The Italian Ambassador, who presided at a dinner of the
Italian Chamber of Commerce in London on Wednesday evening, delivered an interesting, and even surprising, speech on the present financial situation in Italy. Though admitting the cruelty of Italy's burden, he denies that she has bent beneath her load. The deposits in the savings banks and on current account with the banks throughout Italy amount to three milliards of lire, of £120,000,000 sterling. Italy now constructs the whole of the material for her Navy, and, what is much more significant her private docks compete successfully for foreign orders will the great shipbuilding yards of the world. She makes al the rolling-stock for her railways ; the number of her mechanics has doubled between 1871 and 1895 ; miners' exports and silk production have trebled; while the figures of arrivals and departures of steamers have risen from 24,00( to 60,000 in the same period. As an instance of the con fidence reposed in Italy's commercial stability the Ain bassador pointed to the founding of banks and factories in Milan by the Germans, the recent influx of French capital, the reor ganisation of the sulphur industry by English aid, and Lord Armstrong's works near Naples. Altogether, the Ambas- sador's speech was most reassuring, but we mast not forget that it was based on official statistics—and they often prove a little too much.
Previous page
