program.
In order to relieve the unemployment
situation which, as in other countries
has assumed disqulcting proportions
Italy is planning rather ambitious
public works program. involving an ont
lay of $500 900 900 lire equivalent to
about $235 100000. This program should
meet adequately the Winter unemploy-
ment problem and its adoption is large
ly responsible for the slightly more opti
mlStlc outlook during the latter part of
last month, especially in the Milan and
Naples districts
Whether it will be possible to secure
the necessary funds through loans to
be f1oated in the home market is nrob-
Iematlcal. One would gather that the
successful placement of new issues there
is not likely to prove very easy task.
However, if Signor Grandi's visit is
preparatory to the sale of Italian loans
in the American market there has been
no hint OF this as yet Thus far. italian
government, municipal and. to a GER
tain extent, corporate issues traded in
on the New York Stock Exchange have
given much more satisfactory account
OF themselves marketWise than many
other foreign including European. bonds
The service on them has been. and will
unquestionably continue to be met
promptly and faithfully A loan to italy
or any of its political subdivisions
therefore, should be viewed with a Ger.
tain degree of favor, provided. of course
! the proceeds will be employed for strict
, ly constructive and revenue producing
purposes.
(Copyright 1881 by the North Americor
NeMSpaper Alliance. Inc ,