is disappointed to find the
same familiar names as before:[20] Allgemeine Electricitaets
Gesellschaft, Thomson Houston, the Mannesmann Tubes Co., the Italian
Brown Boveri Co., etc. The nationalist Italian press organ which first
directed public attention to these German subtleties asks pertinently:
"Were not and are not the real producers named in this list the same
who were the prime movers in the deplorable foreign conquest of the
Italian market?"[21]

[20] Felix Deutsch, Karl Zander, Otto Joel, Karl von Siemens,
Walter Boveri, Karl Kapp, etc.

[21] _L'Idea Nazionale_, September 8, 1915.

The Banca Commerciale, which was admittedly an all-powerful German
institution, and has the control, direct or indirect, of most of the
industries, the silk manufacture, metallurgical and mechanical works
of the country and of thirty-four electrical companies in Italy: which
possess a capital of 434,000,000 francs and produce energy equal to
940,000 h.p.: found itself in an unpleasant predicament as soon as the
King of Italy declared war against Austria-Hungary. But Teuton
resourcefulness solved the problem with ease and seeming thoroughness
by inducing certain German officials on the board to resign and
appointing as Italian director a gentleman known for his
philo-Germanism. But the three creators of the bank were left: Herrn
Joel, Toeplitz and Weil, and although it was affirmed solemnly that
Joel was no longer the director but M. Fenoglio, it has been publicly
proved that after the resignation of the former, the latter, before
sending a _consignment of gold to Berlin_,[22] had to ask for and
actually received the authorization of Herr Joel.[23]

[22] On May 21, 1915.

[23] _L'Idea Nazionale_, November 8, 1915.

The following brief summary of the companies and enterprises in which
the Banca Commerciale is interested may enable the British reader to
form an idea of its decisive influence on the economic and political
life of the Italian nation: they include eighteen of the largest
companies of textile industries; sixteen of the most important
companies of chemical, electrical and kindred industries; six of the
chief companies of alimentation; twenty-six transport companies;
twenty-seven of the principal companies of mechanical industries and
naval construction; six building companies; five of the chief mining
companies; twenty-eight of the largest electrical companies; and
twenty-two miscellaneous.[24]