I incline on the whole to his point of view. Money is facile cosmopolitan stuff. I think that any bank that settles down in Italy is going to be slowly and steadily naturalised Italian, it will become more and more Italian until it is wholly Italian. I would trust Italy to make and keep the Banca Commerciale Italiana Italian. I believe the Italian brain is a better brain than the German article. But still I heard people talking of the implicated organisation as if it were engaged in the most insidious duplicities. “Wait for only a year or so after the war,” said one English authority to me, “and the mask will be off and it will be frankly a 'Deutsche Bank' once more.” They assure me that then German enterprises will be favoured again, Italian and Allied enterprises blockaded and embarrassed, the good understanding of Italians and English poisoned, entirely through this organisation.... The reasonable uncommercial man would like to reject all this last sort of talk as “suspicion mania.” So far as the Banca Commerciale Italiana goes, I at least find that easy enough; I quote that instance simply because it is a case where suspicion has been dispelled, but in regard to a score of other business veins it is not so easy to dispel suspicion. This war has been a shock to reasonable men the whole world over. They have been forced to realise that after all a great number of Germans have been engaged in a crack-brained conspiracy against the non-German world; that in a great number of cases when one does business with a German the business does not end with the individual German. We hated to believe that a business could be tainted by German partners or German associations. If now we err on the side of over-suspicion, it is the German's little weakness for patriotic disingenuousness that is most to blame.... But anyhow I do not think there is much good in a kind of witch-smelling among Italian enterprises to find the hidden German. Certain things are necessary for Italian prosperity and Italy must get them. The Italians want intelligent and helpful capital. They want a helpful France. They want bituminous coal for metallurgical purposes. They want cheap shipping. The French too want metallurgical coal. It is more important for civilisation, for the general goodwill of the Allies and for Great Britain that these needs should be supplied than that individual British money-owners or ship-owners should remain sluggishly rich by insisting upon high security or high freights. The control of British coal-mining and shipping is in the national interests--for international interests--rather than for the creation of that particularly passive, obstructive, and wasteful type of wealth, the wealth of the mere profiteer, is as urgent a necessity for the commercial welfare of France and Italy and the endurance of the Great Alliance as it is for the well-being of the common man in Britain. 3