ITALY: Roughshod Rotation

A so-called Doctrine of Ministerial Rotations was invented, at Rome last week, to explain the resignation of Finance Minister Count Giuseppe Volpi (TIME, July 16) and to forestall the panic which threatened to ensue.

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,...

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