On Wednesday, at Dronero, in Piedmont, Signor Giolitti, the Italian
Premier, made at a political banquet, attended by the whole of the Government and a great number of Deputies and Senators, an important statement as to Italy's policy. Italy's intentions were, he declared, " impartial and con- ciliatory," and "the state of foreign politics permits her to devote her efforts to the solution of internal difficulties,"—i.e., the Anancial crisis. Great efforts, he pointed out, had been already made to cut down expenditure, but still more was needed to produce a complete equilibrium. To do this the Ministry propose, first, a reform of the succession-duties, and, secondly, a progressive Income-tax on all persons having a net income above 5,000 lire. These reforms and other measures of secondary importance will produce an additional revenue of 40,000,000 lire, the amount required. A reorganisation of the Army would be carried out so as to obtain the maximum of result for the minimum of expenditure. No doubt we have often heard such promises of economy before, and with no result. There is, however, a ring of businesslike sincerity in Signor Giolitti's speech which promises well.
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