We have said enough elsewhere of the projects brought forward
on Wednesday by the Italian Chancellor of the .Exchequer, which briefly amount to this, that he has a deficit of £7,000,000 to meet, and that he meets it by economies to 'the extent of a million, and an addition to old taxes, which is to produce four millions more. The remainder Signor Sonnino lopes to obtain from a scheme of conversion, which appears to be somewhat misunderstood in England. As we understand -the telegrams, bonds held outside Italy and inside Italy are -to be differently treated. The bondholders abroad are offered 4 per cent. in gold, with a guarantee against taxation, while ..bondholders at home are offered 4 per cent., with a similar guarantee, with payment in currency only. The offer is fair ...in both cases, as acceptance is quite voluntary, and Italian Fours without deductions may by-and-by prove to be an .acceptable stock, but the French are suspicious of voluntary conversions, and the stock has fallen three points.
