Evening star., 1934-05-27

continued From First Page)
land and the United States and ef.
forts made in other countries for the
betterment Of currency conditions, II
Duce said nothing so far had demon
strated a good reason for abandoning
gold.
He quoted figures on gold move
nenls IN france, Holland. Switzerland
ana otner countries as proof OF his
contention that gold provides the
most fluid basis for commerce and
trade. A'iN
He said every effort would be made
10 Keep 1taly's gold coveraee unon her
currency at the present level of 53s
per cent. WV
II Is interesting for us to observe
tne battle of currency dumpins now
taxing place between England and the
United States" he said.
Outlining defiationary steps taken tn
IAVor exports II Duce urgei the nation
most earnestly TO reduce costs OF pro-
ouction to compete more favorablv in
world markets.
Ihe speech included a long discrs-
sion OF recent provisions such ASIA
tion-wlde defiation and the conversion
OF consolidated bonds and reading
from the official gazette announce
ment providing additional regulations
against persons whom MuSsolini said
speculated against Italy.
Salary Cuts.
Referring to recent salary cuts Of
government functionaries, Mussolint
said: 1T Is not a pleasure for any
government to reduce salaries. This
was q necessity surprising the oues-
ton OF pleasantness or unpleasant
ness"
The official gazette tonight pub
l1shed decree putting the exchange
and currency regulations in force.
speculation against the lira was made
a prison offense.
The decree forbade all exchange
operations except those necessary to
industry, commerce and the travel
needs of individuals"
1t stipulated that banks and corpo-
rations must notify the Bank of Italy
concerning balances in accounts held
in national and foreign currencies or
stocks. Expectation of Italian bank
notes, checks or drafts payable in Italy
is absolutely forbidden.
The decree also provided for more
rigid control Of exchange regulations
already in effect.
Brings Japan In.
II Duce elaborated on the currency
devaluation war" between America
and Britain, bringing Japan into the
picture.
AT certain point in the battle"
he said, Japan entered the lists with
a super-dumping policy" adding that
bumpers" whether of currency or
other commodities, always attract
other bumpers"
There is no way Of knowing" he
said, now that they have reached
certain price, whether the currencies
they are using again will take up the
flight downward"
Italy firmly refuses to follow the
example of these nations and intends
to build her hope for restored COM
merce on internal economies to reduce
the cost of production to the world
level, II Duce asserted.
Warning For Future.
He concluded his address with q
warning that Italy must look forward
to remaining at the present rock
bottom of national economy for some
time to come.
Possibly" he said, I'VE are headed
toward a period in which the level
Of humanity will become even lower.
Humanity on such lower level easily
could be capable Of a strength Of
acetism and heroism which We cam
not imagine.
I'VE must evacuate our brains Of
the idea that we can return to So
called prosperous times-a prosperity
which had become the ideal Of life.
as If men had no other purpose In
life than to accumulate money"
He also warned the chamber that
Europe must show itself capable OF
controlling its continental destinies
or bow before the strength Of America
"snd above all before the forces OF
japan"