with　the　Italian　trenches　upon　its　crest　and　the　Austrians　a
  little　below　to　the　north。　　A　very　considerable　bombardment　was
  going　on　and　it　reverberated　finely。　　（It　is　only　among　mountains
  that　one　hears　anything　that　one　can　call　the　thunder　of　guns。
  The　heaviest　bombardments　I　heard　in　France　sounded　merely　like
  Brock's　benefit　on　a　much　large　scale；　and　disappointed　me
  extremely。）　As　I　sat　and　listened　to　the　uproar　and　watched　the
  shells　burst　on　Cimone　and　far　away　up　the　valley　over
  Castelletto　above　Pedescala；　Captain　Pirelli　pointed　out　the
  position　of　the　Austrian　frontier。　　I　doubt　if　the　English　people
  realise　that　the　utmost　depth　to　which　this　great　Trentino
  offensive；　which　exhausted　Austria；　wasted　the　flower　of　the
  Hungarian　army　and　led　directly　to　the　Galician　disasters　and　the
  intervention　of　Rumania；　penetrated　into　Italian　territory　was
  about　six　miles。
  III。　BEHIND　THE　FRONT
  1
  I　have　a　peculiar　affection　for　Verona　and　certain　things　in
  Verona。　　Italians　must　forgive　us　English　this　little　streak　of
  impertinent　proprietorship　in　the　beautiful　things　of　their
  abundant　land。　　It　is　quite　open　to　them　to　revenge　themselves　by
  professing　a　tenderness　for　Liverpool　or　Leeds。　　It　was；　for
  instance；　with　a　peculiar　and　personal　indignation　that　I　saw
  where　an　Austrian　air　bomb　had　killed　five…and…thirty　people　in
  the　Piazza　Erbe。　　Somehow　in　that　jolly　old　place；　a　place　that
  have　very　much　of　the　quality　of　a　very　pretty　and　cheerful　old
  woman；　it　seemed　exceptionally　an　outrage。　　And　I　made　a　special
  pilgrimage　to　see　how　it　was　with　that　monument　of　Can　Grande；
  the　equestrian　Scaliger　with　the　sidelong　grin；　for　whom　I
  confess　a　ridiculous　admiration。　　Can　Grande；　I　rejoice　to　say；
  has　retired　into　a　case　of　brickwork；　surmounted　by　a　steep　roof
  of　thick　iron　plates；　no　aeroplane　exists　to　carry　bombs　enough
  to　smash　that　covering；　there　he　will　smile　securely　in　the
  darkness　until　peace　comes　again。
  All　over　Venetia　the　Austrian　seaplanes　are　making　the　same　sort
  of　idiot　raid　on　lighted　places　that　the　Zeppelins　have　been
  making　over　England。　　These　raids　do　no　effective　military　work。
  What　conceivable　military　advantage　can　there　be　in　dropping
  bombs　into　a　marketing　crowd？　　It　is　a　sort　of　anti…Teutonic
  propaganda　by　the　Central　Powers　to　which　they　seem　to　have　been
  incited　by　their　own　evil　genius。　　It　is　as　if　they　could
  convince　us　that　there　is　an　essential　malignity　in　Germans；　that
  until　the　German　powers　are　stamped　down　into　the　mud　they　will
  continue　to　do　evil　things。　　All　of　the　Allies　have　borne　the
  thrusting　and　boasting　of　Germany　with　exemplary　patience　for
  half　a　century；　England　gave　her　Heligoland　and　stood　out　of　the
  way　of　her　colonial　expansion；　Italy　was　a　happy　hunting　ground
  for　her　business　enterprise；　France　had　come　near　resignation　on
  the　score　of　Alsace…Lorraine。　　And　then　over　and　above　the　great
  outrage　of　the　war　come　these　incessant　mean…spirited　atrocities。
  A　great　and　simple　wickedness　it　is　possible　to　forgive；　the　war
  itself；　had　it　been　fought　greatly　by　Austria　and　Germany；　would
  have　made　no　such　deep　and　enduring　breach　as　these　silly；　futile
  assassinations　have　down　between　the　Austro…Germans　and　the　rest
  of　the　civilised　world。　　One　great　misdeed　is　a　thing
  understandable　and　forgivable；　what　grows　upon　the　consciousness
  of　the　world　is　the　persuasion　that　here　we　fight　not　a　national
  sin　but　a　national　insanity；　that　we　dare　not　leave　the　German
  the　power　to　attack　other　nations　any　more　for　ever。。。。
  Venice　has　suffered　particularly　from　this　ape…like　impulse　to
  hurt　and　terrorise　enemy　non…combatants。　　Venice　has　indeed
  suffered　from　this　war　far　more　than　any　other　town　in　Italy。
  Her　trade　has　largely　ceased；　she　has　no　visitors。　　I　woke　up　on
  my　way　to　Udine　and　found　my　train　at　Venice　with　an　hour　to
  spare；　after　much　examining　and　stamping　of　my　passport　I　was
  allowed　outside　the　station　wicket　to　get　coffee　in　the
  refreshment　room　and　a　glimpse　of　a　very　sad　and　silent　Grand
  Canal。　　There　was　nothing　doing；　a　black　despondent　remnant　of
  the　old　crowd　of　gondolas　browsed　dreamily　among　against　the　quay
  to　stare　at　me　the　better。　　The　empty　palaces　seemed　to　be
  sleeping　in　the　morning　sunshine　because　it　was　not　worth　while
  to　wake　up。。。。
  2
  Except　in　the　case　of　Venice；　the　war　does　not　seem　as　yet　to
  have　made　nearly　such　a　mark　upon　life　in　Italy　as　it　has　in
  England　or　provincial　France。　　People　speak　of　Italy　as　a　poor
  country；　but　that　is　from　a　banker's　point　of　view。　　In　some
  respects　she　is　the　richest　country　on　earth；　and　in　the　matter
  of　staying　power　I　should　think　she　is　better　off　than　any　other
  belligerent。　　She　produces　food　in　abundance　everywhere；　her
  women　are　agricultural　workers；　so　that　the　interruption　of　food
  production　by　the　war　has　been　less　serious　in　Italy　than　in　any
  other　part　of　Europe。　　In　peace　time；　she　has　constantly　exported
  labour；　the　Italian　worker　has　been　a　seasonal　emigrant　to
  America；　north　and　south；　to　Switzerland；　Germany　and　the　south
  of　France。　　The　cessation　of　this　emigration　has　given　her　great
  reserves　of　man　power；　so　that　she　has　carried　on　her　admirable
  campaign　with　less　interference　with　her　normal　economic　life
  than　any　other　power。　　The　first　person　I　spoke　to　upon　the
  platform　at　Modane　was　a　British　officer　engaged　in　forwarding
  Italian　potatoes　to　the　British　front　in　France。　　Afterwards；　on
  my　return；　when　a　little　passport　irregularity　kept　me　for　half　a
  day　in　Modane；　I　went　for　a　walk　with　him　along　the　winding　pass
  road　that　goes　down　into　France。　　〃You　see　hundreds　and　hundreds
  of　new　Fiat　cars；〃　he　remarked；　〃along　heregoing　up　to　the
  French　front。〃
  But　there　is　a　return　trade。　　Near　Paris　I　saw　scores　of
  thousands　of　shells　piled　high　to　go　to　Italy。。。。
  I　doubt　if　English　people　fully　realise　either　the　economic
  sturdiness　or　the　political　courage　of　their　Italian　ally。　　Italy
  is　not　merely　fighting　a　first…class　war　in　first…class　fashion
  but　she　is　doing　a　big；　dangerous；　generous　and　far…sighted　thing
  in　fighting　at　all。　　France　and　England　were　obliged　to　fight；
  the　necessity　was　as　plain　as　daylight。　　The　participation　of
  Italy　demanded　a　remoter　wisdom。　　In　the　long　run　she　would　have
  been　swallowed　up　economically　and　politically　by　Germany　if　she
  had　not　fought；　but　that　was　not　a　thing　staring　her　plainly　in
  the　face　as　the　danger；　insult　and　challenge　stared　France　and
  England　in　the　face。　　What　did　stare　her　in　the　face　was　not
  merely　a　considerable　military　and　political　risk；　but　the
  rupture　of　very　close　financial　and　commercial　ties。　　I　found
  thoughtful　men　talking　everywhere　I　have　been　in　Italy　of　two
  things；　of　the　Jugo…Slav　riddle　and　of　the　question　of　post　war
  finance。　　So　far　as　the　former　matter　goes；　I　think　the　Italians
  are　set　upon　the　righteous　solution　of　all　such　riddles；　they　are
  possessed　by　an　intelligent　generosity。　　They　are　clearly　set
  upon　deserving　Jugo…Slav　friendship；　they　understand　the　plain
  necessity　of　open　and　friendly　routes　towards　Roumania。　　It　was
  an　Italian　who　set　out　to　explain　to　me　that　Fiume　must　be　at
  least　a　free　port；　it　would　be　wrong　and　foolish　to　cut　the　trade
  of　Hungary　off　from　the　Mediterranean。　　But　the　banking　puzzle　is
  a　more　intricate　and　puzzling　matter　altogether　than　the
  possibility　of　trouble　between　Italian　and　Jugo…Slav。
  I　write　of　these　things　with　the　simplicity　of　an　angel；　but
  without　an　angelic　detachment。　　Here　are　questions　into　which　one
  does　not　so　much　rush　as　get　reluctantly　pushed。　　Currency　and
  banking　are　dry　distasteful　questions；　but　it　is　clear　that　they
  are　too　much　in　the　hands　of　mystery…mongers；　it　is　as　much　the
  duty　of　anyone　who　talks　and　writes　of　affairs；　it　is　as　much　the
  duty　of　every　sane　adult；　to　bring　his　possibly　poor　and
  unsuitable　wits　to　bear　upon　these　things；　as　it　is　for　him　to
  vote　or　enlist　or　pay　his　taxes。　　Behind　the　simple　ostensible
  spectacle　of　Italy　recovering　the　unredeemed　Italy　of　the
  Trentino　and　East　Venetia；　goes　on　another　drama。　　Has　Italy　been
  sinking　into　something　rather　hard　to　define　called　〃economic
  slavery〃？　　Is　she　or　is　she　not　escaping　from　that　magical
  servitude？　　Before　this　question　has　been　under　discussion　for　a
  minute　comes　a　namefor　a　time　I　was　really　quite　unable　to
  decide　whether　it　is　the　name　of　the　villain　in　the　piece　or　of
  the　maligned　heroine；　or　a　secret　society　or　a　gold　mine；　or　a
  pestilence　or　a　delusionthe　name　of　the　/Banca　Commerciale
  Italiana。/
  Banking　in　a　country　undergoing　so　rapid　and　vigorous　an　economic
  development　as　Italy　is　very　different　from　the　banking　we　simple
  English　know　of　at　home。　　Banking　in　England；　like　land…owning；
  has　hitherto　been　a　sort　of　hold　up。　　There　were　always
  borrowers；　there　were　always　tenants；　and　all　that　had　to　be　done
  was　to　refuse；　obstruct；　delay　and　worry　the　helpless　borrower　or
  would…be　tenant　until　the　maximum　of　security　and　profit　was
  obtained。　　I　have　never　borrowed　but　I　have　built；　and　I　know
  something　of　the　extreme　hauteur　of　property　of　England　towards　a
  man　who　wants　to　do　anything　with　land；　and　with　money