Word: volpi
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Chancellor Churchill of the British Exchequer struck hands with Finance Minister Count Volpi of Italy last week; signed and sealed an agreement with him that Italy is to pay the following sums to Great Britain in liquidating her debt...
Dispassionate observers could find little to add to these two pronouncements. Taken together, however, they provided much solid food for thought, and an excellent opportunity for congratulating Count Volpi upon his success in apparently pleasing both his major creditors fairly well. The New York Times might scoff: "Both Great Britain and the U. S. gravely assume that our grandchildren will be collecting on the Italian debt. . . . Who lives will see, but it is extremely unlikely that he will see that." And the London Times might grumble: "Reduced to simple mathematical terms, the agreement represents the cancellation of approximately six-sevenths...
...serious debtor and a smiling creditor-Count Giusseppi Volpi, Finance Minister of Italy and the Rt. Hon. Winston Leonard Spencer Churchill. Chancellor of the British Exchequer. A sleek, bearded Latin and an expansive, rubicund Briton. The most powerful self-made Italian industrialist, and the most genial onetime First Sea Lord of the British Admiralty. Such were the two completely antithetical statesmen who sat down to dicker over a settlement of the Anglo-Italian debt, in London, last week. What they said to each other naturally remained a diplomatic secret. But the two sets of public opinion between which they were...
...Count Volpi read a cablegram from Premier Mussolini: "Please convey to the members of the American Commission the expression of my gratification, voicing the sentiments of the Italian people...
Then Count Volpi presented a check for $199,466.34 in payment of the odd dollars and cents of the account, so that the total of the debt would come to a round $2,407,000,000. The Count presented another check which was not expected. It was for $5,000,000-the first annual installment of Italy's payments. Mr. Mellon protested that the agreement calling for the payment is not valid until approved by Congress and the Italian Parliament, and that the payment is not due until next June in any event...