triali is allo,ved to draw upon the banks of issue for credit, apart from the subventions to which it is already entitled, was raised above the original figure of one milliard lire. Thus a quasi-monopoly of credit, half State, half private, withdrawn from all public control, has been set up by the authority of the State, working with public money, and in a position to influence the fiduciary circulation, which is the first element in the cost of living for every citizen. The Consorzio has the right of rediscounting with the Bank of Italy at 1½ per cent. below the official rate of discount. For the rest, the rate of discount in Italy has often been fixed at an unduly low figure to the advantage of limited groups. (e) Funds for ex-Austrian Industrialists. Under Royal decree No. 21.48 of September 27, 1923, the Fascist Government granted a loan of 138 million lire for 35 years at 4 per cent. to certain great industrialists of Trieste. The loan constitutes a settlement for alleged war damage, compensation _for which was refused to firms which were predominantly foreign in ownership and administration. · An analogous project was submitted on May 31, 1922, , by the Facta Government, but met with such objections in the Finance Committee that it was not then passed. (f) A Further 55 Millions for Shipbuilders. On September 25, 1921, Signor Bellotti, Minister of Industry and Con1merce, granted a subsidy of 125 million lire to shipbuilders. The Finance· Committee declared that the shipbuilders were in no way entitled to this, and that only a certain sum, within a total of 125 millions, could be allowed in the case of shipbuilders who had completed vessels before June 30, 1921, and had _obtained a promise of subsidies. Yet the decree 23 Biblioteca Gino Bianco
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