Word: volpi
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Count Giuseppe Volpi, brilliant, suave, self-made Finance Minister, spoke to the Senate, last week, with what he styled "brutal frankness." The Government, he said, had put the lira on a gold basis (TIME, Jan. 2), but it will not go further and issue gold coins. Secondly, the Government will shortly lift most of the restrictions on foreign trading and exchange transactions with private Italian interests. Thirdly, notice is again given that Italy will continue repaying her debt to the U. S. only so long as her receipts from German reparations continue...
During his address Count Volpi strikingly exhibited the fact that there are two opposed concepts of a debt. The first, generally professed by Anglo-Saxons, is that of an obligation which must be met simply because it exists. The second, based by Latins on experience, is to regard the entire voluntary repayment of a debt as a phenomenon both mystical and meritorious. Said Count Volpi...
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...
Observers saw in this candid, concise, lucid statement one more proof that Count Volpi epitomizes the best type of self-made Italian business man. Sprung from an old but untitled Venetian family, he was obliged when a boy to earn his living by manual labor. Came an opening in the Levantine shipping trade, and he plunged into a career during which he built up a great chain of trading establishments between Italy and the Near East. Rich, potent, he turned from business to devote himself brilliantly to affairs of state. Premier Giolitti entrusted to him the negotiation of the peace...
...unconfirmed but persistent rumor from Rome, last week, was to the effect that Count Volpi considers his work of rehabilitating Italian finance now complete, and plans to retire soon from active statesmanship...