Germany had a firm grip on the resources of the country. Her agents carried on a propaganda which required the utmost courage of the Italians to overcome, and let it be said to the credit of the Italian people, they risked financial ruin when they decided to enter the war on the side of the Allies.
The first result of their entry into the World War was to demoralize their securities and almost to destroy the value of their money. The lira, a coin which, before the war, was worth about 19 cents, decreased in buying power to about 11 cents. Bonds dropped alarmingly.
With the United States as an ally, loans have been made to Italy, her credit has been re-established, the lira has gradually increased in value, and with steel and coal in sufficient quantities for all purposes, prosperity is returning.
It was the shrewd Bismarck who arranged with Signor Crispi, twice Premier, to come to the assistance of Italy. A loan was made, and the best Italian securities were obtained for a song. Ever since, the German grip has tightened. As a result of the war Italy will be restored to commercial freedom and she will have a new and much needed opportunity to expand.
The Ansaldo Company, a new and gigantic corporation, is now one of the largest munition plants in the world. Italy has tremendous resources in her water-power which is now being developed. Like her allies, she will be able to manufacture many of the things she needs.
Her airplanes are among the best that are made. Her engines are wonders of mechanical perfection. Her motor cars are unexcelled. Italy, prepared as she never was, is ready for the future.
PHOTOGRAPH BY E. M. NEWMAN
A MARKET SQUARE IN ROME
ITALY UNDER WAR CONDITIONS
The Food Problem and How It Is Met