The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-31


period will total an estimate,
100000.
The cost Of this huge und
ditional strain on the nations
by a long term internal gov
eminent bond issue bearing 5
per cent interest.
Italian business faced the sit
uation Of more than 80 markets, IN
luding most important ones except
the United States and Germany,
closed to its products because Of
economic sanctions adopted by the
League Of Nations.
Trade Deficit Rises
The trade deficit for the first nine
months of 1885 totaled 1000 100000
lire ($l62000,00O), government sta
tistics revealed.
Numerous financial DEGREES to de-
fend the lire were taken during the
year The lire, however, was SELL
ing outside the country for four to
seven lire more TO the dollar than
the domestic price maintained.
Closing weeks of the year we're
given over to hastily constructed
defense against sanctions. In addi-
ton to many economic and agri-
cultural DEGREES passed the ma
tons loyalty and patriotism were
appealed to by MussOlini, various
Fascist organizations and the press
Fascist Chiefs Calm
Fascist officials, despite these
large expenditures and additional
burdens, remained calm and 0pti-
miStic.
Many financial observers belie?e
MusSolini feels economic burdens of
the country, including unemploy-
ment, will be decreased by the con-
quest and exploitation of Ethiopia.
Already unemployment has de-
creased appreCiably and industrial
activity has increased by approx
mately 30 per cent compared with
the corresponding period a year
ago
During the first half of 1885 per-
mits were issued for the erection Or
enlargement Of 244 industrial plants
as against 1913 permits issued during
the same period last year. At the
close of September industrial unem-
ployment was down by 205000 COM
pared with year ago.
Basic Industry Better
Of II basic industries IS regis
tered gains ranging from IS to 1857
per cent during the first nine
months Of 1885 compared with the
corresponding period of 1884
The current fiscal year which
opened July /, 1885, found Italy
carrying an internal debt of 1867
000,00000 lire plus 24,00C 900 900
lire in deferred payments Govern
mental officials said a considerable
portion of the internal debt which
has increased since the advent of
FaSciSm has resulted from large
expenditures on public works
Many Of these are projects which
in time will become fully liquidated
The officiallyT estimated deficit of
the budget for the current fiscal
year, exclusive 'of the East African
campaign, is ,657 900 900 lire.
Gold Supplies Decrease
Italy's economic battle is pre-
Sented wildly in the decrease of the
nations gold. Most of the decrease
was due to foreign purchases made
in gold to avoid any possibility Of
run on the lire.
During 1884 gold reserves fell from
7,105 100000 lire to 5,811 900. 900 lire.
BY Oct. 20 1885, the last date on
which official figures were permitted
to be made public, the gold reserve
totaied 1896, 100000 lire.
The As per cent gold backing OF
currency previously maintained by
the Bank of Italy was reduced in
July to 40 per cent and then de-
clined steadily to approximately 20
per cent by the close of October.
Official treasury figures showed
! that up to March. 1885, eXpendi-
lures charged to the East African
campaign fund totaled 374,850.0O
lire. BY the close of the fiscal year.
June 30, 1885, the cost increased to
974871 900 lire. Expenditures made
under other budgets such as war,
navy. air, colonies and communi-
cations on the East African pro-
gram were not specified although
all these departments contributed
to the colonial adventure.
Future Uncertain
Funds necessary to transport
MusSoliniS Fascist legions to Afri-
can battle fronts and to furnish
them with food and war materials
began to increase sharply in July
when 375000000 lire were spent. In
September the cost jumped to
633 .502 900 lire.
The three-mOnth total for july.
August and September was 1886
, $4,000 lire. or a monthly average
! OF approximately 100000 900 lire.
The budget deficit for l9S4-95
amounted to 2,428,l12395 lire. Of
this total 974671 924 lire was in
Cured because of East African eX-
penditureS
The immediate future appears to
most trade observers highly uncer-
tain because Of the following rea-
sons:
l. Sanctions.
2. Italy must buy most essential
IT,