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America； north and south； to Switzerland； Germany and the south
of France。 The cessation of this emigration has given her great
reserves of man power； so that she has carried on her admirable
campaign with less interference with her normal economic life
than any other power。 The first person I spoke to upon the
platform at Modane was a British officer engaged in forwarding
Italian potatoes to the British front in France。 Afterwards； on
my return； when a little passport irregularity kept me for half a
day in Modane； I went for a walk with him along the winding pass
road that goes down into France。 〃You see hundreds and hundreds
of new Fiat cars；〃 he remarked； 〃along heregoing up to the
French front。〃
But there is a return trade。 Near Paris I saw scores of
thousands of shells piled high to go to Italy。。。。
I doubt if English people fully realise either the economic
sturdiness or the political courage of their Italian ally。 Italy
is not merely fighting a first…class war in first…class fashion
but she is doing a big； dangerous； generous and far…sighted thing
in fighting at all。 France and England were obliged to fight；
the necessity was as plain as daylight。 The participation of
Italy demanded a remoter wisdom。 In the long run she would have
been swallowed up economically and politically by Germany if she
had not fought； but that was not a thing staring her plainly in
the face as the danger； insult and challenge stared France and
England in the face。 What did stare her in the face was not
merely a considerable military and political risk； but the
rupture of very close financial and commercial ties。 I found
thoughtful men talking everywhere I have been in Italy of two
things； of the Jugo…Slav riddle and of the question of post war
finance。 So far as the former matter goes； I think the Italians
are set upon the righteous solution of all such riddles； they are
possessed by an intelligent generosity。 They are clearly set
upon deserving Jugo…Slav friendship； they understand the plain
necessity of open and friendly routes towards Roumania。 It was
an Italian who set out to explain to me that Fiume must be at
least a free port； it would be wrong and foolish to cut the trade
of Hungary off from the Mediterranean。 But the banking puzzle is
a more intricate and puzzling matter altogether than the
possibility of trouble between Italian and Jugo…Slav。
I write of these things with the simplicity of an angel； but
without an angelic detachment。 Here are questions into which one
does not so much rush as get reluctantly pushed。 Currency and
banking are dry distasteful questions； but it is clear that they
are too much in the hands of mystery…mongers； it is as much the
duty of anyone who talks and writes of affairs； it is as much the
duty of every sane adult； to bring his possibly poor and
unsuitable wits to bear upon these things； as it is for him to
vote or enlist or pay his taxes。 Behind the simple ostensible
spectacle of Italy recovering the unredeemed Italy of the
Trentino and East Venetia； goes on another drama。 Has Italy been
sinking into something rather hard to define called 〃economic
slavery〃？ Is she or is she not escaping from that magical
servitude？ Before this question has been under discussion for a
minute comes a namefor a time I was really quite unable to
decide whether it is the name of the villain in the piece or of
the maligned heroine； or a secret society or a gold mine； or a
pestilence or a delusionthe name of the /Banca Commerciale
Italiana。/
Banking in a country undergoing so rapid and vigorous an economic
development as Italy is very different from the banking we simple
English know of at home。 Banking in England； like land…owning；
has hitherto been a sort of hold up。 There were always
borrowers； there were always tenants； and all that had to be done
was to refuse； obstruct； delay and worry the helpless borrower or
would…be tenant until the maximum of security and profit was
obtained。 I have never borrowed but I have built； and I know
something of the extreme hauteur of property of England towards a
man who wants to do anything with land； and with money I gather
the case is just the same。 But in Italy； which already possessed
a sunny prosperity of its own upon mediaeval lines； the
banker has had to be suggestive and persuasive； sympathetic and
helpful。 These are unaccustomed attitudes for British capital。
The field has been far more attractive to the German banker； who
is less of a proudly impassive usurer and more of a partner； who
demands less than absolute security because he investigates more
industriously and intelligently。 This great bank； the Banca
Commerciale Italiana； is a bank of the German type： to begin
with； it was certainly dominated by German directors； it was a
bank of stimulation； and its activities interweave now into the
whole fabric of Italian commercial life。 But it has already
liberated itself from German influence； and the bulk of its
capital is Italian。 Nevertheless I found discussion ranging
about firstly what the Banca Commerciale essentially /was/；
secondly what it might /become/； thirdly what it might
/do/； and fourthly what； if anything； had to be done to it。
It is a novelty to an English mind to find banking thus mixed up
with politics； but it is not a novelty in Italy。 All over
Venetia there are agricultural banks which are said to be
〃clerical。〃 I grappled with this mystery。 〃How are they
clerical？〃 I asked Captain Pirelli。 〃Do they lend money on bad
security to clerical voters； and on no terms whatever to anti…
clericals？〃 He was quite of my way of thinking。 〃/Pecunia non
olet/；〃 he said； 〃I have never yet smelt a clerical fifty lira
note。〃。。。 But on the other hand Italy is very close to Germany；
she wants easy money for development； cheap coal； a market for
various products。 The case against the Germansthis case in
which the Banca Commerciale Italiana appears； I am convinced
unjustly； as a suspectis that they have turned this natural and
proper interchange with Italy into the acquisition of German
power。 That they have not been merely easy traders； but
patriotic agents。 It is alleged that they used their early
〃pull〃 in Italian banking to favour German enterprises and German
political influence against the development of native Italian
business； that their merchants are not bona…fide individuals； but
members of a nationalist conspiracy to gain economic controls。
The German is a patriotic monomaniac。 He is not a man but a
limb； the worshipper of a national effigy； the digit of an
insanely proud and greedy Germania； and here are the natural
consequences。
The case of the individual Italian compactly is this： 〃We do not
like the Austrians and Germans。 These Imperialisms look always
over the Alps。 Whatever increases German influence here
threatens Italian life。 The German is a German first and a human
being afterwards。。。。 But on the other hand England seems
commercially indifferent to us and France has been economically
hostile。。。〃
〃After all；〃 I said presently； after reflection； 〃in that matter
of /Pecunia non olet/； there used t