Rome, May 12.
Italy's trade balance during the first four months of this year showed a deficit of 48,000,000 liras, Signor F. Guarneri, Minister of Foreign Trade and Currencies, revealed in the Chamber of Fasces and Corporations today during the debate on the Budget for 1999 to 1940.
Although recovery in trade is certain, he continued, "the effort made to date is not sufficient and will have to be pursued."
He then announced mat the reserves of the Bank of Italy totalled 3,826,000,000 liras on December 31, 1938, as compared to 4,028,000,000 the preceding year.
The decrease in reserves was to be attributed to recent events, which compelled Italy to increase her armaments, he egneluded.—Havas.
Text read from the printed page and cleaned; old type leaves the occasional error.