The Plans for the Development of Depressed Areas and the

The Plans for the Development of Depressed Areas
and the Supremacy of the Western W orld
by
CORRADO GINI
As all know, 'Truman's Point IV advocates the
development of depressed or backward areas (I).
What are the reasons given? What tbc real motivesj
And what will be the effects?
The reasons given are stamped with the mark cf
unqualified altruismo It is the duty cf Western civllisation to relieve the conditions cf inferìority affecting
so large a part of mankind. This action will raise
the economie and cultural leve1 cf those people, increase their purchasing power, stimulare international
trade, end will contribute to prosperity and international peace.
A widespread impression prevails that beneath these
reasons lurk motives of a purely egoistic description.
The real purpose cf the plan, - it is said - is to
enable the Western machinery for production and espe~
cially that of the United States to steer clear of the
depression threatening it owing to the lack of outlers
for its over-producrion, by opening new markcts.
The difference between the alleged reascns and thc
real moti ves provides grounds for repeating once more
that accusation of double-dealing with whìch Western
Civilisarion is charged.
But as a matter of fact the contradiction between
the reasons offered and the motives attnbuted to Point
IV is onIy apparento There can be no doubt that the
economie deveIopment of depressed or backward areas
couId alleviate or eliminate a depression due to overproduetion, affecting some Western Countries and
more especially the Unìred States of America, but
it is no Iess certain thar the development of those
areas would be to their economie advantage, and that
this would react on their Ievel of culture; and it is
also certain that worId economy as a whoIe would
benelit thereby.
Therefore, the speciai point of view and the cosmo-
politan one coincide fuIly, and this shoulcÌ not be a
reaSOTI for criticising but rarher for approving and
apprecìating the proposal. For we may weII repeat
with tbc poet that omne tulit punctum who sueceeds
in harmonising a personal with a generaI interest.
Nor should the fact that a plan originating in the
need of satisfying some special interests is presented
as inspired by reasons satisfying a general interest,
cause surprise or justify accusations of hypocrisy.
Psyehologists and .sociologists now admit that ìnstìnct
is at the basis of a11 human conduet, whìch we deceive
ourselves imo belìeving is purely rational, and among
instincts the fundamental ones are those of selfpreservation and reproduction. The feelings and interests
that spring from these, and which do not always rise
from the depths of the subliminal mind to rhe
conscious surface, are the propelling springs of human action ; while reason afterwards justifies them by
motives in keeping with the moral systems of the
civilisation of the period and with the needs of a
particular society, thus giving rise to behavior which
is apparently rational but is in reality only rationalised (2).
This is a providential mechanism which allows of
coordinating individual instincts - irrepressìble manifestations of the needs of the species - with social
ideals rhat are, after all, nothing else than the expres~
sion of a widely feIt col1ective need. It can truly be
said that they make it possible te fit individual needs
into the needs of the cornmunity.
The effects that may arise from the applieation of
Point IV are more open to discussìon.
They wilI differ from one area to anothcr as the
effeet5 will depend on whether depression i5 the result
of a disequilibrium between the severaI factors of the
(1) Truman's Point IV is only thc first and better known
among the plans for the deve10pment af the depresscd areas.
It has becn fol1owed by the Colombo PIan, the Gray Rcport,
thc Rockefcller Rcport.
(2) See especially Prime linee di Patologia Economica, founh
edition, Giuffrè, Milan, r935. The fifth edition, considerably
enlarged, is under press by the Unione Tipografico~Editricc Torinese.
Thc Plans far rho Dcvclopmenr of Dcprcssed Areas and thc Suprcrnacy of the Western World
economy, or of rhe backward condition of an area
in which those factors are balanced.
In the first case, the disequilibrium may be temporary> as was the case in many countries after the
destructions causcd by the late war. In such cases
equilibrium should have been reestablished by the
Marshall PIan, but for those countries for which that
PIan has not fu11y attained its purpose, it is evident
thar the assistance conremplated by Point IV cannot
but be helpfuL
There are rnany other countries in which the disequilibrium is chronic, depending on population in
excess of available resources. This gives rise to emigration which bleeds the natìonal economy, for it has
to meer the cost of the up-bringìng of the new gene~
rations who, when they reach productive age, take
elsewhere the fruits of their labor of which, under the
most favourable conditions, they onIy remir a smal1
part to their own country. Such Is the case in almost
a11 the countries of the Medirerranean Basin and of
South-West Asia.
Undoubtedly investments which would allow of an
economie development such as to give employment to
the super-abundant population, would be of decisive
importance for them and would make an important
contribution to world economy as it would increase the
purchasing power of the international market and
would iron aut causes of intemational friction; demographie pressure would thus be alleviateci together with
the dissatisfaction to which ir gives rise as a resuIt of
the barriers many countries raise against emigration.
Therefore in the case of areas in a state of economie
disequilibrium, the application of the Trurnan's Point
IV would help to restore the balance.
Its effeets in backward areas now in a state of economie equilibrium would be others. Such areas should
offer the chief field for the application of the Truman
plan. It is here a question of vasr tropical and equarorial areas in several contincnts that should be aroused
from their torpor and introduced into the circle of
ìnternational civilisation and economy. They are with few exceptions - areas that have for a long
time past been brought under thc rule of European
peopIes but that havc not been populated by them
because of climatic difficulties, areas they have bcen
unwilling to open to immigrants from Middle and
Far Eastern Asia who woulci have liked to go there.
Anci now that their demographic expansion has so
greatty decrcased, the Western peoples would be less
than ever able to populate them.
The barriers raised against Asian immigration have
aroused among those populations dissatisfaction. Prof.
R. Mukerjee of the Univcrsity of Lucknow has voiccd
this in a book on Migrant Asia published by the Ita~
9'
lian Committee for the study of popularion prablems
to whieh I have written a comprehensive preface (3).
Mukerjee points out that India, China, [apan, and
Indonesia account for more than half of the human
family, forcibly restrieted to a vcry Iimited territory.
It is wrong - Mukerjee says - to speak of the Yellow
PeriI. It is the White PeriI thar should be spoken of.
The Whites are the cause of the crisis, because they
prevent the expansion of the Asians who are economically more profitably because they consume less than
the Westerners and are more adaptable to tropical elimates. It is tyrannieal on the part of the Wesrerners to prevent thc immigration of the Asians into
territories that they themse1ves are unable to develop
adequate1y.
The same reasons that justified the
Westerners in occupying, in the name of progress, the
Iands held by primitive peoplcs who were found incapable of putting their natural resources to good use,
justify the Asians in taking the pIace of the Westerners who have failed to fulfil theìr civilising mission.
It should be noted that Mukerjee is neither a communist nor an excited nationalist averse a priori to
Western civilisation and to its ideology of intcrnational collaboration. Re recognises the value of the work
done by the Westerners in pramoting the progress of
the East, but he is of opinion that thcy have now
fulfilled thcir mission and should make way for the
Asians in those parts where the latter could do bctter
than they.
Mukerjee has won himself a recognised position in
present day international circ1es and has bcen entrusted
with important duties by the U.N.O.
I must state that I do not fully share his views.
In my preafce to his book I have noted that larger
per capita yield at the same leve! of consumption
should not be the rule adopted in dedding whether
one or other population is preferable. Account should
also be taken of organisingcapacity, possessed by the
Westerners in a higher degree than by the Asians.
If a given territory on which 10,000 Westerners live
would provide a living for 50,000 Asians this would
undoubtedly be an advantage other conditions remainillg equal; but if those Westerners can so organise
local production that, after meeting the needs of consumption, a surplus remains that the country can
exchange with others, not onIy to its own advantage
but also to that of the foreign countries, thus giving
rise to a higher standard of living, an impartial obser~
ver cannot disregard this drcumstance.
The point of view of thc Asian is that of the ::onsumers, and should eertainly be taken iuto account; but
(3) RADHAKAMAL MUKERJEE, Migrant Asia, with an Introduc.
tion by CORRADO GlNr on The Problem of the lntemational
Distl'ibution of Population and Raw Matel'ials, Comitato Italiano
per lo Studio dci problemi della popolazione, Rome, 1936.
Banca Nn z i o n al c del Lavoro
it should be tempered by that of the producers which
is that of the Westerners.
Truman's Point IV has in view above all the producer's viewpoint; as its purpose is precisely that of
raising the leve! of production.
And here it should be remembered that for some
time past many are placing great hopes in the development of the tropical and equatoriai countries.
It has been the controi of cold - it is said thar has led to the progress of modern cìvilisarion,
by allowing the popularions of the North European
areas handicapped by the sevcrity of the climate, to
make their full contribution and opcning te them the
colonisation cf the cold countries of America and Asia.
Civilisation will make a further stride forward on the
day - which now seerns near - when technologicà
progress will makc it possiblc to controi heat.
This cornparison does not however seem to be
fully justified.
Should technological progress in the field of air
conditioning make it possible to controI heat, as has
been done in the case of cold, in the interior of dwellings, a 1ike controi in the open air, where fundamenral activities, and first of all agricultural ones, must
be carried on, seems much more problematic.
On the other hand, the physiological effects of heat
on human energy differ from those of cold; the latter
stimulates while the former depresses the manifestations cf human acrivity.
European races seem above all unsuited to open
air work in hot climates, so that the economie development of the now deprcssed tropical and equatorial
areas will obviously be impossible on the scale desired
unless there be a large increasc in the numbers of the
native populations or mass immigraticn of the Asian
ones.
But - it may be asked - would not this be a
happy solution, which would reconcile the European
wish for production with the Asian of consumption?
Even ìf we agree that this would be advantageous
wc should not be blind to the direct danger that such
a solurion would present for the European races, and
the indirect danger for world civi~isation, so long as
it is in their hands. There is already a numerical
disparity between the populations of European origin
and the others they themselves have introduced into
the international community. The European races
now represent less than half the population of the
worId, and the application of Truman's Point IV to
tropical and equatoriai countries, developing their population cither by the natural increase of thc natives
or by the immigration from Eastern countries, would
onIy accentuate the numerical inferiority of the European races and would make it impossiblc for them to
maintain the preminence they are now laborìously
defending.
And here it is opportune to recall rhat, if Euroreans are now in a difficult airuation, this is due to
the facr that they have followed in past centuries a
similar policy - similar in its aims if diverse in its
means - towards the stationary society of Asia.
India, China, [apan, Indochina, Indonesia wcre
lìvìng, in past centuries when thcy first carne into
contact with the Western peoples, in a regime of commercial isolation and in static conditions from a demographic and an economie point of view. They afforded a11 example of the hypothesis contemplated by
the Malthusian theory. The growth of population
had rcached the subsistence limit, per capita consumption was very Iow and demographic density very
high.
The Western peoples, then possessed of grcat
expansive power, both economically and demographically, did not suffer exclusion from· thcse markers
which were susceptible of becoming profitable outlets
for theìr products, and in the name of economie F"'"
gress they forcibly compel1ed those countrics to open
their frontiers to them.
The commerciaI currents thus started and the introduction of mc hygiene of the West have rcsulted
in the overthrow of thc rraditional equilibrium of the
East. The subslstence Iimit has been raised, the death
rate has been Iowered, and those pcoplcs have been
stanted on the path towards a new demographic and
economie leve! that has not yet been reached.
The Western populations have obtained from trade
with Asia the economie resulrs they hoped for, but
little by little the growth of the Asian populations
caused by them has reached such a poìnt thar they
are pressing heavily on the pcoplcs of the West. This
pressure is all the more severe as the territories surrounding the Eastern peoples (Siberia, Australia, New
Zealand, Afghanistan, Persia, Canada, etc.) are scantily
peopled. Hence the Yellow Peril, against which the
Wesrerners have set up the barriers of immigration
restrictions, causing, as has been said, violent reactions. The Asian peoples do not deny - their spokesman, Mukerjee, indeed gives it explicit recognision
- the .credit due to the Westerners for bringing about
the progress of the East, but they demand that these
saidWesterners should not try escape from the consequences to which their action has given rise.
The experience of the past should therefore make
the advocates df Truman's Point IV cautious of the
dangers to which its application may give rise.
It is certain that the Westerners cannot expect to
dominate the worId forever, and sconer or later they
will have to make way for younger races, handing on
The Plans for rhe Developmenr of Depressed Are.% and the Suprcmacy of the Western World
to them the torch of progress and the direction of
the human lot,
A natura] mechanism, illustrateci by me on severa!
occasions, tends indeed to assure the transmission
of the civilisation of rhe older te rhe younger races,
by enabling the latter to fìlter into the lower strata of
the former, where they propagate and gradualIy rise
to the higher strata, assimilating the culture and
gradually transforming the racial composirion and
demographic structure of the nation (4)'
Unfortunately, the Western pcoplcs have inrerfered with this mechanism in two ways, on the one
hand by accelerarìng the development of the Iess civilised peoples, on the other by preventing the infiltration of tbc latter into the terrirories they occupy or
control. Thus today, when rhe time is not yet ripe
for torch of civilisation to pass frcm the hands of rhe
Westerners to that of the Easterners, the latter are
crowding impatiently and threateningly at the gates
of the territories controlled by Europe, claiming a
succession that probably would mark an arrest if not
a backward step in the march of human progresso
The application of Truman's Poinr IV to trcpical
and equatorial lands would onIy aggravate the situation, making the expansion of immature populations
inevitable.
If any lesson cnn be drawn from a11 this, it is
that nature should not be forced. This does not mean
that man should remain ìnert in his dealings with
'" her, but he should realise that he cannot drastically
interferc wlth her mode of procedure without injuring
himself. He may hope for sueeess ìf he is satisfied
with modifying her trend within certain limits, generally rather narrow ones, and he shouId also bear
in mind the need of avoiding acting on one factor
onIy or, still worse, of acting on severaI fa-::tors in a
eontradictory manner. AlI essentiaI factors should be
acted on harmoniously and in a coordinated manner.
And here we fee1 impelled to express some melan~
cholyc considerations on the intimate causes of tbe
decadence of the bourgeoisie.
Its charactoristic defeets are unfortunately vulgarity, roughness and short sightedness.
(4) See especially T1Je Cyclical Rise and Fall 01 Populations,
in « Population)i, The University of Chicago Press, Chicago,
1930, pages 57-59 (ltalian cdition somewhat enlarged under the
title Nascita, Evoluzione e Morte delle Nazioni, University of
Rome, 193'0, pages 48-49), but also Il diverso accrescimento
delle classi sociali e la concentrazione della ricc!Jezza, ({ Giornale degli Economisti )J, Rome, January 1909; Fatto)"i latenti
delle guerrt!, ( Rivista Italiana di Sociologia)), Rome, January.
February 1915, reprinted in Problemi sociologici della guerra,
Zonichellì, Bologna 1921; Le leggi di evoluzione delle popolazioni, {( Economia )l, Triestc, December 1924; Les mouvements
de populatioll, Paris, ( Revue d'Hygiène )}, 1927; Le basi scientific!Je della politica della popolazione, University of Rome,
1931, pagcs 262-267_
93
These defects arise moreover from its origine. The
bourgeoisie was formed to meet commercial needs and
has prescrved the mcntality and the ethics of traders.
It is charaeterised by the love of profit and the spirit
of competition, anxious for quick returns, for whieh
it is willing to sacrifice interests of Ionger date, that
it is often incapablc of foreseeing; indìfferent if not
contemptuous of alI ideals, incapabIe of understanding
rhat ideals are not the creatures of a poet's imagination, nor of fanciful minds out of toueh with realiry,
but the farseeing results of the long experience of
the nations. It is deaf to alI appeals to solìdariry and
ifcady on rhe contrary to enter inro relations with the
other side if by so doing ìt can get the better of a
competitor.
We are still too much influcnced by admiration for
the unpreeedented progress achievecl by the bourgeoisìe during a eentury and a haif of supremacy,
and do not realise the importance of the liability sìde
of the bnlence-sheet of its world dominion. But those
who have come in contact with some exponents of
Asian civilisation and with some genuine representa~
tives of the ancient nobility realise the feeling of repulsion and disgust that these characteristics of the
bourgeoisie arouse in the adeprs of other regimes.
Apart from all moral considerations, there can be
no doubt that the bourgeoisie has been preparing its
own decadenee with its own hands, hastening or aggravating or sometimes creating, so as to secure an
Immediate advanrage.iits own future difficulties.
The nobility had succeeded with great difficulty in
checking the powerfui onward drive of the Easr, standing up against the incursions of the Mongols and the
Turks, but tbc bourgeoisie, to secure a transient trade
expansion, has - as we have explaineci - revived
and armed h.
The bourgeoisie had conquered at the ::ost of brilIiant efforts political power, but the uncontrollecl competition between its severa! parties has led it to admit
into the fortress of the State, before giving them tbe
education and training necessary fer the exercise of
politicaI rights, ever Iarger masses- of people, who
bave been easily captured by the very enemies of the
bourgeoisie which is now compelled, if not to yie1d, at
Ieast to come to terms with them.
During tbe fìrst world war the bourgeoisie had
experienced tbe dangers that arise from uncontrolled
economie re1ations which, under a system of free <:ommercial exchanges unaccompanied by political guaranties, bound togetber in increasing measure tbe severa!
nations, while anyone is free ~o interrupt at will the
cooperation should it suit their immediate interest;
but as soon as the hostilities were over, for conside.rations of immediate profit, it devoted aH its energies to
reviving, without any precautions, the former system.
94
Banca Nazionale del LavOrO
Even today, when the need of positive international
controls is at last recognised, this need ìs nevertheless
subordinated to immediate economie interest which
prevent these ccntrols from working efficiently.
In order to find an outlet from a situation created
by the war which was certainly very embarassing, the
bourgeois Governmenrs have not hesitared, during the
second world war to ally themselves wirh the declared enemyes of their regime and - what is still Iess
excusable - they have continued for the sake of trade
profit to supply them with tbc means for making
thcrnselvcs powerful, .even after it had become self-
evident that their subversive plans were of worldwìde scope. Even today the papers notify from time
to time the trade in arms carried on by the bourgeois
countries with those with which they are. virtually
at war.
It is from among the bourgeois classes rhat many
of rhe leaders of the parties who are their ìrreconcilable enemies have been and are recruited.
We may well ask whether now, by the ill-considcred application of Truman's Point IV, our Western
bourgeoisie, already in such grave danger, may not
be digging its grave with its own hands.
STATISTICAL APPENDIX
ITALIAN BUDGET SUMMARY - ASSESSMENTs AND OBLIGATIONS
(milìierds of lire)
Engagcd expenditure
Surplus or deficit
Currenr r~ Movement
mcnt of Total vcnue an~J
of
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ~~'.:~ .Total capitaI '
(xpendJturcj capItaI
Current
Re-
~xpcnditurc
Toble A
\NOO re-I
'93 8- 39
'945-4 6
'94 6-47
1947-4 8
194 8-49
1949-5°
27
12 5
34 6
674
9
'9
1,08r
July 1950-
28
128
0-9
3
6
154
96
36 8
3
92
35 2 1 335
828
200
r,c 15
45
1,499
344
1,793
349
614
932
7 23
829
1. 66 7 I
942
694
68 7
1,060
I
17
160
318
615
79 6
892
1,028
29 8
1 1, 145
224
1.443
Source-: Conto riassuntivo del Tesoro.
May 1951
23 \
3'
220
l
Move-I
40
509
932.
1,547
1,5 19
1,771
2.8
43 1 -
44
303
262
98
213
I L636
269
Sources
-
-
381
580
]19
504
322\
+ 31
66
53
+ 13 1
I L9 05
-
'93
-
45
%or
total,
of lire
1949-5°
I
millions
of lire
T.bl. B
1950-5 1 (b)
mi.llions
oj, of
195 1-5 2
millicns
of lire
total
Index numoj, cf bers 193 8total 1939 = 1
(c)
ìrom
L Re u a n u e
Taxation
Direcr taxes
Indìrecr taxes on
transnctions .
Customs dutìes
end Consump,
tion taxcs (d)
Consumption tn,
xC> on State
monopol ìz ed
products .
Loner ies
Sundry revcnues .
II. Reoen ac
194 8-49
millions
oj, cf
of lire
total
Total
+ 0.2
+ 48
12
553
1,235
1,813
1,61]
1,984
CURRENT REVENUE, BY MA)OR SOURCES (e)
193 8-39
miìlions 'f" of
rotal
of Hoe
l
/rom
Lira-Eund
III. Dther t'evenu; (c)
Total
ìndex numbers: 1938:
39=1
6,5°4·7
27. 2
210,115·9
20.8
3 26,616.0
22.6
23 6,5 2 1.6
18·4
261,960. 0
18.0
40,2
6,°4 2 .5
21.8
357,27 6. 1
35.2 3 87-6 15'7
26,7
3 80,54 2,4
29. 8
444,9°4. 0
3°·6
73. 6
6,3 80_3
23. 2
201,29 8.5
19. 8
25 0,431,6
17·3
23 1,73°.0
18.0
29 8,97°. 0
20·5
46_8
3,5 80. 0
543. 6
2,885. 2
13. 0
2·3
10·5
178,281.2
12,651.5
35,39 2-6
17. 6
211,828.1
18.061,6
45, 869. 6
14. 6
206,5 60.0
12,894'3
4 6,9 10 .5
16.0
1.0
3-7
224,3 80. 0
21,600.0
86,091.9
15·5
1.5
5·9
62.6
39·7
29. 8
12.1 102,000.0
13. 6 155,75 8.6
7-0
0_8
LO
LO
14, 86 5,3
13,45°·6
100 1,284,368.0 100.0 1,154,77 1. 2 100.0
23. 0
-
-
644-3
27>575. 6
13,754-4
6,554.0
100 1,015,324'4
2-0
r
'_2
3-5
196,699-9
Il,3 87.3
100 1,44 8,5 09. 8
1-3
0_6
5 6. 6
39-7
1
L2
3. 2
I
-
5 6.8
5°·2
(a) Revenue asscsscd in the period , on the basis of the assessmenrs at the end of each financinl year; (b) Estimates at Aprii
30, 1951; (c) Estimates ; (d) Turnover tax (which accounts for about 60% of the group), taxation of succession, stamp duty, etc.;
(e) Net income from the natìona! estate and from auronomous public corporations (railways, postal services, etc.).
Souree: Conto riassuntivo del Tesoro.
ITALIAN DOMESTIC PUBLIC DEBT
(milliards of lire _ Index Numbcrs , 1938=100)
Consolidateci
and otbers
of pcriod
Amount
I.N.
debt
---'Amount
I.N.
- - - - - - ---1938 ~ [une
1947 1948 1949 1950 - )) (a)
'951 - [anuary
February
March
ApriI
May
53
53
53
53
53
53
53
53
53
53
I
I
I
II
100
100
100
100
100
100
100
100
100
100
Floating
Redeemebl-
49
429
4 19
39 2
5 86
579
579
579
579
579
(a) Rcctified,
Source : Conto riassuntivo del Tesoro.
T.bl. C
debt
Ad,
Intcrest
To t a 1
Trea- bcaring vances
sury current bythe
I. N.
acBank Amount
bills
counts of Imly
T"a-I
,u'Y
notes
Total of domestic
public debt
I
Amoum
I. N.
'33·5
1,3 21.9
1,73°·1
2,14 6'4
2,4 86. 0
2,662.0
2,665.0
2,675. 0
2,662.0
2,697. 0
100
99 0
1,29 6
1,608
1,862
1,994
1,99 6
2,°3 8
1,994
2,020
-.
100
875
855
800
1,19 6
1,182
1,182
1,182
1,182
1,182
9
279
4 83
744
7
'9
834
83 6
839
82 9
839
20
188
295
479
628
7 16
7 '7
724
72 1
74 6
I
366
473
47 0
49°
47 1
47 '
47
'
47'
47 '
3°
833
1,251
1.693
1,837
2,021
2, 024
2,°34
2,021
2,05 6
100
2,777
4,17°
5,643
6, 123
6>737
6,747
6'7 80
6,737
6,853
i
1·5
6-9
7- 1
8,4
9. 0
9-0
9. 0
9- 0
9-0
9. 0
I
,
Banca Nazionale del Lavoro
DEPOSITS AND CURRENT ACCOUNTS OF ITALIAN BANKS (a)
(millions of lire)
I
Timc end Demand Deposìts
End
of pcriod
Amounts
oursrandìng
I
1947 - December
Quarterly
changes
2
5 28 >5 16
Index
Amounts
,number outstanding
3
4
-
IOO
4 85,373
12 3.0
15 2 .4
60 9, 7 6 3
714,7 8 1
162.8
179. 6
192. 2
774,4 2 2
8II,444
85 6,5 6 1
93 2,7 87
1948 - [une
Deccmbcr
65 I ,3 75
8°5,497
+
+
49,575
65,005
1949 . March
lune
Septembcr
Decembcr
845,I7 6
860,859
949,220
1, 0 15,937
+
+
+
+
39,679
15, 6 83
88'3 6 I
66,7 17
195° - March
lune
Seprembcr
1,05 1,7 62
1,059,°3 1
1,112,499 ,t
1,17 2,39 1
+
+
+
+
+
+
35, 8 25
7, 269
53,4 68
59,89 2
20 9.2
210·5
221.8
7,393
8,°3 1
22 3
224·7
I
December
1951 • March
[une
1,179,7 84
1,18 7 ,815
I
%
Currcrrt Accounts (b)
l
i 160.0
;20 9 .1
I
947,449
945,7°0
1,0°3,93 2
1,062.515
T ° t a 1,
01
Index
Amounts
to 1
4
ourstandlng
ncmber
6
8
7
Quarterly
changes
,
T.bl. D
5
Quartcrly
changes
I
Index
Inumber
IO
.._ - - -
9
--
-
IOO
91.8
1,0 13,889
+
+
82,°55
50,161
12 5.7 93. 6
I 47-4 88,7
1,261,13 8
1,5 20,27 8
+
+
+
+
+
+
59,64 1
37,022
45,5 17
76,226
159·5
16 7. 2
17 6,5
19 2.1
91.6
94. 2
9°·2
91.8
1, 0 19,598
1,67 2,3°3
1, 8°5,78 1
1,94 8,7 24
+ 99,3 20
+ 52 ,7 0 5
+ '33,87 8
+ 14 2,943
+
14,662
1,749
5 8,23 2
5 8,5 83
195·2
194.8
206.8
218'9
9 0. 1
89·3
9°·2
9 0 .6
1,999,21 I
2,°°4,73 1
2,116,43 1
2,234,9° 6
28,755
7 83
224. 8 9 2 .4
224. 6 91.8
2,27 1,0 54
2,27 8,3°2
+
+
+
+
+
+
-
+
+
+
1,09 1,270
.211,°9°,4
87
-
I
(a) The data rcfer to 365 banks (commercia! and savings banks) which hold abour 99
Imlian banks.
(b) Inrerbank current accounts are excluded,
% of
-
IOO
13 1,63°
115,166
12 4'3
149·7
I
I
159·1
16 4,9
178. I
19 2. 2
5°,4 87
5,5 20
III,700
118,475
197·2
'97·7
208·7
220·4
3 6 , 14 8
7,24 8
2:2J,9
224·7
the total deposits collected by all
Source : Bollettino of the Bank of Italy.
DEPOSITS, CURRENT ACCOUNTS AND ASSETS OF ITALlAN BANKS (a)
(millions of lire)
Toble E
.... -_.. =
.... = = p = = = =
I
t
em s
Amounrs outstanding
Deposits and current accounts
Cash and sums avaìlable at sight
Fixed deposits with the Treesury nnd
crher Institutions .
Government Securitìes (o)
Credits to clienrs (d)
11,5 20 , 27 8
16 9,04 8
I
1,94 8,7 20 jl'999,2IX l2,004,73 1
228,140 I 186,54°
182,35 2
I
26 5,898
'77,74 8
4 27,7 61
\ 414,200
1, 129,19 6 r'473,679
Index Nembers :
Deposin ,nd currcnt accounts
Cash and sums availablc nr sight
Fixed dcposits with the Treasury and
other Institutions .
Government Securities (o)
Credits to clicnts (d)
3°9,13 1
45°,9°6
r,4 69,7 63
26 3, 72 9
8,4 ° 5
Ir,55 112,9
83
2,II6,43 1 2,234,9°6
221,621
18 4,047
2,27 1,°54
1]8,859
280,417
27 6,96 1
545,755
54 1,881
1, 6 14,478 1,772-,344
275,475
57 6, 2 13
1, 82 4,3 r 8
l
31~!2-1948=100
IOO
'00
128.2
134·9
131.5
110'3
131.9
10 7.9
139. 2
108.8
147. 0
13 1.0
149·4
10 5. 8
IOO
IOO
'00
149·4
1°3·2
13°·5
173·9
108'9
13°·1
14 8,4
125·2134. 0
155. 6
13°·9
14 2.9
157·7
13 1.7
15 6,9
155. 0
139. I
161.6
%
01 dcposits and current a/es
Deposin and current accounts
Cash and sums cvailablc at siglu
Fixed deposita with the Trecsury and
other Institutions .
Government Securiries (O)
Credits to clients (d)
1 I. I
11.7
9·3
9· 1
8,7
9·9
7·9
11.7
27. 2
74. 2
'3· 6
21.9
75. 6
r5·5
22.6
73·5
13. 2
25·9
75·5
13. 1
25. 6
7 6,3
12·5
2-4,4
79·3
12.1
25·4
80·3
(a) The data refer to 365 banks (commercial and savings banks) which hold about 99% of the tctal deposits collecred by all
Italian banks.
(b) The Bank of Italy has revised the quarterly series 00 banking assets, beginning from Dccember 1948. Far back figure,
{old scriesj see, Recent Banking Developments in Itafy, this Review , No. Il, October-Dccember 1949, PP. 230-231.
(c) Treasury bill, and other Governmcnr sccuriries. Nominai valuc.
(d) Includcs : bills on hand (portafoglio), contango (riporti), advances (anticipazioni), currcnr accounts (conti correnti), losns
recoverable 00 salaries (prestiti su pegno. e contro cessione stipendio), loans (mutui), current accounts with sections for special
credirs (comi correnti con le sezioni speciali), crcdits abroad (impieghi all'estero), non-Oovernment securìtìes (titoli non di Stato).
Soerce, Bollettino of the Bank of ItaIy.
St a
t
i s t i c a I Appendix
97
ADVANCES OF TBE BANKING SYSTEM AND 11EDIUM AND LONG-TERM CREDIT INSTITUTES
(amounts outstanding - end of period data)
'93 R
Cetegories of creda institutes
Banking system (a)
Insrieutes fDI industrial eredit (b)
T ot al
9 4 9
I
%
milliards
of lire
%
milliards
of lire
%
35, 0 27
66.1
1,37 8. 2
75. 6
1,67°,7
73·9
[6.]
274. 6
[5. 0
393·9
J7·4
6'°9 1
11.3
28,3
,,6
54,7
2·4
2,Il3
1,260
J-9
2·4
12 9.7
12.8
7·'
0·7
I2T4
18-9
2,261.6
1,823. 6
;00
53,779
'00
I
5 °
Indcx numbers
millìons
of lire
8>779
Institutes fOI mortgage rcalestate credit
Institutes for agrarian crcdit:
- Comrnodiry pools .
- Land improvemcnt credit
1
Table F
1938 = I
1949=
= 100
47·7
J;Ù.2
I
44·9
[43·4
I
9. 0
193·3
0.8
5 8'4
[5. 0
[47·7
;00
4 2. 0
5·5
95. 1
-----
i
[24- 0
(a) Includcs commercial and savings banke, The figures Ior ( crcdits to clients » given far the banking system in this Table
differ from the data reportcd on Table E owing to a different recordìng system (see on this matter , rhis Review No. 8. januarv,
March 1946, Explanatory Notes, pag_ 70).
(b) Includes the Institutes recorded in thc Table H.
Sourcr: Rcport of the Governor of the Bank of Italy far 1950.
ADV ANCES OF THE BANKING SYSTEM, BY BUSINESS BRANCHES (a)
(amounts ourstendìng)
December 3 I,
Business branches
millions
of lire
I. Personal (professional con,
sumer, etc.)
2. Pcblìc Institutions (Institutions for specialized etc,
activiries excluded)
3. Banks, exchanges, fin. and
insurance Coso
4. Transport and commurucations
5- Elecrric Power , gas, water
6. Horels, enrertainmcnts .
, 7. BuiIding and real estate,
public works Iand-reclamation
I 8. Agriculture and -agricultumi equipment and suppIy
trades .
.
Ioodstuffs, drink.
, IO.9. Cereals,
Wood and related products
I II. Non-metallic
mineral ores
12. Sreel, metal and engìneer,
ing products .
13. Chemical products
14. Paper and printìng
15. Hides and skìns _
16. Textìle products and dathing
17. Other trades and indus,
tries .
18. Retail n-ade and mìscel,
laneous services
I
l
I
I
.
Total
Index numbers- 1938=1
.
.
',
December 3 I, 195 0
1949
%
millions
%
of total
of li-re
of toral
millions
of lire
Index numbers
%
of total
--I
7- 20
29. 14
126.7 1
59,4°°
4.3 0
66,4 65
3·95
12.87
111. 89
9.7 0
66,400
4. 80
83,5 20
5
24·57
12 5,78
1.55
0·91
0.8-1
3 1,5 00
7,000
14,7°°
2·3°
0.5 0
1. 05
39,475
68'77
67. 64
12 5.31
166,5 2
131.61
12.02
85,4° 0
6.20
116,7 83
27·73
'3 6'74
8,39
12·4°
1.45
2·59
111,200
3 28,4 00
34,600
65,4° 0
8.05
23. 80
2.5 0
122,077
3 6 8,625
4 2, 0 14
7 6,4 07
7-3 0
22·°5
2·5°
4 1.49
85,4 2
82'3 8
84'°5
10 9.7 8
112.24
121.42
116.83
9·°9
1. 67
1.00
1. 64
143,3°°
43,100
17>5°0
3 6,4° 0
10_40
3. 10
1. 2 5
2.65
17 6,°74
53.43°
21,622
10·55
55. 29
9°·86
61.60
I
7 6.63
122.87
12 3.96
12 3 .5 5
121.26
9
134·45
I
95,200
5, 163
14·74
3,39 8
547
3 '9
286
4,21
l
2,94 2
4,3 l 5
5 10
9°9
3, 184
5 88
35 1
57 6
2,23 8
6,3 8
'7 2
1,179
35, 027
r
1949=10
120,63 2
11.81
I
I
1938= I
6,9°
4,139
(a) Commercial and savings banks,
Source : Bollettino of thc Bank of Italy.
"
Deccmber 3
193 8
Toble G
I
I
I
I I .05
0·49
20,600
1.5 0
3-3 6
65,7° 0
4·75
11 ,3 7 8 ,200
I
39·3
II,657
19,347
+75
15 2,4°°
100
!
10O
44>
I
I
'39
,
2·35
O_7°
1.15
I
I
7
4·55
3- 20
1.3°
2.65
1
3 6.54
2°4,9°2
12.25
26,108
1.55
151.79
.26·73
77>446
4. 65
65·68
117. 87
47. 69
121.22
1,67°,7 23
47. 69
100
'.55
Banca Nazionale del Lavoro
MEDIUM AND LONG TERM INDUSTRIAL CREDIT, BY SOURCE OF LOANS
(amounts ourstanding)
Ln s r i e u r e s
II
I
Istituto Mobiliare Italiano (In.
stitutc for medium ,od long
term industriaì credit)
Consorzio per sovvenzioni su vaIeri industriali (Consortjum for
loans on industria! valuea)
Consorzio di credito per le opere
pubbliche (Credir Consonium
for public works)
Istituto di credito per le imprese
di pubblica utilità (Public uu.
Iiry Credir Institutc)
Banca di credito finanzi~ri; (Me.
dìobance) (Bank fOI Pìnancial
Credit)
Ente F.inan~ia·m~nt·i ind~st;iali
{Institutc for industria! financing)
Specìal Sections of the Banca Nazionale del Lavoro:
- Section far hotel end tourist
credit
- Section for credìr to minor
ìndustries
- Section far co-operative c.r~dit
- Section for cinema credit
Banco di Napoli:
- Section for industria! credit
Istituto per lo sviluppo economico
del Mezzogiorno (Institute far
the economie developmcnr of
Southern Italy)
Banco di Sicilia:
- Section for industriai credit
- Section for rnineral credir
Cassa per il 'credito all'artigianato
(Institutc [OT crcdit to bandìcrafr)
Total
Industrial Financing mith Funds
Supplied by the Treasury :
- Italian Governmenr Loans
under the A" No. 449 of
May 8, 1946 (a)
- Fondo Industrie Mcccani,
che (Engineering Industry
Fund) (b)
- Grants to the ship-building
industry under the Acr. No.
75 of March 3, 1949
Imporr Financing from rhc
Sterling Area (c)
Pinancing of iron industl'y mith
funds witlldraum [rom the LiraFund (d) .
E.R.P. Loans
Export-Irn port Banl( Crcdis (e)
Grand T o t a l
Index numbers, 1938= I
Dccember 3 r
193 8
December ) r
1949
miliions
of lire
%
of total
milliards
of lire
%
1,19 2
13.5 8
1,7 29
Table H
Deeember 3 r
195 0
of tota!
mìtlierds
of lire
cf rota l
5 1.4
18,7 2
7 8. 8
20.00
19. 69
19.8
7. 2 1
18,5
4.7 0
4,994
56. 89
16.0
5.83
20.1
5·10
7 84
8·9)
3 8. 1
'3. 87
44. 0
-
-
7. 0
2·55
12.2
3. 10
-
-
-
-
r .I
0.28
-
-
-
-
0·4
0.15
'.0
0.26
-
25 0
-
-
L8
0.65
0.3 0
0·73
2.'
0.8
2.0
-
3·5
0·53
0.25
0.88
83,)
116.60
12 5
175
7·9
2.87
13. 6
3·45
-
17 2. 10
42
0'4 8
i
I
%
I
1.0
I LI9
Index numbcrs
1938 _ I 1949 -
66,1
I
100
153,00
10.7 0
93.4 0
4-0 2
12 5. 60
5 8. 81
115,4 8
I74· 28
-
-
-
-
1.5
0·55
3-4
0.86
-
226.60
86.8
14 1.80
76.75
II
!
-
4-3
)8
0·43
4·3
L5 6
L5 6
6. r
3·3
1.55
0.84
-
-
0.3 0
56. 85
J62·5°
. 210.0
0·33
53.3 2
-
100.0
0.8
15 6,5
',3
8,779
23.9 2
134. 18
-
-
IL7
4. 27
10·9
2.7 6
-
93' I 5
I L86
-
107, 10
-
I
-
-
43. 6
15. 88
-
-
-
-
0.2
0.05
-
-
-
3. 0
1. 0 9
8.6
2.19
-
-
100.0
2.29
19.62
100.0
12·9
50.9
53·7
393·9
3. 27
12.9 2
13. 63
100.0
-
8>779
r
6,3
53·9
274. 6
4 6'7
I
-c.
-
I
I
44. 86
286.65
80 7.93
99. 60
12 5,23
I
(a) In M.1Y 8, 1946 an appropriation was authorized for making cdvances to industriai enterprises in an amount of 3 milliard lire, subscqucntly raised to 13, ro be granted through the Istituto iV/ohiliare Italiano.
(b) 011 Seprembcr 8, 1947 (D.L. No. 889) the Italian Governmenr decided to appropriate 55 milliard lire far financing thc
Iralian engineering industry. (See on rhis mattcr Premises and Tasks of tlze Spcciaì Fund [or financing tlze Itaiian Engineering
Indus!I'Y, by R. Tremelloni, this Revicw, NO.3, October 1947, pago 169 ff.}.
(c) In ApriI 18, 1950 (Act No. 258)' the Trcasury was authorized to withdraw frorn the Ufficio Italiano dei Cambi {Italian
Exchange Officc) thc sum of 50 million pounds sterling, in ordcr to financc the imports of planrs and equipments from the stcrling area, on the part of Italian industria] companles.
(d) In Iuly 28,1950 a withdrawal from the Iira-fund was authorized, of 14,2 milliard lire, for financing tbe Italian Iron Indusrry.
(c) As is known, in 1947 thc Export-Import Bank granred to Italian mdusrry a credir of abour 100 millions dolìars.
Source : Report of the Governor of rhe Bank of Italy for 1950.
Statistica! Appcndix
!_c;==.:-
NEW ISSUES OF INDUSTRIAL SECURlTIES
(millions of lire)
-- -- ---""Debenrures of Institutes
S t o c k Companies
for 'medium and
Iong-tcrrn credit
Dcbenturcs
Share
~
Pc rio d
i
193 8
lire (a)
Current
lire
1,697
2,°7 2
1,880 !
1,96 1 ,
1,699
ii
1,5 2 9
575
49 8
9,493
i
62,14 6 I
86, I 04
89,5 80 .
65,5 2 0
1,697
1,9 87
1,545
1,444
I,II5
669
67
24
3 29
1,2°5
1,5 82
1,733
1,33 6
32
34
'
595
2,17 6
24,35 8
1° 7,5 87
3 2 ,6 7 8
'7
2'
42
44 8
2,081
666
60 4
73 2
17,216
15.4 62
35 '
315
Current
lir e
193 8
1939
194 0
194 1
194 2
1943
J944
1945
19.16
1947
194 8
1949
195 0
l
,
I
,
iI
,
1950 )l
-
I half-ycar
lI)}
99
)'
l
29,63 1
35,889
II
I
i
I
'4
-
193 8
lire (a)
IO
I
23
72
98
I
34 8
47°
201
'7
47
43
1,249
I,
Currcn
li r :
34°
2,4 84
12,059
14,7 2 8
3 6, 6 14
4 6,9 26
47,885
34 8
45 1
16 5
599
820
224
- 4°
121
4,8
286
673
90 8
97 6
2,07 7
2,55 6
2,09 r
2,79 8
3,02 o
2,13 8
2) 5
3,3 2 3
22,14 7
79,°5
147,°7 6
244,°9 3
14 6, 0 8 3
25,19 8
22, 6 87
5 14
46 2
7 2,°4 5
74,°3 8
8
-
193 8
li-re (a)
Currcnt
lire
32
'3
Toble I
""--
8'4
5I I
-
2,077
2,45 1
1,7 1.8
2,060
1,9 82
93 6
27
162
76 8
1,533
°
2,7°2
4,7 22
2,97 8
(;1) Thc convcrsion of currcnr lire in 1938 lire has bccn ma dc on thc basis of wholesalc pricc indcx as calculated by the Centrai
lnstitutc of Statistics .
. Source, Report OI thc Governar of thc Bank of Italy for 1950.
Table L
FUNDS RAISED IN THE CREDIT AND CAPITAL MARKET IN 1950, BY SOURCES AND ECONOMIC BRANCHES
(annua! incrcases ~ in milliards of lire)
Banking
!
Branches of economie activity
I
sysrem
Jeans
(a)
Loans of Loans of
instirures
institutes
for
for agrarian
industrj al and reaicredìt
estate credh
Shares
Debcntures
~~~~---~~~~~-I-~-i'----I-~-I~~-I-~~-I-~~-I-~-I
Personal (professional, ccnsumcr, erc.)
Publìc Institutions (Institctions for
specialìzed etc. acrivines excluded) .
3. Banks, exchanges, fin. and ins. Coso
4, Transport and communications
). Elcctric power, gas, water
6. Hotcls entcrtainments
7. Buìlding and reaI estate, public
works, Jand~reclamation. .
8. Agriculture and agricultural equipment end supply trades
9. Cereals, foodstuffs, drink
re. Wood and related products
I l. Non-merallic mìneral orcs
12. Sreel, metal and engineering products
13. Chemical products .
14. Papcr and printing
15. Hides and skins
16. Textile prodccts end clothing
17.0ther tradcs and indusn-ies
18. Rctail trade end misccllaneous services
I.
25·4
25·4
4-7
2.
T otal 1950
%
T otal 1949
7-I
17. 1
8_0
4-7
4-7
4°·2
2_8
LI
O.)
7-4
0·5
L8
O_I
O_I
3.2·8
10·3
4- r
7-7
49. 1
7-4
3-5
5 2.5
5·)
5-4
15·2
5-5
°'4
0_2
3- 8
0_8
10·9
I LO
11.7
29 2-5
54·57
'-4
r
67. 1
12.)
20.6
3-9
3 1.3
)·9
1.5
4-'
8_ ,
21.9
108·3
23. 8
8_0
7-9
62.2
10.6
'3-7
7-7
11.2
0_6
0-5
2_2
20.0
4-4
1.5
L5
11.6
2_0
2.6
11--1--1---1---1---'-----1---1
I
2_
0_6
'-4
26.0
4. 85
T otal 1948
'10 .
60.29
2,19 2
41. 87
974
18.61
%
5. 1
L9
0_6
91.2
14. 21
91.7
17. 1 9
Total 1938 (million lire)
29. 6
4 2. 0
4°·4
8_0
1.5
4-'
3 23. 2
5°·37
3 21 .6
'10 .
7-'
0.1
22.6
16,7
2_6
(a) Commerciai end savings banks.
Source: Rcport of the Governor of thc Bnnk cf Italy for 1950.
3°·0
4_68
9-6
1.80
34°
6-49
6
65-5
12.22
3 2.7
89-6
13·97
86.1
16.15
1°7. 6
16·77
1,697
p.p
24·4
4,57
64 L 6
100.0
I
2
3
6.lE
0
53 .
100.0
6.10
li
n;~
5,235
100.0
\
l'
Banca Nazionale del Lavoro
100
NOTE CIRCULATION, PRICES, WAGES AND SHARE QUOTATIONS IN ITALY
(Indexes, 1938
l
I
Note Circulation (a)
-_._-Amount (b)
(milliards
Year or month
3 89- 8
1947 December
1948 December
1949 [une
December
1950 [une
December
1951 [anuery
February
795. 0
97°·9
9°5-4
Index
All comrnodides
Foodstuffs
1,73 2
3,537
4,3 16
..
..
5,5 26
5. 69 6
4, 0 24
5, 2 19
6,19 6
5,9 69
5,4 16
4,954
5, 069
1,05 8. 2
4,7()O
4,747
994. 2
4,4 19
5,228
4,888
4,833
4,89 6
4,828
4>798
4,89°
4,67 1
5,424
5,67 1
1,17 6'4
1,°99·9
1,0 87.4
1,IOL7
1,086·4
1,°79. 6
1,1°°,3
I
Wholesale prices (c)
of lire)
1-1945 -J5~cember
=100)
I
5,7 60
5,74 6
5,697
5,680
5,59 8
!
Cast of
Lìving
(c)
5,0°9
5,080
5,I7 1
5,199
5,3 17
5,3 23
5,394
I,
I
, (lire)
..
4-753
4, 823
5,668
5,6°7
5,539
5,5 22
5,573
5,45 8
Fine gold
Share
--.------Price of
in industry quotations
(b)
onc gram
Index
(c)
4,9!7
4,99°
5,5 67
I
Iwag, rates
I
2,7 64
4,9 29
Table M
,I
5, 1 05
5,4 15
1,206
5>4 26
5,79 1
5,8r I
5,9 62
5,9 65
5,97°
5.97 2
6, 165
6, 165
6,3 29
1,5 26'3
1,5 I!.3
1,4 16.9
1,4 28. 8
1,5 89. 1
1,6 17.8
(d)
82 3
82 7
I
5'7
\
995
1,°35
957
775
9 19
1,°4 1
997
93 2
9,8
897
868
l
3, 165
3,180
3, 827
3,9 8 1
3,680
2,9 8 1
3,535
4,°°4
1,688·4
3,835
March
1,7 27.8
3,5 85 l
1,629. 2
Aprii
3,53 1
May
1,639-9
3,45°
fune
3,33 8
I 1,618'3
(a) End of year or month. Inclcdcs : Bank of Italy notes, Trcasury notes, and A-M-lire; (b) Bollettino of the Bank of
Italy; (c) Bollettino Mensi!~ di Statistica issued by the Central Institute of Statistics; (cl) Business Statistics Centre of Florence.
I
I
I
PRICES AND YIELDS OF ITALIAN SECURITIES BY MAIN CATEGORIES
(annual or monthly averages)
- -
Government Sccurities
Bonds
----_. __ ..
Consolìdated
Ycar o r monrh
Price
(ìndex
number
'38=100)
100.0
1°5·3
94-4
99·4
1°5·9
I04'9
106.!
1°4. 2
1°3'3
102·5
IO1.3
101. r
101.5
Yield
(per cent
per annum)
5,4 0
5. 13
5.7 2
5'43
5. 10
5. 1 5
5·°9
5. I 8
5. 23
5. 27
5'33
5·34
5.3 2
Period
1947 fune
Decembcr
1948 [une
Decernber
1949 fune
December
1950 fune
December
1951 [anuary
February
March
I
Apri!
May
I
!
[une
Commodities
5,3
5,5 26
5,14 2
5,69 6
5, 2 15
4,747
4,67 1
5,4 24
5,65 2
5,73 8
5,7 24
5,697
),680
5,55 6
29
-
!
Price
{index
I
Vegctablc
4, 185
4,393
4,177
5,27 8
4>967
4,493
4,754
4,89 2
4-979
5,0 I 5
4,95 2
4,9 80
4,9 8 2-
Animai
I
I
6,988
9, 085
8,035
6'4 04
6,17 2
7, 085
7.678
5,99 6
6,004
6,4 69
6,054
5,644
5,780
5,539
7,254
7,343
7,39 2
7,94 1
8,14 1
7,°4 6
I
6,9 68
8,279
6, 8 19
8,279
7,012
8,146
. ' I 7,84 2
Soura:: Bollettino Mwsi!( di Statistica.
I
I
Hides,
Raw
materiale.
Skins
meta!
,
!
I
,
I
l
I
Fuels
T.bI. O
Bricks,
Lime
and
Cemcnt
Lumber
,
!
I
II
'00
I
I
I,
II
I
3,59 2
4, 063
4,34 2
4,43 2
3,9 19
3,87 8
3,631
4,106
4,3 27
4,5°9
4,7 27
4,735
4,7 22
4>745
5,5 65
5, 8 15
5,8 IO
5, 8 14
5,659
5,3 14
5, 183
5,497
5,85 8
6,°7 6
6,206
6, 2 19
6,29 6
6,13 2
Yidd
cent
per an.
nurri)
5. 17
°,45
0,64
2.3 I
3-97
5. 88
5·5°
5·43
5,4 6
6.16
6.66
6,79
7. 12
I (per
7 81.7
2,235. 8
1,3 19.5
1,5 17,7
1,4 2 8. 8
5,59 8. 1
1,6 17. 8
1,688_4
1,7 27. 8
1,629. 2
1,639-9
1,618'3
I
and
I
I
Price
(indcx
number
'38 = 100)
COMMODrTrES
Chemical
raw
Paper
,nd
' marerlals
land engi-] lubrigoods
Footand
ficants
neering
wcar
products
prodccts
6,79 6 I 5,066
4>953 ! 6,29 6
4,557
5,85 I
5,3 16 . 5,7 11.
4,4 12
5,373
4,112
5, 165
3,5 80
4-6 95
5,5°3 I 6, 285
6,190
6,355
6,645
6,333
6, 127 I 6,63 6
5,6;6
6, 6 89
4,95°
6,69 6
6,7 12
4, 6 19
Share Sccuritics
Average
Yield
Price
I Yicld
(per cent
(Index (per cem
per an,
number
per annum)
num)
'38 = 100)
IOO.O
5·33
5·°7
9 8. 2
5·55
5'43
6.88
86,5
6.16
6.22
87. 6
5-93 1
9 6 .0
5. 6 8
5·59 I
5,77
5·75 !
94·5
6.09
6.04
9°·2
!
88.8
6.17
6- 14
6.18
88.2
6.19
6.16
88.0
6.19
6.18
6.22
87. 6
6.22
6.14
87. 6
88.6
6.15
6'°7
WHOLESALE PRrCES BY GROUPS OF
(Indcxes, 1938 = 100)
Textiles
-
Yie1d
Price
(index
(per cem
per annumber
num)
'38=100)
100.0
5-37
9 L3
4-78
73·7
5·59
6.60
89. 2
94. 6
5. 89
9 2. 0
5.9 6
6.20
86,9
85,7
6'34
85,5
6'4°
85,9
6'4 6
6,5 2
85. 6
86.2
6,54
87. 1
6'4 8
Foodstuffs
,
Treasury
Bills
Redcemable
number
'3 8= 100)
100.0
1938
I I2.1
1946
9 8. 1
1947
85·8
1948
9 6. 1
1949
1950 June
95. 0
December
91.3
1951 Ja nuary
89-3
F cbruary
88,4
M crch
87. 6
April
86.8
M 'Y
86·5
Iune
87'3
Soarce : Bollettino of thc Bank cf Italy.
All
Tob1e N
7,74 1
9,1°5
6,54 6
7,894
5,893
5,5 60
5, 164 1 5,57 1
5,660
4,65 0
5,664
4·5°2
5,64 8
4,3 20
6,497
5,8°7
6, 029
7,299
8>408
6>479
8, 829
6,879
7,000
8,79 6
8,693
7,°4 2
7,086 I 8,610
I
l
I
l
6,060
6,3°9
6,174
5-9 88
6,082
6,239
6,°4 8
6,°7 1
6,100
6,23 1
6,277
6,373
6,5 17
6,180
I
Glass
I
4,608
4,608
4-88 9
i 4,889
i 4,889
1 4-957
4'9 2 8
1 4,9 2 8
4,9 2 8
I 4,9 28
14>886
4,886 i
4,886 I
4,8861
Statistical Appendix
101
WAGES AND SALARI ES IN
ITALY
(g10SS retributions ~ inclusive of famiIy allowanccs)
(Indexes, 1938= 100)
194 8
I
Caregcnes
Dcc.
lndustry:
Specialized workers
Skilled workcrs
Ordinary workers end semì-skìlled Iabourcrs
Labourers
Generai indcx of lndustry
I
4,497
5, 187
5,618
6,134
5,4'5
5,299
Land Transport •
Gooernmenz Cioil Emoloyecs ,
Group A (a)
Group B (b)
Group C (C)
Subordinate sraff
Gencral lndcx of Government Cioil Employees
I
1949
Dee, (d)
l 950
4,59°
5,25 2
5,662
6, 163
I
2,85 1
2,85 1
3,947
4.679
3,533
3,947
4.679
3,533
l
Dcc.
5,47'
5.679
Table P
9 5
l
\
APr~_~I~1
Peb.
Macch
5,1.39
5.7 86
G,113
6,53 6
5,9 62
5,811
5,25°
5,79 2
6,121
6,539
5,25 2
5,43G
5,795
6,123
5,9 83
6,323
6,74 2
5,43 6
5,9 83
6,3 23
6,74 2
6,165
5,989
6,16.5
5,989
3,373
3,4 2 4
4,223
4,9 28
3,93 6
3,373
3,4 2 4
4,223
4,9 2 8
3>936
3>373
3,4 24
4,223
4,9 28
3>936
3,373
3,4 2 4
";-223
1 9 28
3,93 6
G,540
5,972
5,814
5,97°
5,8 14
I
3>373
3,4 24
4,223
4,9 2 8
3,93 6
I
I
I
I
l
6,329\
6,218
I
(a) Adminisrrative grade ; (b) Bxecutìve grade; (C) Clcrical grader (d) The net remunerarlons have becn reduced since ApriI
I, 1949 as a consequence of tbc special deduction rnade for fìnercing the « Fanfani Pian» for housing reconstrucrìon (Act No. 43
of 28-2-1949).
Sourc«: Bollettino Mensile di Statistica.
NATIONAL
All Items
Year or month
I
I
I
Clothing
Heating and
lighting
6,19 6
6,149
5,7 19
5,65 8
5,888
6,09 0
6,014
6,075
6,082
6, 105
6,280
6,297
6,4 12
6,866
5,810
5,845
5,650
5,544
5,693
6,252
6,7 10
6,9 64
7, 065
7, 12 9
7,144
7,108
2,393
3, 069
3,4 64
3,4 2 9
3,4 18
3>495
3,602
3,635
3,665
3,665
3,673
3.67'
3, 6 87
Dccember
December
I
I
\
I
!
I
I
T.bI.
COST
Foodstuffs
4,9 29
4,9 17
December
4,753
March
4,682
[une
4, 823
Scptember
5,007
Deccmbcr
5,009
5,080
i
1951 ~ [anuary
Fcbruary
5,17 1
March
5,199
Aprii
5,3 17
May
'5,323
[une
5,394
Scarc«, Bollettino Mcnsile di Statistica.
1947 1948 1949 1950 ~
INDEX OF LIVING
(Indexes, 1938=100)
Housing
26 9
399
574
595
595
86 9
397
897
1,227
1,25 8
1, 267
1, 26 5
1,2 65
l
I
;
Year or Month
"l
Indcx
Miscellaneous
l
I
4>359
4,3 87
4,5°2
4,5 86
4>5 85
4,64 1
4>739
4,8°5
5,°3 1
5,07 0
5,°9 2
5.0 97
5,108
T.bI. R
ITALIAN INDUSTRIAL PRODUCTION INDEXES (a)
(unadjusred - monthly averages,
Gene-
Manufactures
Mi_
ning
Tex-
Lum,
Elec~
trìc
Non
EngL
CheRubber Power
neer- mctallic
micals
ing
ores .
MetalPaper
ber
lurgy
--- --- --- --.- --- --- - - - --- --- - - Tota!
Food
tiles
---
10 5
'0 I
I I I
85
115
Il5
58
105
9
96
96
9°
12 I
12 3
'06'
1°5
59
'0'
"9
"4
'34
'°3
"9
'3 2
,,8
12 I
12 5
I I 5
113
64
13 2
135
98
'43
'°5
'°9
62
I I 8
Il8
rrr
12 7
12 4
"2
95
93
'°3
'3°
"9
121
Seprember
6,
102
120
Il2
I I I
I I 6
116
r25
14 6
'35
'3°
December
106
122
100
12 5
110
I I °
'29
55
134
'44
'7 '
"9
,60
126
I I 8
IlO
Il2
r·46
1951 ~ January
145
r 34
55
'3
"7
"3
Fcbroary
108
12 9'
I Il
120
12 7
125
1I5
159
'4 r
'44
54
'°9
62
12 4
128
March
108
,63
122
r3 8
135
'4 I
'4°
'3°
'7 '
162
Apri!
16 4
63
13 6
'37
'°9
"7
'33
'3 2
'33
"7
'3°
,,8
62
16 9
May
I I I
I SI
113
1.35
'35
'37
'3 6
'7
'4 '
[une
16 4'
112
108
.15 8 I
65
'3 r
'3 I
144
'37
"5
'34
'33
(a) On the problem or indcx numbers OD Italian industriai production, see this Review , No. 16, [anuarv-March
E. D'ELIA, A Note on tltc Index Numbers of Ltalian Industriai Prodaction, pag. 34; Natlonol ìncome, Consumptio« end
ments in ltaly, pago 3.
Sourcc : Bollettino Mensile di Statistica.
1949 - AUeYage
1950 - Average
1950 - March
June
I
l
Q
I
13 6
,60
14 8
'7 2
16 5
16 4
'7 2
,64
18 3
,80
'9 6
'93
195I:
Inocst-
Banca Nn ai o n al c del Lavoro
ro2
Toble S
ITALY'$ EcoNoMIe BUDGET: 1949 AND 1950
, 9 4 9--T---;-;-5-0-='C-=-=-~~=-=-=-=~-=='lI==~='=9=4=,=9==;"=='~9~5=0
Sources of the incarne
Agriculture,
millìanì,
of lire
fis"~·~~~-&-'-1-0-'-I
1,950
2,175
1,5 19
rests
Industry
Transpom and serviccs.
Ner producr of Pcblic Administration
Duplications _
-
Nct national produci
[actar cost .
al
Nat -nationai incarne
mm'kel prices
451
160
Uscs of rhc incarne
01
/o
cf Iirc
iO
26.17
29.18
20.38
I
2,000
24'91
2,439 ! 3°.3 8
1,643
20·:17
I
-
79.631' 6,35°
79.[01',.
2.23
10.63
2.69[
I1.24!
166
792
216
902
p
f
I
01
/o
1
non durable goods
_ durablc goods
-------1------
milli~rds
cf lire
et
1----: ------ --l
1'--i
!
'
Consumpnon:
5.82
2.48
-
milli?fd,,!'
1
of lire
I..
6.05
467
_ 2.151- 199
5,935
Inccme from abrond and
grants . . .
lndirect taxes. . .
Imill~~rds I
- - - ----1--01
---=1
1
I 5,79 8
l, 77.79'1'
;
175
I
l 5>973
1,480
279
I 75'97i,
.
3-4 8 !
1
80.'4\ 6'37 8
79·45
'
19.861
1,650
20.55
100.00
8,028
i 100.00
6'099
.
2·35
1----1---1---·-- - - l
Totai .
Oross [nvcstmcnts
7,453
l
I
al
Depreciation and maintc-
nancc
7.5 I
Gross narional incomc .
Source-:
! 100.00I
7,453
560
6.971
8,028
100.001
--I
Report of tbc Governar of rhc Bank of Italy far 1950.
Table T
ITALY'$ IMPORTS AND EXPORTS, 1950 AND 1951
(millìards of lire)
l
I 9 5 o
Period
-.:pm<;
_._-----[anuary
Fcbruary
March
ApriI.
May .
Exports
53.8
5 8'9
57>7
448,9
Ianuarv.Iune . Total
22·7
24.0
22.3
12·3
14_5
19-7
333-4
-
69-9 l
67·2!
73.1
81.3
80.2
74,5
96.6!
94.0 ~
100.3
115'7
122·4
123.4
II).)
(+)1
I
l
5 2.9
49·3
60.8
83- 1
66.1
73-4
77-4
[une •
I
Ili
75. 6
73'3
r 9 5 ,
SurplUS(+)1
% 1----,----"!SU;fPlUS
%
or
! of exports Imports; Exports
or
of exports
,defìcit(-)!to imports
deficit (-)! to imports\
..
,----I-----i
.
21.1
22.5
17. 8
35·9
40·5
37. 2
78. 1
7 6. 0
175. 0
73. 2
75·5'
71.5
82·5
79. 8
81.9
86.2
-
477-4
82.2
68'9
66,9
69'9
Sourcc, Bollettino mensile di Statistica.
Table U
EXCHANGE RATES IN ITALY
(Italian lire for one unit of foreign currencies)
AnnuaI or monthly
averages
U. S.
dollar
Pound
sterlìng
Swiss
1Swìss
frane
frane
I
Prench
frane
--------I
I
1950 - annual
average
1950 - March
June
1
Septcmber .-
l
Decembcr
I
.
I, 1951 - lanuary
February
I
I
624>]8
',749,39 144. 19
624.8 I
62 4.79
62+80
62 4.8 3
1,749·49 145. 19
',749-43 144. 22
1,749·45 143. 27
1,749·)2 14 2.9 0
62 4.83 I,749·5i
62 4.8 5 1,749.5 8
March
62 4. 8 5 J ,749,58
62 4 .86 1,749.61
Aprii
May
62 4.87 1,749. 63
62 4 88 ',749. 67
lune .
Scarce- Bollettino of the Bank of Italy.
-
I
-
I
-
-
--
Cle a r in g c x cha nge r a I es
Italcambi buying rate
I No::e'l
I
I
------1-,------_.
.
I
Belgian
frane
Swedish
crown
I
c;own
Danish
crown
9°.4 6
Duteh
Horin
I
German
mark
'4 8 -7]
144. 14
1.80
120.63
87'3 8
144·39
144·39
144'39
14 2.9 0
1.81
1.81
1.81
"7 8 5
12.7 1
12.7 1
12.7 1
12.7 1
120.62
120.62
120.62
12°'7 8
87-3 8
87,3 8
87-3 8
87'3 8
9°,4 6
164'4 I
14 2.9°
14 2.9°
14 2.9 0
14 2.9°
14 2.9°
14 2.9° 1
"7 85
1,7 85
1.7 85
1.7 85
"7 85
1.7 85
12.7 I
12.7 1
12.7 1
12·5°
12·5°
12.)0
120,78
12°,7 8
120'7 8
120,78
120,78
120'7 8
8]-48
87.4 8
87.4 8
8]-48
8]-48
87-4 8
9°,4 6
9°,4 6
9°,4 6
9 0.4 6
9°.4 6
9°,4 6
16 4' 4 1 14 8,77
I
16 4'4 1 14 8,77
16 4' 4 1
I4~L77
r64'4I 1 14 8,77
164,4 I
! 14 8,77
164 ' 4 1 l '48' 77
12.7 I
-
-
I
.'6H'
1'6~4' I
l 164'41
!,
,
,
-
-
14 8,77