Count Volpi, when he visited Washington, agreed to it funding
settlement for the Italian debt .to America---4 roughly £419,000,000—by which Italy will pay £6,000,000 a year:: If Great Britain acted on the American tenni Italy would pay us only about £8,000,000" a year. to judge from the Italian newspapers it is generally hoped that Great Britain will grant even easier terms than that: But this can hardly be. Italy's debt to America has been funded at less than a half of 1 per- cent., whereas our. own funding arrangement _ with America is :much morel burdensome, although a considerable proportion of ono payment to Amerida is on Italy's behalf. There is another point _which, as the Manchester Guardian plias. cut, is.- usually forgotten. .When the original sum waS7 lent by us to Italy it was raised here in the form of War' Loan. _ The _British people who invested in 'that War; Loan have for all these years. been paying Income Tax: on the dividends. People here, that is to say, have not; only been deprived of the capital lent to Italy, and of the: interest it might have earned, but have had to provide: the interest themselves.
