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Commercial activity has likewise improved. Imports in 1922 amounted to 15,320,000,000 as against 9,292,849,000 lire of exports. In the first ten months of 1924 the figures were 15,245,605,000 for imports and 11,120,478,000 for exports. There is still a difference between imports and exports, but it is being reduced. Furthermore, it is notorious that this difference is fully covered by freight charges, investments abroad, emigrants' remittances and money expended by foreigners in Italy, and it is certain that these sources of income not only cover the deficit of the commercial balance, but must even provide a certain margin, because during the last two years neither the Italian State nor Italian private economy has contracted debts abroad, but on the contrary there has been a certain of export of capital to foreign countries.
Savings also show a progressive increase. The Postal Savings Banks contained deposits in December 1922 amounting to 8,722,500,000, in December 1923 to 9,110,858,000, in December 1924 to 9,574,700,000. The deposits in the ordinary Savings Banks in December 1922 were 9,294,689,000, in December 1923 10,575,969,000,
