GIPE-PUNE-OIIOI2 - DSpace@GIPE

1 ~Q THE BANK CAPITALiSM OF YOUNG BENGAL>
cpme up to about 25 dollars (i.~., Rs, 68-12.0). (One>
dollar == Ra. 2.12.0).
But the situation after all is not disheartening. There
is another method> of comparison even by the worldstandard
which it is no less reasonable to employ in the
present instance. And this, instead of overpowering us
with the sense of our insignificance, is likely to encourage
our business men and bankers with an eye to the future
possibilities.
In the first place, "not every Western or independent
countrI is an England or America. By the American or
British standard many of the independent powers, great
or small, will be found to be lagging behind. It is possible
to remain a sovereign state as well as to be a modernized
land without rivalling Great Britain or America, in
the > standard of living. national divide!ld or general
economic efficiency.
Banking in Italy (1849-1893)
Italy is a European country and a I I great power ••
too. _ But in banking neither the present situation nor the
tradition of Italy is anything but second.rate.
To Italy indeed " modem Europe •• owesher.oldest
banks and instruments of credit. But all the old .Italian
institutions perished during the social transformation of
the French Revolution. The only exception is the Monte.
dei PGschi. a land.mortgage bank. whose origins are to be
traced to the> beginnings of' the 11th century, much
anterjor to the Bank of England. But, for all practical.
purposes, modern banking in Italy is not older than the.
Peace of 1815 and dates really from 1844·1849, when