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COKFIDEKTIAL
Italy* s Balance of Payments*
Bruno Foa,
Division of Research and Statistics,
Board of Governors
of the Federal Eeserve System.
June 1944
I t a l y 1 s Balance
of Payments
MIGBANTS1 REMITTANCES.
Bruno Foa,
Division of Research and Statistics,
.Board of Governors
of the Federal Reserve System.
StffilMARY MD CONCLUSIONS.
Emigrants1 remittances to Italy from the United States
in the last pre-war years fluctuated between an estimated maximum
of #16.5 million (1937) and a minimum of #6.2 million (1941) •
This constituted a considerable decline from the estimated $57.0 million
(ftold gold" dollars) of 1931, and from the
average level of #100 million or more per year of the 'twenties.
The Immigration Law of 1924, and the low income of the
depression years, were together responsible for that marked downward
tread*
It is believed that remittances from the United States
ijsed to represent at least 70$ of the total value of emigrants1 remittances from all counties to Italy. In recent years, however, the
American share may have b6en lower.
The chief types of emigrants1 remittances are:
1) Contributions toward living expenses of relatives
ond other parsons in Italy;
2) Contributions to charities ond institutions;
3) Transfer to Italy of emigrants1 savings for deposit,
.iinvestment or hoarding;
4) Funds brought back by returning .emigrants.
The future prospects of that flow of dollar payments to
Italy are uncertain. It can be surmised, however, that, at l&ist
for the immediate future, the yield of remittances under-3) and 4)
will be practically nil. Qn the other hand, there may be a temporary
but sharp?increase in contributions, stimul&ted^bythe present emergency, the widespread destitution existing iri Jt&iy, and also as a
result of the higher incomes of the Americah Italian-born community
<*md of a moderate, "backlog11 accumulated during the ^ar years.
Accordingly, it can b6 conservatively expected* that remittances mqy soon reach one million dollars per month: and more, and
that the.yield of t£at item of the Itelicin b?lo*tce of .jpaymenis for
each of the jiext two years may be in the order bf $18^25;million
per year.
- 2SOURCES.
It should be emphasized that the statistics available
on our particular.subject are incomplete .and unsatisfactory, and
that all the estimates reproduced in .Table I involve a varying but
almost invariably high element of conjecture.
Italian, sourcesNo official Italian estimates of aggregate Migrants1
remittances have ever been.made.
However! the official Italian Statistical Yearbook
(Annuario Statistico Italiano) published regularly the yearly
figures relating to:
a)
deposits and withdrawals from Post Office Saving
Accounts of Italian residents abroad;
.b) amounts remitted by esnigronts through' the Bank of
Naples (this series was discontinued after 1934),;
c) international postal money orders paid in Italy.
Those data, though important, covered naturally only
a part of the total, as they did not include the very large amounts
remitted through ordinary banks, shipping companies, and by nail,
nor those brought back personally by returning emigrants.
On the other hand, postal money orders include, in
addition to remittances, certain small payments for goods raid services. Since the latter fraction is ,not believed to be large, the
error involved by considering.all postal money orders as emigrants1
remittances is not very serious- This is also the view of the
U. S. Department of Commerce.
The sum of the net .deposits (namely, the difference between
deposits tm<l withdrawals) with Post Office Saving accounts, of the
remittances through the Bank of Naples, and of the value of international postal money orders, adds up to what may X$& called the. omount
°* recorded remittances.
As.it will be seen from the enclosed tables, the amount
of recorded remittances, in.the period 492§-31, was between one-third
and one-half of the total.as estimated by Ppofes^or Borgatta*
, ,
•
*<
*
• ,
In l a t e r years, the gap between recorded end total or
.actual remittances h&$ presumably become narrower. I?pr one thing,
repatriation of savings in A cash by returning emigraats has probably
dandled to aaall proporifions^ Also i t i s b^lievecl that wijbh the,
development of bonking habits am ng fonney.tltGliun.ieiniigrants, the
proportion of banknotes transferred by imli has decreased*,..
On the othei* hand,, th<& existence, since 1984, of s t r i c t
exchange control it J t a l y may>ave worked the other' why around* I t
may have increased the demand for actual dollar notes in I t a l y , for
purposes of hoarding. Above a l l , i t stands to reasoix to-infer that
a fraction of the dollar funds available for remittances was used
to finance private compensations and to help smuggle capital out of
I t a l y . This may have been the case especially after 1938, when
blackmarket rates *were as high as 40, 50 and even 60 l i r e to. the
dollar.
In addition to the data published in the Annuario
Statistico, the other I t a l i a n sources available are estimates made
at various times by independent scholars, such as the. lajte Governor
Stringher (for 1908-10), Professor Corbino (for 1900*13), Professor
Jennaccone (for 19Q7-23), Professor Mortara (for the period up to
1924) end by Professor Borgatta.
Professor Borgatta 1 s estimates, incorporating Professor
Jannaccone s estimates for the period 1907-13, are usually considered
as the standard ones. They were prepared (for the years up to 1925)
for the Italian government, in connection with the negotiations for
the funding of the war debt with Britain and the United States, and
were continued up to 1932. They have been used by the League of
Nations in" the annual Balance of Payments reports.
1
No total estimates from Italian sources are available
for the period after 1932.
American sources*
The chief American sources are to be found in the mat e r i a l (mostly, thus far, unpublished^/) elaborated by the-Bureau
of Foreign and Domestic Commerce of the U. S. Department of Commerce.
The Bureau has regularly published, in i t s annual studies
on the United States Balance of Payments, i t s official estimate of
the total anount transferred by inrnigrcaits to their country of origin.
The l a s t published breakdown of the total for countries
of remittance relates to 19362/.
1/ The writer i s greatly indebted to the Bureau;of Foreign cud
Domestic Commerce of the U. S. pepa;riirien.t of" Conmerce fo^1 having
given him access to unpublished material existing i n . i t s f i l e s .
Reference should be made, in particular, to rm unpublished report
prepared in 1938 by Dr. August Maffry;
- —. -r
2/ U. S. Department of Comnerce—The Ealaftee of' International Payments of the U.S.Ai ift 1936—Bureau of Foreign and Domestic
Commerce, 1937. The figures published in ^hat report have been
superseded, however, by l a t e r , revised (and, as yet, ianpublishecl)
estimates, conta^nM in pr.Maffry's : report:M 'Tiius, 'the published
estinata of rer.i^tonces to I t a l y iod §26.S liilliajav '^g&las-t the
revised figure of #^57 million contriinod in Dr» Maffryfs
- 4. Because.of the heavy weighted influence of remittances
to.Italy, the Bureau,computedi/, in addition to a general index of
t£e trend, in ^emigrant remittances11 from 1931 to 1936; another index
based-upon remittances to. all countries except Italy* It was found
that there was hardly any aigiaificnnt .difference between the two
series,
for the period 1931-1936, the Deportment of ""Commerce
series, for all countries, was based on n detailed estimate (revised
in the case of certain countries, including Italy, at a later date)
for the base year 1931. Th.o original figure was based dhiefly on
estimates by individual countries mr.de from U, S. diplomatic end
commercial representatives abroad. It was later reexamined in the
light of all other available data* For later years, the.estimates
for individual countries were derived fron the basic data for 1931,
in accordance with the fluctuations in the general Index of remittances.
Beginning in. 1937, a fairly completed recorded total
was obtained by the Bureau by requesting information directly from
the principal remitting agencies (such as the Post Office Department,
the American Express Company, the Banca Commerciaie Italiana, the
Banlt of Naples and the Bank of Sicily Trust Company). A ten per
cent was added to the recorded- total, as an estimate for omissions.
The Foreign Research Division of the Federal Reserve
Bank of New York prepared certain estimates of the total value of
emigrants1 remittances to Italy (from the United States as well as
from ell other countries) from. 1935 to 1939, whish will, be found
in Table I,
TYPES OF REMITTANCES.
It is often assumed that ffemigrants1 remittances* are
chiefly in the nature of contributions for the support of relatives
or of charities and other institutions in the old country.
This is only partly true. Actually, remittances often
represent the repatriation of savings accumulated abroad, transferred
in anticipation of or in coincidence with the repatriation of the
emigrant. This happens when remittances are made for the purchase
of real property or other assets, or take the form of deposits in
postal saving or other bnnk accounts in It'Siy, at tte credit of the
emigrant himself^/. No lessthap. 2,2 .billion lire w^re.: deposited
in Italian Postal Saving-accounts of residentsitibro.cud e.t the end
of 1939^/.
1/ Page 19 of D^V Maffyy1 s report..
" "
'2/ Cf» U. S. Department of Coinmerce-^ap.cit. Tod&e 45: ^Examples or
remittances which are not gratuities are provided by transfers
of funds to certain European countries l?y foreign born residents
:Of the-U.S..JV. for deposit, investment ^or holding" •
'Zj.' Annuario St.atistioo .Italiano* 1940, pajje 225.
The. dis.tiuc.ttpn betweeii those-two principaL types of
remittances—noiaeiy l?etween contributions -and ga,viffg&--is important, in .order %o appraise correctly the facts which are behind
the total flow of remittances. Contributions are chiefly governed
by the extent' of family fjtnd other .ties which stilL link the' emigrant
to the old country. Savings are chiefly connected to the desir'e' or
the expectation of the emigrant-to return for good to his native
country. And, while both flows are ultimately a function: of;^he
rate of net emigration from Italy, the former are linked more closely
to the rate of gross emigration, roxcl the latter to the rate of
repatriations.
From the beginning of the centuries, femittaaces as a
whole were very high, because both gross emigration and repatriations
were high. The repatriation of savings by returning emigrants contributed very considerably to swell the total of remittances. Ihen
large scale immigration to the United States was stopped by the Act
of 1924, both series dropped, but presumably the second more sharply
than the first.
With reference to the Italian balance of payments, there
is no reason to differentiate between contributions and savings. A
difference can be made, however, between remittances which constitute
final transfers and those which.are rather in the nature of floating
balances. Since the deposits with the postal saving system and* other
Italian banks can—in ordinary times, nnd in the absence of exchange
control—be withdrawn at will, they should, strictly speaking, be
considered as floating balances. In practice, however, this is true
only with respect to c marginal fringe of those deposits.
Tie withdrawal of some of those balances mey, of course,
create temporary embarrassments in the foreign exchange situation.
For, as Professor Borgatta pointed out in the twenties, "in times
of crisis, when the need of the Italian market for assets and income
available for foreign payments is felt m?re keenly, these assets fall
and may give rise to liabilities".1/
This is wh&t actually happened in 19S2, when withdrawals
from postal saving accoimts exceeded deposits by 119 million lire,
and again in 1934 anrl 1935, when there was an aggregate net outflow
from posted, deposits for over 100 millions. However, there was never
anything like a run an •migrants1 deposits, and for almost all practical purposes the difference between transfers and floating balances
can be neglected.
1/ Cf. G. Borgatta - Italy1 s Balance of Payments^^ln ;ffDocuments submitted by the delegation to the World War 'Foreign Debt- Commission"1925.
- 6 As far as contributions are concerned, it would be interesting to know to what extent these can be considered as "personal
remittances" and-what is the percentage of remittances to institutions, charities, etc. The Department of Commerce figures*give the
breakdown- for 1939, 1940 and 1941. In those years, remittances to
institutions represented some .10-12$ of the total.
A DECLINING TRMD.
The 'significance of emigrants1 remittances for the
equilibrium of the Italian balance of payments has been indicated
in a previous paper 1/, and it is unnecessary for our present purposes to dwell on that point. It will be sufficient to say that,
from the beginning o f the century to the first World War, emigrants1
remittances represented from 13 to 1S$ of the aggregate credit items
of the Itclirn balance of payments on current income account. During
the war, remittances declined temporarily, to revive, however, iimirediately after 1918. Actually, the dollar value of remittances reached
its peak in 1919 and 1920, partly as a result of the ftbacklogn accumulated during the war years but chiefly because of higher incomes
in America. From 1981, a declining trend set in, though on- the whole
the level of remittances continued to be fairly high until 1929. The
Great Depression was the real turning point. Remittances declined
to only r, fraction of what they hid been in the past, end did not*
reviv#.when the depression was over.
The reasons for this decline are quite obvious, nnd can
be summarised as follows:
1) The great foil in Italian immigration into the
United States, as a result of the Emigration
Act of 1924;
2) The corresponding fall in the number of returning
emigrants (especially from the oversea countries)
to Italy;
3) The progressive ,weak:^ning of the ties of the emi-^
grants with the old country, intensified by the
consolidation of whole family groups in America;
4) The impact of the Great Depression an the national
income of the United. States, and, hence, on the
income ;6f Italidn emigrants, o.s Fell as the persistence or a high plrvteau../^f vmemplopient until
1940;
5) The growing propensity of Italian emigrants, for
deposits and investments in the country of immigration;
6) The effects of exchequer C0to%tol In Italy; and-of
the fascist policies of adventure, as well as th$
all-around international uncertainties of the late
thirties, which intensified the aforesaid propensity.
1/ Italy1 s Fost^War Eqoqomio Relations - May 1944.
The number of Italian immigrants tO'thfs'coiintry was
349,042 in 1920, It dwindled to 29,723 in 1925— the first year
following the enactment of the Johnson Act—and to^even smaller
prbportions in later years; The average immigration to the United
States in the period 1936-40 was 9.684 per year, as compared with
266/220 for the period 1906-10, and £10.940 for the period 1911-15.
In the cix^cuHistances, it was inevitable that the volxjme of remittances should drop sharply, after 1924, with a few years lag. This
is exactly what happened. But the impact of the Great Depression
was such as to make the contraction far more marked than it would
otherwise tyave beei*. Moreover, between 1933 and 1936, the lira
equivalent of the remittances from the United States was ^reduced,
as a result of the devaluation of the dollar.
FROM THE UNITED STATES.
Though complete figures rre not available, it is well
known that remittances from the United States j>l&yed always a
preponderant role in the total picture.*/. In normal years, they
probably constituted no less then 70 to 80$ of the total.
The known data on. "recorded" remittances from this
country have been reproduced in Table IV. It wiil be noted that,
in 1932, United States remittances were responsible for 88.2$ of
the new (gross) 'deposits with the Italian postal saving system,
end for 89$ of the remittances through the Bank of Naples* For
1933, the percentages were 74.8 and 91*0 respectively.
According to the American commercial representatives
in Italy, remittances from the United States were believed to.
represent at least 70$ of the total.
After 1933, the percentage of United States to total
recorded remittances declined to a certain extent. This reflected
the diminishing role of oversea immigration as compered with labor
migrations to continental countries (such as France and, in the
later years, Gemany) on the Italian brJLance of payments.
Some reference has already been made to the U. S.
Department of Commerce estimates.of actual remittances from this
country. These are reproduced in the annexed tables. .It "y£Lllbe
seen that remittances declined from an estimated #57.0 miliion in
1931 to #16.5 million in 1937 to the average #13-14 million of
1939-40. In terms of wold gold11 dollars, of course, the reduction
was even more marked.
1/ Remittances from Argentina have noisily occupied the second
place in the list.
ESTIMATES FOB 1935*41,
8-
,
The estimates of the t o t a l amount" of remittances for
the period 1935-?39 reproduced in Table; I have been computed *by Dr.
Tnmagna, for the Federal Reserve Bank of New York, on the basis of
the figures .published in the imnu.ario Statistic© Italiano .and of
a l l other x>iecos and r scraps of evidence available,
The figures given in Table I for 1933 m& 1934 are ent i r e l y conjectural, being based on the assumption—which had held
t r u e for previous periods—that t h e - t o t a l amount, of remittances was
four times as large as tha amount rsmitteel through the Bank of
Naples. Since in 1933 the amount of net deposits with the postal
saving system was unusually low, and in 1934 there was a sizable
net disinvestment from postal saving accounts ( c i \ Table I I ) , and
in view of the American rr>onetury end banking c r i s i s of 1933—which
presumably reflected i t s e l f on the volume:, of the renittances-^it
i s quite possible that the t o t a l s of Table I- for-those two years
involve an element of overestimation.
Since the publication of the amounts remitted through
the Bank ofNaples was discontinued after 1935, we are in the dark
.as to the amount of "recorded" remittances for the irnmediate prewar years. However, on the assumption thot the average r a t i o between
Bank of Naples remittances, on the onehnnd, and postal saving deposits plus i n t emnti on til. money orders, >n the.other, remained unchanged, i t i s possible to estimrtcj* t h u , t o t a l s . This h\.s been done
in Table I I I .
For the period 1951-36, the De; artmont of ^Corauerce made
a comparison between data obtained largely from foreign sources and
others originating from reports frail Oloneatie remitting agencies.
The trend of the two s e r i e s , nccorclinc to the Department, was s t r i k ingly s i m i l a i i /
The f i r s t series indicated that i^umitt cnees to oil foreign countries decreased by 41$ fror^l931 to-1934, 'tind increased
to 66$ of the 1931 aggregate in 1936. The second aeries showed a
decline of 38$ between 1931-nnd 1934, * further f-eeline of 6$ in
1935, and ctri increase to §V$- :>f the 1951 t o t a l in 1936.-: As i t has
Already been mentioned, the trend'was mibstentiaily the scxae for
remittances to I t n l y aid to other1 countries. r
I t would- apSear, thereftrb, that though Ahere i s s t i l l
some ground for uncertainty as to the a-cciiraoy of the estimated
amount of .remittances, to I t a l y in. the./t)Q.sewyepv^,1931, as evidenced
by the wide- discrepancy between"ttfc bti^iiictr and tlce revised e s t i mate, there i s l i t t l e doubt r s to the accuracy of the trend reported
by the Department of Conraerce estimates for the whole period 1931-36.
1 / The series are reproduced in Dr. Maffryf s unpublished report f
The moderate.-revival that,took place-..after : 19S4 i s easily
explained in terms of the improved economic conditions in the United
S t a t e s . As far as ^institutional 1 1 t r a n s f e r s are concerned, there
were also certain non-recurrent factors which increased t h e i r t o t a l ,
such as the I t a l i a n government sponsored drives in t h i s country for
funds ostensibly earmarked for feed Cross, and r e l i e f , during and immediately after the: Abyssinian t^ar. At: the end of 1936, the I t a l i c s
government exempted the new postal saving accounts opened by r e s i dents abroad from-foreign exchange controls, and ever since t r i e d
to stimulate remittances by a l l possible moons--ineluding the establishment of an "emigrants 1 lira 1 1 , im r olving a higher exchange r a t e
with the dollar—though probably vjithout great success. Actually—
as Dr. Trmagna has pointed out to the present writer—it is~ quite
possible that some commercial payments from t h i s country have been
camouflaged as emigrants 1 remittances, to enjoy the rdyontage..of
the special exchange r a t e .
All in a l l , i t would appear that the amount of personal
contribution—in other words, of remittances l e s s savings and i n s t i t u t i o n a l contributions—from t h i s country to I t a l y , in 1937-40,
reached the r a t e of approximately one million dollars per month.
FUTURE PROSPECTS.
Beginning from February of the current year, the t r a n s fer of remittances from t h i s country to the l i b e r a t e d portions of
I t a l y has again been permitted. I t i s understood that remittances
already in the f i r s t months reached several hundred thousands of
d o l l a r s , and as coramunications betx?een former I t a l i a n emigrants
and t h e i r families and r e l a t i v e s in I t a l y are re-established the
flow i s bound to r i s e steadily from month to month. I t should be
noted that the area of I t a l y thus far liberated includes most o f
the centers of I t a l i a n emigration to t h i s country (which were
t r a d i t i o n a l l y S i c i l y and Southern
)
I t i s very d i f f i c u l t to form rn estimate of the level
which remittances may reach in the next, soy, twelve or 24 months.
The United States include sonn* 5 million persons of
I t a l i a n descent, of which s t i l l almost one-third belongs to the
f i r s t generation•
Though i t cannot be expected that remittances representing t r a n s f e r end investment of savin^a v a i l resume before the
economic conditions of I t a l y becone more s e t t l e d , several factors
suggest that renittanccs for contributions, both personal and
i n s t i t u t i o n a l , nay exceed, at l e a s t for the f i r s t two or three
years, t h e i r iimnediate pre-war l e v e l . These are:
- 10 a) The high level of incomes prevailing in the United
States;
b) The existence of a moderate "backlog* of remittances
which may have been piling up during the war years—
though, for various reasons, this is not likely to
play a part comparable to that of 1919-20;
c) The catastrophic economic conditions .prevailing in
Italy, and the response of the-American-Italics comnunity to the desperate appeals which are already
flooding the nails.
It is reasonable, therefore, to expect that the flow of
personal remittances from this country to Italy should soon hit a
rdllion dollars per month. This would restore the 1937-39 position.
Moreover, there will be a certain amount of institutional remittances.
When full communications between Americans of Italian, descent and
their relatives and friends in Italy are re-established, the flow of
contributions should further increase.
In conclusion—and without forgetting that every estimate
includes a large element of mere guesswork—it would not be far-*
fetched to anticipate, f.:r each of the next two years, a flovx of
remittances ranging from a minimum of 12 r&& c maximum of 25 million
dollars. Since the economic potentialities of the Americans of
Italian extraction are large, the total might be even higher—but
it. would be unwise to take this possibility for grroited.
JUNE 1944
TABLE I
BtlGRflNTS'
R&uITTAhCEfr jEROi.. ALL
(Estimates)
Year-
.Source
1907
1908
1909
1910
1911"
1912
1913
1914
1915
1916
1917
1918
1919
1920
Jannaccone
192i
?•
1922
1923
1924
1925
1926
1927'
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
«
n
n
it
it
w
n
•it
•w
tt
n
n
n
tt
Borgatta
n
»
n
n
n
n
tt
n
A.S.I.A/
»U
Ied.Ees.Bk., N.Y.
n
tt
n
tt
Dollar
Value of lira
(millions • in U.S.currency
Value
of lire) (cents per lira) (millions)
729.4
638.5
660.2
734.3
773.9
778.6
528.4
581.4
496.5
572.5
832.3
872.8
2,173.0
4,253.4
3,372.1
3,053.9
2,521.2
2,800.0
3,500.0.
3,100.0
1,925.0
2,340.0
2,350.0
3,020.0
1,570.0
910.0
1,000.0
680.0
900.0
670.0
560.0
550.0
500,0
19.30
19,30
19.30
19.30
19.30
19.30
19.30
19.30
16.10
15.20
13.63
12.77
11.37
4.97
4.29
4.76
4.60
4.35
3.98
3.89
5.16
5.26
5.23
-5.24
5.21
5.13
6.71
8.56
6.25
7.29
5.26
5.26
5.26
Value
"Old Gold"
140.8
123.3
115.9
141.8
1.49.3
150,3
159.9
112.2
.81.9
.88.1
110.5
110.9
248.6
201;2
142.0
144.2
115.4
121.8
139.3
120.6
99.1
123.0
123.0
1,06.0
82.0
47,0
67.1
58.1
74.0
48.8
29.4
28.9
26.3
1/ Amount of remittances through Bonk of No.pies multiplied by four.
Dollars
—
m.
—
—
mm
••
34.3
43.7
28,8
17.3
17.1
15.5
TABLE II
RECORDED REMITTANCES. 1926-39*
Year
Postal
Remittances
,Net Deposits!/
with.
tlirbufii
&££ 9 ,
MM
-Postal Bavine Accounts Postal SaTins Accounts Book of Naples Orderss/
New Deposits
(a)
(b)
(c)
(d)
646.8
419.0
345.3
313,2
243.1
322.3
307.7
256.7
170.1
179.1
144,8
135.6
184.9
262.8
325.3
284.4
222.9
185.7
155.9
123.3
140.8
104.8
84.0
74.3
(in nillions of lire)
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
605.5
178.4
217.4
241.8
223.1
318.1
229.0
147.2
51.9
40.3
101.2
66.8
41.0
36.4
511.0
23.5
105.3
141.1
117.5
221. S
145.4
64.8
-49.8
-52.7
90.1
51.0'
27.8
19.7
u
2/
3/
1/ Difference between new deposits m d
2/ The amounts actually refer to the fiscal years: 1926-7, 1927-8, etc,
Z/ Not available•
* Source: 'A.S.if, 1931 to 1940.
TABLE III
TOTAL -RECORDED RMITT^NCES. 1926-39*
Year
Total
/fetal
(b)tiLus(c)i>lus(d) of Table 11
(b)plius( <i) of Table II
{millions of lire)
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1,301
577
635
717
685
829
676
506
276
249
^»...
231
156
112
94
y
y1/
y
1/ On the conservative assumption that the omounts remitted through
the Bank of Naples were equal to the sum of net deposits end of
postal money orders, the following totals can be estimated:
1936
1937
1938
1939
462 million lire
n
312
tt
224
ii
188
* Source: A.S.I., 1931 to 1940.
TABLE IV
REMITTANCES MOM UNITED STATES
A.
U . S . Department off CoinRerce* ! Estimates... 1931-56 Jtf
.
Remittances from U.S.A. to Italy
Yeai
Original Estimates
Revised Estimates
(in millions of dollars)
1931
1934
1935
1936
57.0
35.3
23.2
17.6
26.5
16.5
11.0
8.2
1/ The original estimates were published in U.S. Department
of Commerce - The B&lcnee of International Payments of
the U.S.A. in 1936. The revised-official estimates are
as yet unpublished
B.
A/
U.S. Department of Commerce- Estimate.- 1957-41.
Remittances from U.S.A. to Italy
Year
Personal Remittances
Institutional Remittances
(in millions of dollars)
1937
1938
1939
1940
1941
16.5
16.3
15.2
13.1
7.0
1.7
13.5
12.0
6.2
Total
,8
1/ Unpublished.
C.
Italian figures.
New Deposits with
Remittances through
Postal Saving Accounts
Bank of Naples
Total From United States Percentage. Total from United Percentage
from U.S.
States
from U.S.
(millions of lire)
(millions of lire)
1930
1931
1932
1935
1934
1935
1936
1937
1938
1939
223.1
318.1
229.0
147.2
51.9
40.3
101.2
66.8
41.0
36.4
202.4
109.6
28.8
10.7
40.9
37.7
16.9
6.6
88.2
74.8
43.9
27.5
40.5
56.7
41.4
18.1
243.1
322.9
307..7
256,,7
170..1
179.1
182.1
255.7
274.6
234.5
135.4
108,2
74.9
79.2
89.2
91.0
79.4
60.3
TABLE V
A.
MIGRATION FROM ITALY*
Years
Average 1901-5
1906-10
1911-15
1916-20
1921-25
1931-35
1936-40
B.
To Europe
To, Oversea Countries
3?otal
244,B08
309,242
393,694
305,077
121,247
130,904
28,181
10,729
554,050
651,288
548,612
217,001
303,264
91,628
31,792
257,594
245,555
95,754
172,360
63,447
21,063
REPATRIATIONS*
Years
Average 1902-5
it
1906-10
it
1911-15
1916-20
t?
1921-25
tt
1951-35
tt
1936-40
From Europe
i/
i/
i/
i/
78,961
39,902
40,873
1 / Not o.vr\ilfible.
Source: A . S . I . , 1940.
From Oversea Countries Total
136,071
1/
1/
200,072
195,178
1/
46,656
i/
84,320
143,281
27,306
67,208
9,941
50,814
@FedFRASER