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　Italy's
  dis