It was also decided by the Italian Government on February 16, 1916, that warmer commercial relations with the allied nations should be cultivated. In pursuance of this policy a program was mapped out covering the following five years, during which period machinery, raw materials, and manufactured articles destined for the development of existing industries or the creation of new ones could be imported free of any duty if their origin was in allied or friendly countries. In this way it was aimed to disintegrate the commercial domination of Germany which had been built up by the efforts of a generation. It was felt that by this method efforts on the part of Germany and Austria-Hungary to recapture lost Italian import trade would be rendered futile. During this same month announcement was made regarding the third Italian war loan. This was declared to have reached on February 6, 1916, 3,000,000,000 lire, which, together with former loans, showed that altogether 5,000,000,000 lire had been contributed. Considerable satisfaction was expressed at this result. It was conceded that in the realm of finance, in which Italy had been considered weakest, the country had done remarkably well. Considering that Italy not long ago was considered one of the poorest nations of Europe, bearing taxes out of all proportion to her wealth, and that even now she had been enjoying but half a century of national independence, the showing was full of promise for the future. In general, it was held that Italy had revealed herself in a character different from that which had been made traditional by the criticisms of foreigners. Not only on the declaration of war had the traditional "Latin temperament" shown itself to be surprisingly calm and self-possessed, but various other traits were revealed that militated against the conventional view. When hostilities began on the Austro-Italian frontier the stroke of the fateful hour found Italy prepared to the last button and the last man. An organization that was the fruit of years of toil had been built up, ready for action on any frontier. That such action would be first needed on the frontier of a former ally could not have been foreseen. But within a very short time Italy was mobilized, and her prompt efficiency made it possible at once to carry the war on to Austrian territory, where it has since been waged.