the world of private banking
the world of private banking
the world of private banking
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184<br />
THE WORLD OF PRIVAtE BANKING<br />
Turin in 1840 to exploit his experience in <strong>the</strong> sector <strong>of</strong> porcelain manufacture, and<br />
in 1847 became <strong>the</strong> owner <strong>of</strong> <strong>the</strong> firm that he had been managing for <strong>the</strong> previous<br />
seven years. In <strong>the</strong> corporate title, alongside his own name was that <strong>of</strong> Vittorio De<br />
Fernex, a famous Turin banker, thanks to whom Richard had managed to establish<br />
valid contacts with <strong>the</strong> economic and <strong>banking</strong> milieu <strong>of</strong> Milan. 22<br />
In <strong>the</strong> Kingdom <strong>of</strong> Sardinia, <strong>the</strong> two main economic and financial centres<br />
featured a somewhat different approach. While in Turin <strong>the</strong> <strong>banking</strong> houses did not<br />
modify <strong>the</strong>ir traditional strategies (backing <strong>of</strong> <strong>the</strong> silk trade, small loans backed by<br />
collateral, operations on public debt securities etc.), in Genoa <strong>the</strong> <strong>private</strong> bankers<br />
were much more active in <strong>the</strong> incorporation <strong>of</strong> companies operating in <strong>the</strong> sector <strong>of</strong><br />
public services (maritime transport, aqueducts, local railways), and even engaged<br />
in dealings with industrial enterprises (in <strong>the</strong> footwear sector). 23<br />
In Tuscany <strong>the</strong> free trade policy <strong>of</strong> <strong>the</strong> ruling classes had left little room for new<br />
initiatives in <strong>the</strong> industrial sphere. Never<strong>the</strong>less, <strong>the</strong> very decision to introduce <strong>the</strong><br />
Grand Duchy into <strong>the</strong> international labour division as a supplier <strong>of</strong> raw materials<br />
opened up interesting opportunities for investment for <strong>the</strong> <strong>private</strong> bankers in<br />
<strong>the</strong> mining sector, which was particularly florid and evolved within <strong>the</strong> regional<br />
panorama. The Livorno banker Pietro Bastogi, friend <strong>of</strong> Mazzini and financial<br />
backer <strong>of</strong> Giovane Italia (<strong>the</strong> political organisation founded by Giuseppe Mazzini<br />
to fight for national unification), was at <strong>the</strong> head <strong>of</strong> a group <strong>of</strong> capitalists which,<br />
in <strong>the</strong> middle <strong>of</strong> <strong>the</strong> century, rented <strong>the</strong> State-owned mines <strong>of</strong> Maremma and <strong>the</strong><br />
Pistoia Apennines, and above all <strong>the</strong> iron mines <strong>of</strong> Elba; <strong>the</strong> mineral was extracted,<br />
after which half <strong>of</strong> it was exported abroad, and <strong>the</strong> o<strong>the</strong>r half transformed into<br />
cast-iron in <strong>the</strong> furnaces <strong>of</strong> Follonica and Piombino. 24 Ano<strong>the</strong>r banker, Emanuele<br />
Rosselli, a member <strong>of</strong> <strong>the</strong> Jewish community <strong>of</strong> Leghorn, in 1860 took over from<br />
ano<strong>the</strong>r Jewish family, <strong>the</strong> Modigliani, in exploiting <strong>the</strong> mercury mines <strong>of</strong> Monte<br />
Amiata. In this case, too, <strong>the</strong> mineral was largely exported. Its launching on <strong>the</strong><br />
international markets was taken care <strong>of</strong> by <strong>the</strong> Rothschilds, who were able to fix<br />
<strong>the</strong> price, since <strong>the</strong>y had obtained from <strong>the</strong> Spanish crown exclusive rights for <strong>the</strong><br />
marketing <strong>of</strong> <strong>the</strong> production <strong>of</strong> <strong>the</strong> largest and richest mines in <strong>the</strong> <strong>world</strong>, situated<br />
in Almaden (in <strong>the</strong> centre <strong>of</strong> <strong>the</strong> Kingdom, close to Ciudad Real). 25 Never<strong>the</strong>less,<br />
such cases still appear to be exceptions, since – and this observation also embraces<br />
<strong>the</strong> first three decades following unification – <strong>the</strong> local bank capital was responsible<br />
22<br />
G. Fiocca, ‘Credito e conoscenze: le condizioni dell’ascesa imprenditoriale’, in<br />
G. Fiocca (ed.), Borghesi e imprenditori a Milano dall’Unità alla prima guerra mondiale<br />
(Rome Bari, 1984), pp. 28f and 34f.<br />
23<br />
Castronovo, Economia e società in Piemonte, pp. 43–7; G. Doria, Investimenti e<br />
sviluppo economico a Genova alla vigilia della prima guerra mondiale, vol. I, Le premesse<br />
(Milan, 1969), p. 163.<br />
24<br />
G. Mori, L’industria del ferro in Toscana dalla Restaurazione alla fine del<br />
Granducato (1815–1859) (Turin, 1966).<br />
25<br />
L. Segreto, Monte Amiata. Il mercurio italiano: Strategie internazionali e vincoli<br />
extraeconomici (Milan, 1991), pp. 30f.