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