Word: golds
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Dates: during 1920-1929
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Bank Backing. A suave, plump, oval-faced statesman, eyes keen, beard a scrubby Vandyke, was hailed as the real creator of the new gold lira. He is Count Guiseppe Volpi di Misurata. Citizens of the U. S. remember the business-like fashion in which he negotiated the funding of Italy's War debt to the U. S. (TIME, Nov. 23, 1925). Last week he revealed the vast credits which he has built up abroad to enable Italy to defend her new currency against fluctuation on international exchange. Said he: "The Bank of Italy wishes to secure the collaboration of international...
...decided that two credits would be opened on which the Bank of Italy can draw. The first amounting to $75,000,000, was granted on a gold basis by the central banks of 14 countries, among which are America and Japan, headed by the Federal Reserve System of the United States and the Bank of England. The second, amounting to $50,000,000, was granted by the Anglo-American bankers headed by the Morgan bank and with the participation of such banks as the Hambro, Rothschild, Baring et cetera, and five great English banks...
...details of these transactions will be published later, but probably the Bank of Italy need never avail itself of these credits, just as the Bank of England has never touched the credits placed at its disposal in American banks when Britain returned to a gold basis...
...Polish knife. Last week the Herr President showed the tempo of his feeling by arriving with ponderous unexpectedness at a joint meeting of the German and Prussian cabinets, called to decide whether the Reich would extend to East Prussia, this year, financial aid totaling 72,000,000 gold marks. . . . Experts had displayed to the joint cabinets statistics proving that East Prussia, handicapped by isolation, can; not prosper unless temporarily subsidized. The cabinets, impressed, but faced with a necessity to economize, hesitated. Came Hindenburg. . . . He spoke as the civilian President of the Republic, but those who listened saw in their mind...
After the revaluation of the lira at 5.31 cents gold (see FOREIGN NEWS), there remain unfixed on a gold basis only the currencies of France, Norway and Spain among the more important European countries. Norwegian finances are rapidly approaching a stage where the gold basis of money exchange can be reset up; and Secretary of the Treasury Mellon has just stated that he expected France and Spain to imitate Italy's money program...