3 MARCH 1894, Page 15

THE ITALIAN FINANCE.

[TO THE EDITOR OF THE "SPECTATOR,"]

Sin,—In your article in the Spectator ,of February 24th, on "The Finances of Italy," you say : "Signor Sonnino hopes that a large section of Italian bondholders will convert their 5 per cent. bonds, now bearing a tax of 13 per cent., into bonds at 4 per cent., exempted for ever by statute from taxation." But you omit to add that Signor Sonnino also proposes to raise the rate of the ricchezza mobiZe tax from 13.20 per cent., to 20 per cent., so that the foreign bondholder who declines the offer of conversion, besides renouncing the promised security from future taxation, will not receive a farthing more than 4 per cent. on his nominal 5 per cent.