Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-06-02

during the year 1912 the Banca handed over
to the postal savings banks nearly S2,400,O 900,
which was sent to Italy by immigrants re-
siding in the United States. But this is only
a small part of the total sum sent from this
country to be deposited either in the postal
savings banks or In other financial institu-
tions Of Italy, and we must take into con-
sideration the fact that the bulk of the saw
ings of the immigrants is sent to the wives
Of the latter and by them deposited directly
In the savings banks We can safely assume,
therefore, that quite one-fourth of the
money sent home every year by Italians re-
siding in the United States goes to swell the
funds of the savings banks of Italy.
The Government usually turns the money
received for safe keeping over to the Casa
Deposit e Prestti. which, as we have seen,
invests 1t in loans to cities and various COM
munIties Of the klngdom-but the Govern
ment may ask the Casa for a loan should
the necessity to do so arise. Moreover the
private savings banks usually invest their
deposits In Government loans which are the
safest investment, and leave them a profit of
about O7O per cent, that is the difference be-
tween the interest they pay to the depositors
and that paid to them by the Government
bonds. 1t was mainly in this way that the
bulk of the Italian bonds held by foreign in
vestors could be recalled
Many of the depositors of the postal saw
ings banks convert their deposits into Gov
ernment bonds directly, deciding not to run
the risk of a commercial investment The
recent loan of more than 5000 OOO, 900 launched
by the italian Government to cover the ex-
penses of the military preparation for the
present war was in a good measure covered
by the savings of the emigrants held In the
private banks, and 1t may not be impossible
that the Government took advantage of the
two billions or more deposited in the postal
savings banks to complete that loan. Ger
tainly it will use the money If its needs in
the present war make that necessary.
They Also Serve
From the figures given above 1t can be seen
how great a contributor of prosperity IN his
mother country is the Italian emigrant in
time Of peace, when his savings are used
mainly to advance the development OF the
fatherland; and in time of war, when the
money saved by him in foreign lands is used
for the realization Of the national aspiration
and probably to save the country This fact
explains why Italy is not very eager to call
to the eolors, at least not until that becomes
an imperative necessity, her emigrants toillng
abroad. especially those who are working IN
this country. In fact. they will continue TO
send home their savings. supplying the money
needed for the national war; and in this way
they also will serve their country
And this without taking into consideration
the money which win be sent to italy to
lessen the surerings of the destitute families
of the soldiers. To cite only one instance. the
Italian colony OF Philadelphia expects to send
to the Italian Red Cross, to be distributed to
the wounded or to the destitute families Of
those who are fighting for their country not
less than 100000. What win the Italians Of
New York, who are four times as many as
those OF Philadelphia. do, and what amount
viii be sent by the remaining millions OF
Italians scattered all over the United statesY