ITALY: Excuse for a Deficit

Considerable gloom tempered the Christmas festivities of Fascist officials last week. II Duce had just announced in the Senate that the budget for the first five months of fiscal 1930-31 showed a deficit of $43,700,000. Salaries of all state employes from II Duce down to the humblest postman had already just been cut 12%. To offset this 43-million loss further it was announced that $15,000,000 will be lopped from the budgets of all ministries —that is, from all but the war budget. The Italian Army will cost $156,000,000 next year; the navy,...

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