The new rates for lira are as follows:— is equivalent to 9246 lira, G$t om" 19.00 lira 1 gold lira 3.66 lira.
In connection with Italy's return to a gold standard, an agreement has been concluded in London with the Governor of the Bank of England "and the Governor of the Federal Reserve Bank of New York for credits amounting to G.$125,000,- 000, of which G.$75,000,000 is to be provided by fourteen big banks la States having a gold standard, while.$50,000,000 will be provided by Messrs, J. P. Morgan & Company.
Explaining to the Cabinet, to-day, the reasons for Italy's return to the gold standard, Signor Mussolini recalled the speech he made in April last year, when he proclaimed hhis determination to defend the lira to the uttermost and to brush aside, without the slightest mercy, all opposing his work of salvation. His defence of the lira had resulted in complete victory, all endeavours on the part of speculators to depreciate the currency having failed, A farther improvement was possible, but not desirable, because it would lead to periodical slumps which Would react to the prejudice of the State and tax-payers.
Signor Mussolini added that the present rate of the lira was re-|. markable, because it corresponded to the world price of gold.—Reuter. New York, Dec. 23.
Following the stabilization of the lira, the strength of Italian issues was the outstanding feature of the bond market to-day. The entire list of Italian securities, including industrial, government, and muntcipal obligations, shot up nearly two
Text read from the printed page and cleaned; old type leaves the occasional error.