Ratified

Finance Minister Count Volpi entered the Chamber and crossed with quick nervous strides to the Ministerial Bench, where Premier Mussolini awaited him. The Premier shook his hand with vigor. The Deputies rose to their feet and cheered him. From the public galleries as many cives Romani as could squeeze in roared their approval of the Volpi-Churchill Italo-British debt settlement (TIME, Feb. 8, COMMONWEALTH ).

Count Volpi ascended the Tribune, spoke: "No nation has been vanquished and no nation has been victorious in our debt agreements with England and the United States. [Loud cheering, since the Italians consider Count Volpi, if not 'victorious,' extremely 'successful.']... With the fluctuations of the exchange, Italy's War debts once reached a figure almost ten times larger than that at which they are now set.... Our foreign liabilities are (theoretically) completely covered by German reparations under the Dawes plan...."

"The Italian people entered the War voluntarily and fought the whole war almost unaided; if only a small part of the troops she put in the field had been armed, fed and clothed by the Allies, as was done on some other fronts, there would be no debts to the Allies....

"The Italian people have now maintained the promise made in their name by Premier Mussolini that they would pay their War debts within the limits of their financial possibilities....

"Both in Washington and in London there was merely a serene discussion which led to an honorable settlement.... The Chancellor of the British Exchequer, Mr. Churchill, displayed a sense of comprehension and responsibility."

Count Volpi returned to the floor. Of the deputies, 224 voted to adopt the Italo-British settlement. One Communist Deputy voted contra populum. With unusual magnanimnity his Fascist peers forebore to assault him.