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I have already pointed out some indications of restored prosperity as shown by the progress of industry, the assured continuity and tranquillity of labour, and the restoration of the State finances. To these data some others now may be added.
The budget of 1920–21 showed a deficit of 15,760 millions of lire. In that of 1922–23 the deficit had fallen to 3,029 millions; in that of 1923–24 it had again fallen still further to 418 millions; according to the estimates for 1924–25 the budget will be balanced, while according to those for 1925–26 there should be an actual surplus. It should be noted that, according to the original estimates, the budget for 1924–25 should have shown a deficit of 1335 millions, whereas on December 31, 1924, viz. half way through the financial year, the deficit had been reduced to 185,447,000 and by the 30th June next, the budget should certainly be balanced or may even show a small surplus. These figures are the result of the magnificent tenacity of the Finance Minister Sig. De Stefani.
The internal public debt, which on June 30 1923 amounted to 95,544 millions, on June 30 1924 had been
