Banks. money on current account on the security of land or buildings. The value of their land certificates or cartelle fondiarie (representing capital in circulation) rose from £10,420,000 in 1881 to £15,560,000 in 1886, and to £30,720,000 in 1891, however fell to £29,320,000 in 1896, to £27,360,000 in 1898, and to £24,360,000 in 1907; the amount of money lent increased from £10,440,000 in 1881 to £15,600,000 in 1886, and £30,800,000 in 1891, but fell to £29,320,000 in 1896, to £27,360,000 in 1899, and to £21,720,000 in 1907. The diminution was due to the legislation of the tenth of April 1893 upon the banks of situation, by which they were obliged to liquidate the loan and mortgage enterprise they’d beforehand carried on. Banks.-Until 1893 the juridical status of the Banks of Issue was regulated by the laws of the thirtieth of April 1874 on paper forex and of the seventh of April 1881 on the abolition of compelled foreign money. Certain banks make a special enterprise of lending cash to owners of land or buildings (credito fondiario).
The development of the big cities has induced these banks to show their consideration moderately to building enterprise than to mortgages on rural property. Loans are repayable by instalments, and are guaranteed by first mortgages not higher in amount than half the value of the hypothecated property. They have been in January 1908 equal in value to the metallic forex of gold and silver. These loans are regulated by special disposition, and are assured by a share of the increased value of the land after the improvements have been carried out. Loans on mortgage may even be granted to landowners and agricultural unions, with a view to the introduction of agricultural improvements. Local finance is regulated by the communal and provincial regulation of May 1898, which instituted provincial administrative juntas, empowered to look at and sanction the acts of the communal financial administrations. Communal revenues are drawn from the proceeds of communal property, curiosity upon capital, taxes and local dues.
In addition, the communes have a right to levy a surtax not exceeding 50% of the quota levied by the state upon lands and buildings; a household tax, or fuocatico, upon the whole incomes of families, which, for fiscal purposes, are divided into various classes; a tax based upon the rent-worth of homes, and different taxes upon cattle, horses, dogs, carriages and servants; additionally on licences for shopkeepers, hotel and restaurant keepers, &c.; on the slaughter of animals, stamp duties, one-half of the tax on bicycles, &c. The taxes thus vary considerably in several towns. The provincial administrative junta is, moreover, empowered to order “obligatory” expenditure, such because the upkeep of roads, sanitary works, lighting, police (i.e. the so-referred to as “guardie di pubblica sicurezza,” the “carabinieri” being really a army force; only the largest towns maintain a municipal police drive), charities, training, &c., in case such expenditure is uncared for by the communal authorities. The cost of hearth brigades, infant asylums, evening and vacation colleges, is classed as “optional” expenditure. Expenditure amounted to £3,768,888, of which the principal items have been £760,000 for roads and bridges, £520,000 for lunatic asylums, £240,000 for foundling hospitals, £320,000 for curiosity on debt and £200,000 for police.
Their expenditure is likewise classed as “obligatory” and “optional.” The previous category includes the maintenance of provincial roads, bridges and watercourse embankments; secondary training, at any time when this is not provided for by private institutions or by the state (elementary education being maintained by the communes), and the upkeep of foundlings and pauper lunatics. “Optional” expenditure contains the cost of services of common public curiosity, although not strictly indispensable. See Annuario statistico italiano (not, nevertheless, issued usually annually) for common statistics; and different official publications; W. Deecke, Italy; a popular Account of the Country, its People and its Institutions (translated by H. A. Nesbitt, London, 1904); B. King and T. Okey, Italy to-day (London, 1901); E. Nathan, Vent’ Anni di vita italiana attraverso all’ Annuario (Rome, 1906); G. Strafforello, Geografia dell’ Italia (Turin, 1890-1902). (T. The number of peculiar banks, which diminished between 1889 and 1894, increased in the following years, and was 158 in 1898. At the same time the capital employed in banking decreased by practically one-half, specifically, from about £12,360,000 in 1880 to about £6,520,000 in 1898. This lower was due to the liquidation of various massive and small banks, amongst others the Bank of Genoa, the overall Bank, and the Società di Credito Mobiliare Italiano of Rome, and the Genoa Discount Bank-institutions which alone represented £4,840,000 of paid-up capital.