"During the latter part of last year. however, the transfer delay in Sub-Account "D" increased, and since November 1938, it has amounted to about five months. This development was due partly to a decline in the value of Italian goods imported into this country, and partly to the fact that Italys imports from the United Kingdom (excluding coal) were considerably in excess of the prescribed quotas for imports other than coal.
The reduction is designed to check the accumulation of arrears and gradually to shorten the present transfer delay.
Text read from the printed page and cleaned; old type leaves the occasional error.