H4 ITALY 



and the losses sustained have, in point of fact, 

 been altogether insignificant. The loans granted 

 by the Village Banks are mostly for the pur- 

 chase of live stock or tools, or for the construc- 

 tion or repair of buildings, and they will range 

 in amount from about £3 to £8, advanced for 

 periods up to two or three years. 



Thus far, then, the Italian system, collecting 

 the savings of even the humblest of workers in 

 the towns (deposits by labourers, domestic ser- 

 vants, school children, and residents in charitable 

 institutions are encouraged by the payment 

 of a higher rate of interest) had brought agri- 

 cultural credit within the reach of the humblest 

 of toilers in the country, and had effectually 

 checked the usury that formerly did so much 

 to the prejudice of both land and people. But 

 there were two further steps necessary to make 

 the system complete. 



In the first place the agriculturists who could 

 now secure the capital they wanted must be 

 provided with an organization which would 

 enable them to purchase good qualities at a 

 low price. This was done by the formation of 

 agricultural syndicates on the model of those 

 already so well established in France. The first 

 of these had made its appearance in Italy in 

 ] 887 ; but it was not until the network of bank- 



