(today Gwent) was a major part of the

861 ACQUISTO ED ESERCIZIO ALBERGHI
SAVOIA, S.A.
ITALY : MILANO. 5 Azioni da L.1000. green,
brown, black. No 203. The company was
formed to buy, sell and manage hotels. Vignette
of a fine hotel.
31 March 1929 EF EUR 65
862 ANELLI-CREMONA S.A.
ITALY : CREMONA. 10 Azioni da L.500.
yellow, brown, grey,black. # 6000. No 153.
Ornate and very rare piece, of a builder of
organs, pianos and pianolas. Portrait vignettes
of Anelli, a famous Cremona builder of organs,
and ancestor of the founder of the company, and
one of Stradivarius, the most famous maker of
violins, violas, cellos and other stringed
instruments, and also a Cremonese. The
company was formed in 1918, to build organs
and pianos, but gave up organs to concentrate
on pianos. The Cremona factory, at this time
making 4 pianos a day, is shown in another
vignette. Few shares show portraits of
musicians, and none of Stradivarius (1644-
1737), who built at least 1,000 instruments, of
which at least half still survive today. He
worked right up to his death, at the age of 93,
and a viola made by him at the age of 92 is
known. The secret of his fame is not in any
secret methods, but the unique high quality of
workmanship.
31 March 1926 EF EUR 300
863 BANCA ITALIANA DI SCONTO S.A.
ITALY : ROMA. 1 Azione L.500. green-grey. #
630000. No 67353. Long format piece, with
vignette of the Vittorio Emanuele monument,
the wolf of Rome, and a border of classical
architectural themes. The bank was formed in
1914 by a merger of the Societ‡ Bancaria
Italiana and the Societ‡ Italiana di Credito
Provinciale. Its prospects were good, as it was
an important contributor to Italy's expenditure
on World War I. Immediately after the war it
started a programme of expansion, particularly
in South America. This programme went
beyond the limits of prudence, and the first
signs of crisis were apparent. In spite of the
efforts of a consortium of 4 large Italian banks
to save it, the bank closed its doors in 1921. The
main reasons for its downfall were its own
lending mistakes, and the bankruptcy of
Ansaldo, its main client.
April 1919 EF EUR 40
864 BANCO DI CORTE
ITALY : NAPOLI. Letter of Credit. black. No
1478. Letter of Credit issued by the Banco di
Corte, Naples. Shows the eagle arms of Naples,
and the very ornate script usual on these
documents. A stamp on the reverse shows on
the face. The Banco di Corte was formed in
1806 as a successor to the Banco di Sa Ma del
Popolo, dating from 1589.
1806 VF EUR 70
865 BANCA DI CREDITO ITALIANO
ITALY : FIRENZE. Action de F300. olive,
black. # 40000. No 36477. Formed in Turin in
1863 (but then transferred to Florence, then the
capital of Italy, before Rome was added to the
new country), by the CrÈdit Industriel et
Commercial, of Paris. Later moved to Milan.
Text in Italian and French. The border, of a very
French design by Soury, shows the arms of the
royal house of Savoy, with many different
symbols of commerce, industry and agriculture.
1 January 1866 VF EUR 130
866 CANALI D'IRRIGAZIONE ITALIANI, CIE.
GENERALE DEI (CANALE CAVOUR)
ITALY : TORINO. 6% Obbligazione di 500
Lire. brown. # 135000. No 54578. Company
formed to build irrigation canals using the water
of the Po, Dora Baltea and Sesia rivers, in
Piemonte. Design of Neptune and a topless
lady, with the Alps in the background, also a
dam. Hole-cancelled.
15 December 1870 VF EUR 250
867 CAVI TELEGRAFICI SOTTOMARINI
S.A., CIA. ITALIANA DEI (ITALCABLE)
ITALY : MILANO. 1 Azione di L.250. blue. #
800000. No 52875. Superb border of marine
themes - fish, mermaids playing in the sea,
octopus, also a cable-laying ship, the lady
'Italia', and the arms of Italy. Underprint of
same themes. Company formed in 1921 to give
Italy its own national telegraph cables under the
sea. The intention was to extend the cables to
South America; 2/3 of the capital was
subscribed by Italians living in North and South
America. The initial link was from Italy to the
Azores, convenient for a direct link also with
North America. In fact, it was only after World
War II that these links were completed. Other
cables laid by the company included the shorter
links to Sicily, Sardinia, and across the western
Mediterranean to Spain and Portugal. Very few
pieces have been seen.
May 1924 VF EUR 120
868 C.D.F. ROMAINS DE ROME A
BOLOGNE PAR ANCONE ET DE ROME A
CIVITA - VECCHIA
ITALY : Action de F500. black, green. #
170000. No 95384. Founded under Papal states
law in Rome, 1856. Text in French and Italian,
so doubtless French capital. The design, by
Catenacchi, shows St. Peters, the Colosseum,
and the towers of Bologna, all set in a very
detailed border, typical of the artist and period,
showing coats-of-arms, gods and so much more.
1856 VF EUR 100
869 COCO & C., INDUSTRIA SARDA
CIOCCOLATO ED AFFINI
ITALY : SARDINIA. CAGLIARI. Azioni da
L.250. green, black. # 960. No 502.
Jugendstil/art nouveau border, with flowers, and
vignettes of the Cagliari city hall, and the
company's factory. Very few certificates from
Sardinia are known.
31 March 1925 VF EUR 100
870 FIAT SOC.
ITALY : TORINO. Azioni di Risparmio de
L.1000. blue, brown, black. No 2063420. FIAT
has built cars from 1899 at Torino, as well as
commercial vehicles, ships and marine engines,