The New York herald., 1921-06-06

to Spezia or Savona, whence 1t is shipped
TO America. When the new harbor is
completed it will be less than 20 lire a
ton. In the shipping line the banks are
endeavoring hard TO make Italy one of
the dominating maritime Powers. All
the Italian shipping lines made note
worthy progress during the war and,
incidentally. huge earnings BY an ar
rangement with the Government all
those lines which had received money
for the loss or capture of ships during
the war. If they spent that money at
home or abroad in the reconstruction
of ships and these ships were placed on
the Italian register by June. 1921 (for
Italian construction), and December.
| 1920 (for foreign construction)- -
Government undertook to pay the differ
ence between the pre-war cost of con-
struction and the present prices.
The consequence of this has been that
a tremendous boom has been given to
shipbuilding throughout the country.
| some of the lines, such as the N. G.. l.,
have laid down their own shipbuilding
yards to construct ships for their own
service. This boom lis. however. on the
| down grade. as the labor trouble, the
cost of raw material and the planting of
ex-enemy ships has seriously affected
| the work.
| Italian lines are working to all parts
OF the world and seriously competing
| with Anglo-Saxon lines. The italian
banks. notably the Commercials and
Banca Italiana di Sconto, are spending
huge sums on taking over of the old
German routes from Genoa and the
former Austrian trade routes from
! Trieste.
The development of the Italian banks
lo has hAn
actually stupendous. In 1920 the share
capital subscribed for new companies.
under the auspices of the big Four of
Italy. exceeded 4,S34, 900, 900 lire. being
more than the total subscribed during
the previous four years. Not only are
the banks interested in every form of
Industrial enterprise IN italy but they
have largely interested themselves in
all manner of Italian enterprise in South
America, the United States Jugo-Slavia
and the Near East.
1t would not be greatly exaggerating
the point to say that the Italian banks
have filed rapidly large portion Of the
world formerly ruled by German capital.
They are also taking share in the
agricultural development of the coun-
| try, and as this Is one of the crying
needs presently to be faced by the new
Parliament 1t is certain that the banks
will have considerable amount to say
on this question.
Farming Conditions Good.
For the present the agricultural situa-
ton OF Italy Is satisfactory. In view
OF the excellent crops to be expected.
Signor Giolitti has forbidden the pur-
chase of American grain for the COM
munes, although II was offered at the
excellent price of five dollars a quintal,
delivered. Last years crops were gen.
orally below the pre-war records, partly
due to the bad season and partly to
the labor troubles, especially in the
north, which in many places seriously
affected the harvesting. Emigration
was also responsible for something in
this. 1t is to be remembered that at
present Italy, because of the energetic
measures taken during the war, grows
more grain and on a closer area than
France. Actual figures Of compari-
son are. I am told. 1853 in Italy and 1873
in France. In fact. large areas of land
turned into wheat fields during that
period are by nature intended for pas
ture or woodlands
Emigration Is still one of the princi-
pal exports of Italy. and during the first
three months of this year 81, 044 persons
left the country, of whom 71,000 were
directed to ports across the ocean, 80
per cent. Of the latter figure going to the