UC-NRLF 
 
 *c m 3fla 
 
BONDS 
 
 OF THE 
 
 KIIVGDOIM OF ITALY 
 
 w. B. HiBBs AND Company 
 
 HIBBS BUILDING 
 WASHINGTON, D. C. 
 
 COPYRIGHTED, 19ZO. BY W. B. HiBBS AND COMPANY, WASHINGTON, D, <?. 
 
 Com-.. 
 Fred&nc L. 
 

 KINGDOM OF ITALY 
 
 *i 
 
 INTERNAL 
 
 LOAN 
 
 DATE OF 
 ISSUE 
 
 MATURITY 
 
 RATE OF 
 INTEREST 
 
 INTEREST PAYABLE 
 
 FIRST NATIONAL LOAN 
 
 (Also known as the Mobilization 
 Loan of 1914) 
 
 January 4-, 1915 
 
 January 1, 1940. 
 
 Not subject to redemp- 
 tion or conversion 
 before January 1, 1925 
 
 SECOND isfATlfoTNAL* LOAN 
 
 (Also known as the First War 
 Loan) 
 
 July 1, 1915 
 
 January 1, 1940. 
 
 Not subject to redemp- 
 tion or conversion 
 before January 1, 
 1925, but callable 
 after that date, at the 
 option of the Govern- 
 ment. 
 
 THIRD NATIONAL LOAN 
 
 (Also known as the Second War 
 Loan) 
 
 January IQ 1916 
 
 January 1, 1941. 
 
 Not subject to redemp- 
 tion or conversion 
 before January 1, 
 1926, but callable 
 after that date, at the 
 option of the Govern- 
 ment. 
 
 4^% 
 
 4^ro 
 
 January 1st and 
 July 1st 
 
 I 
 
 January 1st and 
 July 1st 
 
 January 1st an 
 July 1st 
 
J^ 
 
 The following Internal Loans of the Kingdom of Italy are purposely omitted from this Int, for 
 the reason that they possess but little interest to the average American investor:— 
 
 (1) 5% LOAN, MAREMMANA RAILWAY, issued in 1862. to the amount of £1,782,000 sterlmg, for 
 the construction of a railway from Leghorn to the Roman frontier. Secured on the general 
 revenues of the Government and on the net revenues of the Maremmana Railway, together 
 with a mortgage on the railway. Redeemable, at par. by 1960. by annual drawings on Decem- 
 ber 1 0th in Rome against a cumulative sinking fund. Interest payable, January 1st and July 
 1st. in Italy or London, subject to the Italian income tax amounting to 20%. Amount out- 
 standing, £1,512,220. 
 
 (2) 3% RENTES (income bonds), issued in 1863 in exchange for old 3% loans of the States 
 forming part of the Kingdom of Italy. The certificates contain no mention of redemption. 
 Interest payable. April 1st and CDctober 1st. with a deduction of 20% for Italian income tax. 
 Amount outstanding: capital. 160,070.866 lire; rentes, 4.802.126 lire. 
 
 (3) 3% RAILWAY BONDS, issued in 1896 to the amount of £45,664,000 and consisting of bonds 
 for the Italian companies of the Mediterranean. Sicilian and South Italian Railways. Redeem- 
 able by 1986 by annual drawings in May. Interest payable. January 1st and July 1st. in Italy 
 and London, with a deduction of 20% for Italian income tax and an additional circulation 
 tax fixed semi-annually by the Government. Amount outstanding. £3 5,088.960. 
 
 (4) 3H% NET RENTES, issued in June. 1902, for the conversion of certain debts of the Govern- 
 ment. The certificates contain no mention of redemption. Interest payable. January Ist and 
 July Ist. in Italy and London, free from all Italian taxes. Amount outstanding: capital. 
 943.437.637 lire; rentes. 33,020,317 lire. 
 
 (5) CREDIT COMMUNAL AND PROVINCIAL 3%% BONDS, issued in 1904, to the amount of 
 152,582,000 lire, to retire the 4% gold obligations of the City of Rome authorized by the law 
 of July 8, 1883. Redeemable, at par, by 1964, by drawings in February of each year. Interest 
 payable, April Ist and October Ist, in Italy and London. Amount outstanding, 139.012,500 
 lire. 
 
 (6) 3%% RENTES, issued in 1906 for the conversion of the old 4% and 5% Rentes. The certifi- 
 cates contain no mention of redemption. Interest payable. January 1 st and July I st. at all 
 Italian Treasuries and in London and Paris. Amount outstanding: capital, 8,097.724.447 lire; 
 interest, 283.420,356 lire. 
 
 LOANS 
 
 AMOUNT OUTSTANDING 
 
 Price at 
 Which 
 Issued 
 
 Approximate 
 
 Cost at Date of 
 
 Issue if Rate 
 
 OF Exchange 
 Had Been at 
 
 THE Normal 
 
 (I L|RE=I9.3 
 CENTS) 
 
 principal 
 and interest 
 Free from 
 Italian 
 Taxes 
 If Bonds 
 ARE Held by 
 Non- 
 residents 
 
 REMARKS 
 
 On October 31, 1919, 
 1,000,000,000 lire 
 
 97% 
 
 1,147,224,800 lire 
 
 3,018,092,800 lire 
 
 95% in 
 Italy. 
 
 93% in 
 the 
 
 United 
 States 
 
 and to 
 
 holders 
 
 of the 
 
 First 
 
 National 
 
 Loan 
 
 97y2% 
 
 $187.21 per 
 1,000-lire 
 bond 
 
 Yes 
 
 $183.35 
 
 and 
 $179.49 
 
 per 
 
 1,000-lire 
 
 bond 
 
 Yes 
 
 $188.17 
 
 per 
 
 1,000-lire 
 
 bond 
 
 Yes 
 
 (1) Coupon bonds to bearer in denominations of 100, 200, SCO, 1,000, 5,000, 
 
 10,000 and 20,000 lire, which may be registered as to principal and 
 
 interest; and (2) registered bonds in denominations of any multiple 
 
 of 100 lire. 
 Coupon bonds are exchangeable for registered bonds. 
 This loan was granted no privilege of conversion into future Govemjnent 
 
 issues. 
 The principal and interest are payable, in Italian lire, at designated agencies 
 
 of the Government in Italy and in the Italian colonies. Both are 
 
 exempt from Italian taxes. 
 Coupons may be collected, at the current rate of exchange on Italian lire, 
 
 at the Agency of the Banco di Napoli in New York and in Chicago. 
 Coupons of registered bonds are not detachable. Registered bonds must 
 
 be presented and the coupons stamped in order to obtain payment of 
 
 the interest. 
 
 (1) Coupon bonds to bearer in denominations of 100, 200, 500, 1,000, 5,000, 
 10,00O and 20,000 lire, which may be registered as to principal and 
 interest; and (2) registered bonds in denominations of any multiple of 
 100 lire. 
 
 Coupon bonds are exchangeable for registered bonds. 
 
 In case that more favorable terms were granted to future loans issued by 
 *he Italian Government before the end of 1916, such terms were made 
 applicable to this loan. 
 
 In the event that the Government should exercise its option to convert this 
 loan on and after January 1, 1925, such action will automatically give 
 the holders the right to demand payment of the principal of their 
 bonds in case the rate of interest fixed by such conversion be not satis- 
 factory to them. 
 
 The principal and interest of this Second National Loan are payable, in 
 Italian lire, at designated agencies of the Government in Italy and in 
 the Italian colonies. Both are exempt from all Italian taxes, present 
 and future. 
 
 Coupons may be collected, at the current rate of exchange on Italian lire, 
 at the Agency of the Banca di Napoli in New York and in Chicago. 
 Coupons of registered bonds are, however, not detachable, but the bonds 
 themselves must be presented and the coupons stamped in order to 
 obtam payment of the interest. 
 
 (1) Coupon bonds to bearer in denominations of 100, 200, 500, 1,000, 5,000, 
 10,000 and 20,000 lire, which may be registered as to principal and 
 interest; and (2) registered bonds in denominations of any multiple of 
 100 lire. 
 
 Coupon bonds are exchangeable for registered bonds. 
 
 This issue was given no privilege of conversion into future Govemment loans. 
 
 Between January 1, 1926, and January 1, 1941, the Italian Treasury may 
 retire the outstanding portion of this loan by purchasing bonds in the 
 open market or through the operation of a special amortization bank 
 admmistered by the Bank of Deposits and Loans. 
 
 The following were accepted in payment of subscriptions to the Third 
 National Loan: (1) Ordinary Treasury notes at par to the full amount 
 subscribed; (2) Five-year Treasury bonds — those due in 1917 at 99 
 and those due in 1918 at 97.80 — and accrued interest; (3) Second Na- 
 tional Loan upon payment of a fee of 2.50 lire for each 100 lire of 
 principal converted. 
 
 The principal and interest of the Third National Loan are payable, in Italian 
 lire, at designated agencies of the Government in Italy and in the 
 Italian colonies. Both are exempt from all Italian taxes, present and 
 future. 
 
 Coupons may be collected, at the current rate of exchange on Italian lire, 
 at the Agency of the Banca di Napoli in New York and in Chicago. 
 Coupons of registered bonds are not detachable. Registered bonds must 
 be presented and the coupons stamped in order to obtain payment of the 
 interest. 
 
 444173 
 
INTERNAI 
 
 LOAN 
 
 DATE OF 
 ISSUE 
 
 RATE OF 
 INTEREST 
 
 INTEREST PAYABU 
 
 FOURTH NATIONAL CONSOLI- 
 DATED LOAN 
 
 (Also known as the Third War 
 Loan and as the Perpetual Rentes 
 of 1917) 
 
 ftlruaruS, 
 JanuQry''^l 7 
 
 1917 
 
 FIFTH NATIONAL CONSOLI- 
 DATED LOAN 
 (Also known as the Fourth War 
 Loan and as the Perpetual Rentes 
 of 1918) 
 
 SIXTH NATIONAL CONSOLI- 
 DATED LOAN 
 (Also known as the Perpetual 
 Rentes of 1920) 
 
 January 1^1918. 
 Dated Rome, De- 
 cember 8, 1917 
 
 No fixed date of ma- 
 turity. 
 
 Not subject to redemp- 
 tion or conversion 
 before January 1, 
 1932, but callable 
 after that date at the 
 option of the Govern- 
 ment. 
 
 January «J7 1920 
 
 No fixed date of ma- 
 turity. 
 
 Not subject to redemp- 
 tion or conversion 
 before December 31, 
 1931, but callable 
 after that date at the 
 option of the Govern 
 ment. . 
 
 No fixed date of ma 
 turity. 
 
 Not subject to conver- 
 sion or callable until 
 after December 31 
 1931. 
 
 5% 
 
 January 1st an( 
 July 1st 
 
 5% 
 
 5% 
 
 January 1st an 
 July 1st 
 
 January 1st an 
 July 1st 
 
LOANS (Continued) 
 
 AMOUNT OUTSTANDING 
 
 Price at 
 Which 
 Issued 
 
 Approximate 
 
 Cost at Dats of 
 
 Issue IF rate 
 
 of exchange 
 Had Been at 
 
 THE Normal 
 
 (1 LIRe = l9.3 
 CENTS) 
 
 Principal 
 
 AND Interest 
 
 FREE From 
 
 ITALIAN 
 
 Taxes 
 If Bonds 
 Are Held by 
 Non- 
 Res ioknts 
 
 •On October 31, 1919, 
 3,985,473,600 lire 
 
 . 
 
 n October 31, 1919, 
 6,245,000.000 lire 
 
 90% 
 
 86^% 
 
 .20,000,000,000 lire onl 87^% 
 April 30, 1920 
 
 $173.70 
 
 per 
 
 1,000-lire 
 
 bond 
 
 $166.95 
 
 per 
 
 1,000-lire 
 
 bond 
 
 $168.88 
 
 per 
 
 1,000-lire 
 
 bond 
 
 Yes 
 
 Yes 
 
 Yes 
 
 REMARKS 
 
 (1) Coupon bonds to bearer in denominations of 100. 200, 500, 1,000, 2,000* 
 4,000, 10,000 and 20,000 lire, which may be registered as to principal 
 and interest; and (2) registered bonds in any multiple of 100 Hre. 
 
 Coupon bonds are exchangeable for registered bonds. 
 
 This loan was granted the same rights and privileges as thoss of future 
 Government loans issued on more favorable terms during the war. 
 
 Subscriptions to this Fourth National Consolidated Loan vrere accepted in 
 
 (1) ordinary Treasury bonds of June 30, 1916, at par and interest with 
 a discount of 4.40%; (2) ordinary Treasury bonds of July 1, 1916, at 
 discounts of 3% and 4.25%; (3) five-year, 4%, Treasury bonds 
 at prices ranging from 102V29'^ to lOOVa^I (4) 5% Treasury bonds of 
 April 1, 1916, at prices from 101.90% to 100.407o; 5% Treasury bonds 
 of October 1, 1916, at 99.407c and 97.90%; and (5) redeemable State 
 bonds, drawn at the last preceding drawing but not paid off, at full re- 
 deemable value. 
 
 Conversion into this loan was also permitted (1) to holders of the First and 
 Second National Loans upon payment of 2.50 lire for each 100-lire 
 bond converted; and (2) to holders of the Third National Loan who 
 received a premium of 3 lire for every 100-lire bond converted if the 
 conversions did not exceed 500 lire, or a premium in bonds of the 
 Fourth National Consolidated Loan if in excess of 500 lire. 
 
 In case the Italian Treasury exercises its right to convert the interest rate 
 on or after January 1, 1932, the holders of these bonds will have the 
 alternative of accepting the reduction in the rate of interest or of 
 requesting the payment of their bonds at par. 
 
 The principal and interest of the Fourth National Consolidated Loan are 
 payable, in Italian lire, at designated agencies of the Government In 
 Italy and in the Italian colonies. Both are exempt from all Italian taxes, 
 present and future. 
 
 Coupons may be collected, at the current rate of exchange on Italian lire, 
 at the Agency of the Banca di Napoli in New York or in Chicago. 
 Coupons of registered bonds are not detachable. Registered bonds must 
 be presented and the coupons stamped in order to obtain payment of 
 the interest. 
 
 (1) Coupon bonds to bearer in denominations of 100, 200, 500, 1,000, 2,000, 
 4,000, 10,000 and 20,000 lire, which may be registered as to principal 
 and interest; and (2) registered bonds in any multiple of 100 lire. 
 
 Coupon bonds are exchangeable for registered bonds. 
 
 Bonds of this loan were given the same privileges as those of future Gov- 
 ernment loans issued on more favorable terms during the war. 
 
 Payment in full for subscriptions to this loan was permitted, at various 
 prices, to holders of (1) certain issues of Ordinary Treasury bonds 
 maturing between March 31 and July 1, 1918, and later; (2) seven 
 issues of 4% and 5% Treasury bonds maturing between April 1, 1918, 
 and October 1, 1922; (3) four issues of 5% Treasury bonds maturing 
 between April 1, 1919, and October 1, 1920; and (4) certain foreign 
 securities specified by the Italian Government. 
 
 To adjust the difference between the price of issue of this loan and that 
 of the Fourth National Consolidated Loan of 1917, holders of the latter 
 were permitted to demand 3.50 lire in cash for each 100 lire of par 
 value of their holdings up to 300 lire. In case their holdings exceeded 
 300 lire, bonds of the Fifth National Consolidated Loan were given them 
 upon payment by them in cash of any difference in the amount due. 
 
 Should the Italian Treasury exercise its option to convert this loan on or 
 after December 31, 1931, holders of these bonds may either accept the 
 reduction in the rate of interest or demand the re-payment of their 
 bonds at par. 
 
 Tlie principal and interest of the Fifth National Consolidated Loan are 
 payable, in Italian lire, at designated agencies of the Government in 
 Italy and in the Italian colonies. Both are exempt from all Italian taxes, 
 present and future. 
 
 Coupons may be collected, at the current rate of exchange on Italian lire, 
 at the Agency of the Banca di Napoli in New York or in Chicago. 
 Coupons of registered bonds are not detachable. Registered bonds must 
 be presented and the coupons stamped in order to obtain payment of 
 the interest. 
 
 (1) Coupon bonds to bearer in denominations of 100, 200, 500, 1,000, 2,000, 
 4,000, 10,000 and 20,000 lire, which may be registered as to principal 
 and interest; and (2) registered bonds in any multiple of 100 lire. 
 
 Coupon bonds are exchangeable for registered bonds. 
 
 This issue bears the date of December 1, 1918, for the reason that it was 
 originally planned for 1918 but, owing to certain circumstances, its 
 emission had to be deferred until 1920. The coupons due on July 1, 
 1919, and January 1, 1920, were therefore detached from the bonds. 
 
 As an incentive to purchasers, the Italian Government agreed to pay at the 
 time of subscription the coupon due on July 1, 1920, amounting to 2.50 
 lire, thus making the actual purchase price 85 instead of 87 Va, which was 
 the price of issue. To offset this advanced payment, this coupon due 
 July 1, 1920, has been detached by the Italian Government. The first 
 coupon attached to these bonds will, consequently, be payable on Jan- 
 uary 1, 1921. 
 
 Subscriptions to this loan were opened on January 5, 1920; they were closed 
 in Italy on February 7th and in the United States on March 10, 1920. 
 
 The following were accepted, at various prices, in payment of subscriptions 
 to this Loan. (1) Cash, coupons of the consolidated and redeemable 
 Government debt. Treasury bonds of several years, each maturing on 
 July 1, 1920, and registered Treasury bonds; 
 
 (2) Ordinary Treasury bonds, five-year 4% Treasury bonds maturing 
 October 1, 1920, three- and five-year 5%, Treasury bonds maturing 
 April 1st and October 1st of the years 1920, 1921, 1922, 1923 and 1924; 
 
 (3) Obligations of the Public Debt of the State redeemable by lot, 
 drawn but not yet paid; and 
 
 (4) Foreign securities designated by the Minister of Finance. 
 
 The interest on this Loan is not subject to conversion "except after Decem- 
 ber 31, 1931.** In case the Treasury chooses, after 1931, to exercise its 
 right of conversion, holders will be granted the alternative of accepting 
 the reduction in the rate of interest or of demanding the repayment 
 of their securities at par and not at the price of issue. 
 
 The principal and interest of this Sixth National Consolidated Loan are 
 payable, in Italian lire, at designated agencies of the Government in 
 Italy and in the Italian colonies. Both are exempt from all Italian taxes, 
 present and future. 
 
 Coupons may be collected, at the current rate of exchange on Italian lire 
 at the Agency of the Banca di Napoli in New York or in Chicago 
 Coupons of registered bonds are not detachable. Registered bonds must 
 be presented and the coupons stamped in order to obtain payment of 
 the interest. 
 
ROYAL ITALIAN 
 
 LOAN 
 
 ROYAL ITALIAN TREASURY 
 
 BONDS, in nine series of two 
 
 maturities each: 
 Three-year bonds, dated April 1, 
 
 1916, which matured on April 1, 
 
 1919. 
 Five-year bonds 
 
 Three-year bonds, dated October 1, 
 
 1916, which matured on October 
 1, 1919. 
 
 Five-year bonds 
 
 Three-year bonds, dated April 1, 
 
 1917, which matured on April 1, 
 1920. 
 
 Five-year bonds 
 
 Three-year bonds , 
 
 Five-year bonds 
 
 Three-year bonds 
 Five-year bonds 
 
 Three-year bonds 
 Five-year bonds 
 
 Three-year bonds 
 Five-year bonds 
 
 Three-year bonds 
 Five-year bonds 
 
 Three-year bonds 
 Five-year bonds 
 
 DATE OF 
 ISSUE 
 
 April 1, 1916 
 
 October 1, 1916 
 
 April 1, 1917 
 
 October 1, 1917 
 October 1, 1917 
 
 April 1, 1918 
 April 1, 1918 
 
 October 1, 1918 
 October 1, 1918 
 
 April 1, 1919 
 April 1, 1919 
 
 October 1, 1919 
 October 1, 1919 
 
 April 1, 1920 
 April 1, 1920 
 
 MATURITY 
 
 April 1, 1921 
 
 October 1, 1921 
 
 April 1, 1922 
 
 October 1, 1920 
 
 October 1, 1922 
 
 April 1, 1921 
 
 April 1, 1923 
 
 October 1, 1921 
 
 October 1, 1923 
 
 April 1, 1922 
 
 April 1, 1924 
 
 October 1, 1922 
 
 October 1, 1924 
 
 April 1, 1923 
 April 1, 1925 
 
 RATE OF 
 INTEREST 
 
 5% 
 
 5% 
 
 5% 
 
 5% 
 5% 
 
 5% 
 
 5% 
 
 5% 
 
 5% 
 
 5% 
 5% 
 
 5% 
 5% 
 
 5% 
 5% 
 
 INTEREST PAYABLE 
 
 April 1st and 
 October 1st 
 
 EXTERNAL LOAN FLOATEI 
 
 LOAN 
 
 DATE OF 
 ISSUE 
 
 MATURITY 
 
 RATE OF 
 INTEREST 
 
 INTEREST PAYABL: 
 
 KINGDOM OF ITALY, ROYAL 
 TREASURY, Five-Year, 61/2%, 
 Gold Bonds (Series A) 
 
 February 1, 1920 
 
 February 1, 1925 
 
 6^% 
 
 February 1st an; 
 August 1st 
 
TREASURY BONDS 
 
 AMOUNT OUTSTANDING 
 
 Price at 
 Which 
 Issued 
 
 Approximate 
 
 Cost at Date of 
 
 Issue If Rate 
 
 OF Exchange 
 
 Had Been at 
 
 the normal 
 
 (I LlRE=l9.3 
 CENTS) 
 
 principal 
 
 and interest 
 
 free from 
 
 Italian 
 
 TAXES 
 
 If Bonds 
 Are Held by 
 
 NON- 
 RESIDENTS 
 
 REMARKS 
 
 lApproximate amount of 
 Italian Treasury, 5%, 
 three-year and five- 
 year bonds outstand- 
 ing on October 1, 1919 
 (exclusive of ordi- 
 nary Treasury bills 
 and Treasury bonds 
 issued abroad), 
 
 6,745,000,000 lire 
 
 98^% 
 
 98H% 
 
 98^/4% 
 
 99^% 
 981/4% 
 
 99y4% 
 98^% 
 
 99^% 
 98^/4% 
 
 99^% 
 98^% 
 
 99^% 
 98^/4% 
 
 9914% 
 9814% 
 
 [N THE UNITED STATES 
 
 Per 
 
 1,000-lire 
 bond 
 $190.10 
 
 $190.10 
 
 Yes 
 
 Yes 
 
 $190.10 
 
 $191.55 
 $190.10 
 
 $191.55 
 $190.10 
 
 $191.55 
 $190.10 
 
 $191.55 
 $190.10 
 
 $191.55 
 $190.10 
 
 $191.55 
 $190.10 
 
 Yes 
 
 Yes 
 Yes 
 
 Yes 
 Yes 
 
 Yes 
 Yes 
 
 Yes 
 Yes 
 
 Yes 
 Yes 
 
 Yes 
 Yes 
 
 Law No. 671, passed by the Italian Parliament on May 22, 191S, authorized 
 an unlimited amount of 57r Treasury bonds, with maturities of threa 
 and five years, to be issued whenever war expenditures rendered such 
 action necessary. A Royal Decree, dated May S, 1916, additionally de- 
 fined the provisions governing such issues and was further amplified 
 from time to time by various decrees of the Minister of the Treasury 
 specifying the subsequent issues. The first of these Ministerial decrees, 
 dated May 31, 1916, provided for an issue, from June 20, 1916, to 
 September 30, 1916, of three- and five-year, 5%, Treasury bonds ma- 
 turing on April 1, 1919, and April 1, 1921, respectively. The sucond, 
 dated September 6, 1916, prescribed a further issue from October 1, 1916, 
 to March 31, 1917, maturing on October 1, 1919, and October 1, 1921. The 
 third Ministerial Decree, dated January 23, 1917, suspended temporarily 
 the issuance, but the fourth decree, dated March 6, 1917, authorized the 
 resumption of the issuance, from April 1, 1917, to September 30, 1917, 
 of S% Treasury bonds with maturities on April 1, 1920, and 1922, and 
 October 1, 1920, and 1922. Subsequent Ministerial Decrees sanctioned 
 the issuance of the other Treasury bonds enumerated in this list. 
 
 These Italian Treasury obligations are in the form of coupon bonds to 
 bearer in denominations of 100, 200, SCO, 1,000 5,000, 10,000, 
 20,000 and 50,000 lire, which may be registered as to principal and 
 interest at the Bank of Italy in Rome. 
 
 Holders of these Treasury bonds were given the privilege of converting 
 their securities in payment of subscriptions to the National Consolidated 
 Loans issued during the war. They were accepted to a maximum of 
 one-half of the amount subscribed to the Third National Loan of 
 1916 (Second War Loan) and at varying percentages for the Fourth, 
 Fifth and Sixth National Consolidated Loans of 1917, 1918 and 1920. 
 
 The -principal and interest of Italian Treasury bonds are payable, in Italian 
 lire, at designated agencies of the Government in Italy and in the 
 Italian colonies, or at the Agency of the Banca di Napoli in New York 
 and in Chicago at the current rate of exchange. 
 
 Both the principal and interest are exempt from all Italian taxes, present and 
 future, as well as from the Italian special stamp tax. 
 
 AMOUNT OUTSTANDING 
 
 Price at 
 Which 
 Issued 
 
 Principal 
 
 AND INTEREST 
 
 Free From 
 Italian 
 Taxes 
 If Bonds 
 Are Held by 
 Non- 
 residents 
 
 REMARKS 
 
 $25,000,000 
 
 and 
 interest 
 accrued 
 
 97^% 
 
 Yes 
 
 Coupon bonds to bearer in denominations of $50, $100, $500, $1,000 and $5,000, which may 
 
 be registered as to principal at the Lincoln Trust Company, New York. 
 This loan is a direct obligation of the Italian Government and was issued with the sanction 
 
 of the United States Government. The proceeds will be utilized for industrial and 
 
 economic reconstruction in Italy. 
 The principal and interest are payable, in United States gold coin, without deduction for 
 
 any Italian taxes, present or future, at the Agency of the Banca di Napoli in New York 
 
 and in Chicago. 
 The principal is likewise payable, at the option of the holder, in Rome in Italian lire at 
 
 the fixed rate of seven lire per dollar. 
 
11 
 
 W. B. HIBBS 
 
 t 
 
 AND Company 
 
 June, 1920. 
 
 MEMBERS 
 
 NEW YORK STOCK EXCHANGE 
 BOSTON STOCK EXCHANGE 
 
 PHILADELPHIA STOCK EXCHANGE 
 WASHINGTON STOCK EXCHANGE 
 NEW YORK COTTON EXCHANGE 
 CHICAGO BOARD OF TRADE 
 
 HiBBS Building 
 Washington, D C. 
 
 '■ I "*HE information herein contained has 
 -*- been taken from authoritative sources and 
 
 is believed to be correct, 
 however, guaranteed. 
 
 Its accuracy is not, 
 
 W. f. ROBERTS CO. WASHINGTON 0. C. 
 
^4417,-] 
 
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