Word: lira
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Last week the 150 state banks of Naples wired to Rome, asking that fifty million lira ($2,500,000) be rushed south at once. Throngs of Neapolitans danced and cavorted through the streets, shrieking, delirious with joy. When the cash began to arrive in vanloads, each of the 150 banks became a scene of pandemonium. Once again...
...rotated" (dismissed) Finance Minister Count Volpi and several other most distinguished statesmen (TIME, July 16, 23). "My ministers are rotated," explained Signor Mussolini to his ministers, "when each accomplishes a cycle of fecund activity. . . . The cycle of Count Volpi as Finance Minister was completed with the stabilization of the lira on a basis of gold. ... He has immortalized his name." The new Finance Minister, Senator Antonio Mosconi, a Venetian aristocrat, was next informed that he is expected to immortalize his name rounding out a fecund cycle bounded by Six Points: 1) "Immutable maintainance of the present level of stabilization...
Rumors of Italian panic were whooped up on the hostile Paris Bourse until even in Manhattan, where so many financiers are notoriously pro-Fascist, quotations on the most impeccably secured Italian bonds moved down as much as 1¾ points. As uncertainty grew to fear the Italian lira, which Count Volpi placed on a gold basis cf 5.26? last December, sank abruptly to 5.23½, a low record...
Though such a movement would have seemed trifling before the lira was stabilized on a gold basis, it loomed ominously, last week, almost seven months after complete stabilization was supposed to have been achieved. With Volpi, the master stabilizer out of office, a serious slump might...
...Paris came a second wave of panic rumors-again with repercussions in Manhattan. Fascist censors were suppressing, it was declared, the fact that Italian bankruptcies have risen from 500 per month in 1923 to over 900 per month. Substantial Italian banks with capitalizations of between one and 600 million lira were stated to be going bankrupt at the rate of one such institution every fortnight. Finally bills to a total value of three and a half million lira were declared to have been dishonored during the past twelvemonth in the three provinces of Rome, Milan and Turin...