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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.
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