THE UTILIZATION OF SAVINGS 379 



the good financial resources needed by the Agri- 

 cultural Co-operative Associations to carry out 

 the above-mentioned policy of defence, in addi- 

 tion to the other arrangements in respect to 

 purchase, etc. But on the question of ways 

 and means I would commend to those who are 

 interested in this branch of the subject a perusal 

 — or even a re-perusal — of the chapter on the 

 position in Italy, where, as I have explained, 

 the savings effected by the artisans in the 

 towns are rendered available for the purpose 

 of loans to agriculturists in the district in which 

 they have been obtained, instead of being sent 

 away to be invested in Government securities, 

 or to be put into, perhaps, dubious foreign 

 speculations. The financial position of Italy 

 is, of course, altogether different from that 

 of Great Britain ; but if, for instance, the 

 deposits made in the Post Office Savings Bank 

 by the working classes in one of our great 

 industrial centres could, under some absolutely 

 secure system, be utilized to encourage the start- 

 ing of co-operative credit banks in the surround- 

 ing agricultural districts, the result would be 

 not only to confer a great advantage on the 

 tanners, and not only to improve the general 

 position of agriculture, but also to produce an 

 increased demand for agricultural machinery, 



