Italy's Gold Reserves Last week, after an interval of over
a year, a statement was made of the gold reserves and holdings of foreign curren- cies by the Bank of Italy, no doubt in the desire to re-establish Italy's credit abroad. It is stated that Italy has already obtained some credit facilities, but the possibility of raising any substantial sums abroad will depend on the regularity of future statements. On February zoth Italy's gold reserves and holdings in foreign currencies amounted to 4,021,000,000 lira, or L43,000,000 ; these figures do not include gifts of - gold trinkets made to Italy by the Italian people. On December 31st, 1935, the last date for which a statement was issued, gold stocks were 3,027,000,000 lira and holdings in foreign currencies 368,000,000 lira, a total of 3,395,000,000, or L56,000,000 at the rate of 6o to the Li The latest figures probably approximate more closely to Italy's total reserve than the figures of any central bank to its country's holdings, as in Italy the State has taken over almost all private holdings, especially during and since the Abyssinian war, and this may account for the surprisingly small amount by which its reserves appear to have fallen.
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