Imports. Exports. Deficit. ,. (in millions of tire~) First six months 1914 . . . 1.888 1.285 6o3 " ,, 1920 . . . 14.007 5.985 8.022 ,, ,, 1921 8.749 3.96 2 4.787 ,, ,, 1922 •'•·· 7. 772 4· 200 3. 572 " " 1923 9.073 4.886 4· 187 July to September, 1922 3.417 2. 150 1.267 ,, ,, 1923 .. . 3.616 2.440 I. 176 Year 1913 . . . 3.667 .2.592 1.075 ,., 1920 ... 26.840 11.775 15.065 " 1921 17.238 8.277 8.961 ,, 1922 15.770 9.297 6.473 Despite the deficit in the balance of trade, the balance of foreign debts and credits could be regarded as already in Italy's favour from the beginning of 1922 onvvards, that is under the old regime. Professor Iannacone's figures for 1922 were as follows: · Debtor balances 7,518 millions Credit balances 7,746 millions Surplus 228 millions 3. Note circulation, ,yeserves, and advan9es. Official or semi-official communications of the Fascist press have announced that "The circulation has been reduced to a notable extent. At the entry into power of the Fascist Government, it exceeded 18 inilliards of lire; now it is about 16 milliards" (Gangemi, of the Ministerial Press Bureau, in the Europe Nouvelle, "L 'Italie de Mussolini"), "reducing it by more than 2 milliards,. or 300 millions a month, while the· preceding Governments took nearly two years to reduce it by 1½ milliards." (Communication of the Volta news agency, June 21, 1923.) The truth, as is shown by the documents, is as follows. The circulation reached its maximum in December, 1920; owing to the last of the extraordinary 3 Biblioteca Gino Bianco
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