The Anglo-Italian Review for December breaks another lance with Sir
Charles Addis and the other high financial authorities who are bent on the deflation of prices at the earliest possible moment. It commends the example of Italy, which is very gradually working towards the same end without trying to expedite the process by experiments with the currency. Her paper money issues have been reduced by nearly two thousand million lire this year, her Budget deficit has been reduced by half—to sixty millions sterling—and her Treasury bonds are being absorbed by the thrifty citizens to the amount of six millions sterling a month. The Review admits that deflation is necessary, but maintains that it should cane naturally and slowly, in the course of years, instead of being artificially expedited at the risk of causing confusion in trade and promoting unemployment.
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