expenditure due to the war and of_ the special estimates for victualling, which were brought to an end by the Giolitti Government in the winter of 1921. Recovery began in 1921, and would have reached two milliards but for the crash of the Banca di Sconto, which brought the circulation over 19 milliards. In 1922 the improvement recommenced, <1:nd reached nearly r½ milliards. On the other hand, 1923, the Fascist year, shows month by month figures which average less than a milliard below the corresponding months of 1922, and in June, July, and August less than half a milliard. Thus there continues, fortunately, the slight tendency to improve which already characterised the preceding years; but, once more, in this field the new Government has produced no miracle. December, 1920 January to June, 1921 July to November, 1921 December, 1921 January F'ebruary March April May June July August September October 1922 18.755 18.258 18. I 13 17,711 17.320 17.823 17,997 17•747 17.989 Millions 1 19•73 2 18.560 17•94° I 19.209 1923 17,466 I7~ I 53 17,0 35 16_,685 16.280 17•337 17.382 .l6I 2- 17, 0 35 17, 145 17,238 1 The figures include the whole of the Italian paper circulation with the exception of the State notes for 5 and 10 lire and the buoni di cassa, which have remained unaltered. 2 From May, 1923, onwards, the official figures do not include the amount of the 25 lira notes, namely, 261 million lire, which 4 Biblioteca Gino Bianco
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