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 to be fusses about
European loans in China。 And one of the favourite themes of
British fiction and drama before the war was the unfortunate
position of the girl who accepted a loan from the wicked man to
pay her debts at bridge。〃
〃Italy；〃 said Captain Pirelli； 〃isn't a girl。 And she hasn't
been playing bridge。〃
I incline on the whole to his point of view。 Money is facile
cosmopolitan stuff。 I think that any bank that settles down in
Italy is going to be slowly and steadily naturalised Italian； it
will become more and more Italian until it is wholly Italian。 I
would trust Italy to make and keep the Banca Commerciale Italiana
Italian。 I believe the Italian brain is a better brain than the
German article。 But still I heard people talking of the
implicated organisation as if it were engaged in the most
insidious duplicities。 〃Wait for only a year or so after the
war；〃 said one English authority to me； 〃and the mask will be off
and it will be frankly a 'Deutsche Bank' once more。〃 They assure
me that then German enterprises will be favoured again； Italian
and Allied enterprises blockaded and embarrassed； the good
understanding of Italians and English poisoned； entirely through
this organisation。。。。
The reasonable uncommercial man would like to reject all this
last sort of talk as 〃suspicion mania。〃 So far as the Banca
Commerciale Italiana goes； I at least find that easy enough； I
quote that instance simply because it is a case where suspicion
has been dispelled； but in regard to a score of other business
veins it is not so easy to dispel suspicion。 This war has been a
shock to reasonable men the whole world over。 They have been
forced to realise that after all a great number of Germans have
been engaged in a crack…brained conspiracy against the non…German
world； that in a great number of cases when one does business
with a German the business does not end with the individual
German。 We hated to believe that a business could be tainted by
German partners or German associations。 If now we err on the
side of over…suspicion； it is the German's little weakness for
patriotic disingenuousness that is most to blame。。。。
But anyhow I do not think there is much good in a kind of witch…
smelling among Italian enterprises to find the hidden German。
Certain things are necessary for Italian prosperity and Italy
must get them。 The Italians want intelligent and helpful
capital。 They want a helpful France。 They want bituminous coal
for metallurgical purposes。 They want cheap shipping。 The
French too want metallurgical coal。 It is more important for
civilisation； for the general goodwill of the Allies and for
Great Britain that these needs should be supplied than that
individual British money…owners or ship…owners should remain
sluggishly rich by insisting upon high security or high freights。
The control of British coal…mining and shipping is in the
national interestsfor international interestsrather than for
the creation of that particularly passive； obstructive； and
wasteful type of wealth； the wealth of the mere profiteer； is as
urgent a necessity for the commercial welfare of France and Italy
and the endurance of the Great Alliance as it is for the well…
being of the common man in Britain。
3
I left my military guide at Verona on Saturday afternoon and
reached Milan in time to dine outside Salvini's in the Galleria
Vittorio Emanuele； with an Italian fellow story…writer。 The
place was as full as ever； we had to wait for a table。 It is
notable that there were still great numbers of young men not in
uniform in Milan and Turin and Vicenza and Verona； there was no
effect anywhere of a depletion of men。 The whole crowded place
was smouldering with excitement。 The diners looked about them as
they talked； some talked loudly and seemed to be expressing
sentiments。 Newspaper vendors appeared at the intersection of
the arcades； uttering ambiguous cries； and did a brisk business
of flitting white sheets among the little tables。
〃To…night；〃 said my companion； 〃I think we shall declare war upon
Germany。 The decision is being made。〃
I asked intelligently why this had not been done before。 I
forget the precise explanation he gave。 A young soldier in
uniform； who had been dining at an adjacent table and whom I had
not recognised before as a writer I had met some years previously
in London； suddenly joined in our conversation； with a slightly
different explanation。 I had been carrying on a conversation in
slightly ungainly French； but now I relapsed into English。
But indeed the matter of that declaration of war is as plain as
daylight； the Italian national consciousness has not at first
that direct sense of the German danger that exists in the minds
of the three northern Allies。 To the Italian the traditional
enemy is Austria； and this war is not primarily a war for any
other end than the emancipation of Italy。 Moreover we have to
remember that for years there has been serious commercial
friction between France and Italy； and considerable mutual
elbowing in North Africa。 Both Frenchmen and Italians are
resolute to remedy this now； but the restoration of really
friendly and trustful relations is not to be done in a day。 It
has been an extraordinary misfortune for Great Britain that
instead of boldly taking over her shipping from its private
owners and using it all； regardless of their profit； in the
interests of herself and her allies； her government has permitted
so much of it as military and naval needs have not requisitioned
to continue to ply for gain； which the government itself has
shared by a tax on war profits。 The Anglophobe elements in
Italian public life have made the utmost of this folly or laxity
in relation more particularly to the consequent dearness of coal
in Italy。 They have carried on an amazingly effective campaign
in which this British slackness with the individual profiteer； is
represented as if it were the deliberate greed of the British
state。 This certainly contributed very much to fortify It