INFORMATION RELATING TO CO-OPERATION AND ASSOCIATION 25 



Securities at the end of the 3^ear gave a balance of 2,494 bills for 

 2,423,336. liras, including 2,022,231 liras on bills expiring within three 

 months and 401,105 liras on those expiring later. Bills discounted in 

 1915 numbered 10,972 and were for more than eleven million liras. The 

 diminution in the discounts effected, as compared with 1914, was 42,000 

 liras. Dishonoured bills for the year are represented in the balance-sheet 

 by only 23,000 liras. 



The title deeds of the bank's propert}" amounted to 678,000 liras, ' 

 660,000 liras thereof being invested in treasury bonds. As regards the 

 profit and loss account, the net profits amounted to 61,000 liras, of which 

 sum 11,887 liras was assigned to the shareholders at the rate of 4 liras a 

 share, 43,000 liras went to augment different reserve funds, 2,000 liras 

 was granted to beneficent objects and 2,000 liras to the industrial school. 



Tlie Popular Mutual Bank of Verona (i). — This is one of the oldest 

 popular banks in Venetia, having been founded in 1867, that is at the 

 beginning of I/uigi IvUzzatti's organization of a propaganda of popular 

 credit. It has alw^ays remained faithful to its early principles, and thaiiks 

 to prudent administration it has attained morally and materially to a lead- 

 ing position. lyike kindred institutions it felt last year the effects of the 

 country's economic crisis as determined by political events : the sums 

 deposited in this bank were at first reduced, and later, when calm had re- 

 turned to the market, it had to find the best investments for the consider- 

 able sum which the plentiful return of deposits placed at its disposal 

 However it was able to overcome transitory embarassments, by rediscount- 

 ing largeh' and frequentl}' the securities of similar banks, by subscribinj5 

 to the national loans, or by reducing the rate of interest paid on deposits 

 of each category in order to lessen their superabundance. By such mea- 

 sures the hard times were successfully passed. The figures on the balance- 

 sheet are most satisfactory and show the institution's flourishing condi- 

 tion. We will quote the principal of them : 



The shareholders' property was 756,470 liras of which 484,308 liras 

 represents the capital (13,453 shares of 36 liras each) and 272,162 liras the 

 reserve. 



Deposits amounted to twelve and a half million liras, two million on 

 current account and ten and a half in savings deposits. The increase 

 shown by this item as compared with 1914 is of 1,400,000 liras. 



Securities held at the end of the year gave a balance of 4,236,092 liras, 

 showing a diminution of 800,000 liras as compared with the preceding 

 year's balance. We have abready noticed the reasons for a limitation of 

 activity, and these also affected the year's profits. . 



The bank holds title-deeds of its property for 2,373,873 liras, all offer- 

 ing the surest guarantee and being readily realizable. 



The net profits amounted to 79,392 liras ; of which 30,000 liras went 

 to augment the reserve, 24,205 liras were assigned to shareholders at the 



(i) I,a Banca Mulua Popolare di Verona. 

 3 



