Volpi Out

Two of Signor Benito Mussolini's ministers have constantly dared to call their souls and policies their own. One is Signor Luigi Federzoni, soft speaker for the Vatican, Colonial Minister. The other and greater is Count Giuseppe Volpi.

Volpi put the lira back on gold (TIME, Jan. 2). Volpi adroitly won huge concessions from the U. S. and Great Britain in funding the Italian debts to those powers (TIME, Nov. 23, 1925). As Finance Minister, Volpi has been for three years past the one Italian statesman with whom U. S. big business has found it possible to deal--man to man, without undue formality, with absolute confidence.

Last week, Count Volpi resigned as Finance Minister. He is known to have incurred the ire of Il Duce on several occasions--notably when he insisted that the lira be put back on gold at a lower valuation than that at first desired by Signor Mussolini. But from this it must not be rashly assumed that Count Volpi was "asked to resign." The irritable Duce has in other moods given his Finance Minister to understand that he must resist certain highly lucrative offers from the sphere of private business which have become especially tempting of late.

The fiscal collaboration of Benito Mussolini and Giuseppe Volpi is simply at fruitful end. Last week the Count was replaced as Finance Minister by Senator Antonio Mosconi, never before a cabinet minister, but a good Fascist "party man."