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Good citizens had to pay their burdensome taxes punctually, but from day to day they did not know what fresh surprises were in store for them, and when they arose in the morning they never knew whether the railways, the tramways, the postal and telegraph services would still be operating, whether light, water and bread would be available. I need not recount the whole history of those days, although it is regrettable that so many people appear to have forgotten it.
I think that a few figures of the prices of securities will help to show how dangerously depressed was our national credit before the advent to power of the Fascist Government and how remarkable has been the subsequent revival. The 3.50 % Government Rente, which after and in spite of the war was quoted in December 1919 at an average of 82.78, had dropped in October 1922 to 72.46; a month after «the taking of Rome» we find that this serious event, far from causing a further decline, brought about an improvement of over 5 points, raising it to 77.92 (average for December 1922); the general restoration of confidence caused it
