The New York herald., 1921-06-09
lea del Sud ere equally afhliations Of


the Commercials.
Like other financial institutions in
Italy. the Commerciale is largely inter-
ested in the development Of the electric
power of the country and has financed
the electric company OF Adamello, the
Ligura-Toscana Electric Company, and
the Dalmlni Electric Works. In the
shipping world the Commercials controls
now the Naviga zione Generate italiana.
which absorbed the Lloyd-ltaltano and
the Italia companies during the war and
In 1919 swallowed the Commerciale
Navigation Company of Italy and also
controls the Trans-Oceanica, the Neloci
and the Societa Italiana di Servizi Marit-
timi Naturally. with the control or the
N. G.. l. goes also the control OF the
new docllyards built by this company al
Baia. This short resume will give some
idea OF the developments Of the Banca
Commerciale Italiana in the past three
years since the armistice.
The Banca Iteliana di Sconto Is the
newest but the second most powerful
bank in italy. 1t was founded In 1915
with a capital OF fifteen million lire on
the amalgamation of two small provln-
cial banks, the Societa Bancaria 1tali-
ana and the Societa di Credito Provin-
claIe To-day its capital is S15 million
lire. and during 1920 its total turnover
was $3.50 million lire. The president
of the bank is Senator Marconi and the
managing director is commentators
Pogliani, the original founder of the
Societa Bancaria Italiana. The Sconto
bank came into great prominence during
the war for the extremely patriotic
work II did in fighting foreign intrigues
One OF the primary objects for which Il
was founded was to establish a purely
Italian bank as against the other banks
which had been founded with foreisr
capital and were suspected Of being
foreign agents.
The AnsaIdo Development.
1t was happy combination Between
the new bank and the great armament
firm of Ansaldo which brought success
to the bank, and, incidentally. allowed
Ansaldo to develop to the utmost. The
fight between the Banca Commerciale
and the Banca Italiana di Sconto soor
became acute. and for a certain period
after March. 1918, the group headed by
the Perrone brothers, heads of the An
saldo firm. had gained control of the
Commericale, a victory which was re-
versed last year and which remains to
be decided by the courts OF justice. This
acute rivalry between two groups in the
inner circles of two great banks is tho
one regrettable feature of the last
financial year in Italy.
For the purpose OF elucidatng the
present and future development of the
Banca Italiana di Sconto ii is at once
necessary to make it clear that the
firm of Ansaldo and the Banca Ttaliana
di Sconto are absolutely and lrremedi-
ably one and indivisible, and that any
disaster to the one or the other would
| prove to be a national disaster. This
| being so, II is not surprising TO see tina;
| this bank is now largely extending 1t:
| activities 10 the questions of raw ma
| terial and shipping.
The financing OF industries to-day is
| completely changed as a result OF the
| war. Formerly II served chiefly for the
| purpose OF completing installations
! that is. for the constitution Of a fixed
capital. To-day the financing is for the
provision OF circulating capital. which
returns more quickly and with less risk
although last year. and al present, .ow'
ing to labor troubles and the continu'
GUS high cost of raw material. perhaps
the returns have not been so quickly re-
allied as might have been expected.
1t was therefore not altogether un'
natural that the Banca Italiana d
Sconto should look further abroad fol-
investments. Previously II had made
arrangements with the Bank of Brus.
sells and had founded the Banca Italo-
Causico di Sconto and with It's private
agreement with Barclays Bank In Lon.
don and It's own foundation the italian
Discount and Trust Company of New