FROM POST-WAR CRISIS TO THE FIRST PERIOD OF FASCISM IN POWER, 1919-1924
90. ITALY
Banking - Foreign Exchanges -The Lira's External and Internal Value From our Correspondent
Turin, January 22
No further important news is to hand as regards the Banca Italiana di Sconto affair. Two or three minor banks have closed their doors in consequence of the Banca's moratorium, but the effect is hardly noticeable. It appears that several plans for the reconstruction of the Banca have been submitted to the Government for approvai, but no definite decision has been arrived at. The Uva iron and steel company shareholders, after inquir-ing into the loss of their capital, have come to the conclusion that it was inexpedient to prosecute past directors, and was better to accept a formai offer from the same directors of a payment of 30 million lire. Notwith-standing these and other bad incidents of the crisis, the impression is gain-ing ground that the worst is passing.
Some interesting financial data are contained in the new edition of "Prospettive Economiche", by Professor Giorgio Mortara. Professor Mor-tara studies the relations between the internai and external buying power of the lira. At first sight the situation is not bettered, perhaps is yet wor-sening. Exchanges continue very much against Italy, as is seen from the following table of average monthly prices at the end of half-years:
	Dollars	100 Swiss	Pound	100 French
		Francs	Sterling	Francs
Parity.....................	lire 518	100	25-22	100
June, 1914	516	100-22	25-27	100-33
December "	5-30	101-60	25-88	103-31
June, 1918	910	230-70	43-75	161-02
December "	6-34	130-00	30-37	116-25
June, 1919	805	151-32	37-33	125-43
December "	13 07	241-67	50-08	121-92
90. January 28, 1922, p. 129. The article, unsigned, was published in the section: "Overseas Correspondence". Its attribution to Luigi Einaudi is certain because the originai manuscript, unentitled but dated "Turin, January 22, 1922", is kept in the Einaudi archives.
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