THE MONTE DEI PASCHI 6l 



which engaged to set aside for this sole purpose out of its profits no less than 

 100,000 frs. a year for the term of fifty years. 



So, harmonizing credit and benevolence and savings with the most 

 modern forms of thrift, the Monte de' Paschi has gradually adapted itself to 

 the changed conditions of political and social life, has responded to the new 

 currents of local economy, and met the new requirements of the popul- 

 ation. It has been able in turn to anticipate, associate itself with and bring 

 to p erf ection institutes and measures for the relief, encouragement and pro- 

 tection of landed property. It has understood that, in the heat of compet- 

 ition, it is not enough to have a glorious past and very noble traditions; 

 memories are not enough to live on and, in the fierceness of the struggle, it 

 is the strongest and best balanced organisms that resist; and the Monte, in 

 accordance with a prudent standard of administration, has striven to increase 

 its own capital, always avoided all speculation, and founded special re- 

 serve funds to meet eventual losses and the fluctuations in value of its se- 

 curities ; it has very slowly enlarged its sphere of influence, trying the 

 ground before advancing and retiring in time from regions recognised as 

 dangerous. 



