Among a variety of premiums awarded by the state are those for the best cultivated estates and for irrigation works, and to the owners of the best stallions and brood-mares.
Incidental charges are lower than they were in 1870; handling charges, brokers' commissions and insurance premiums have been in many instances reduced, but all these economies when combined only amount to about 2S.
Encouragement of industry was not wanting; the state undertook to develop the herds of merino sheep, by issuing prohibitions against inclosures, which proved the ruin of agriculture, and gave premiums for large merchant ships, which ruined the owners of small vessels and reduced the merchant navy of Spain to a handful of galleons.
To permit the steady execution of a normal programme of shipbuilding, the Italian Chamber, in May 1901, adopted a resolution limiting naval expenditure, inclusive of naval pensions and of premiums on mercantile shipbuilding, to the sum of 4,840,000 for the following six years, i.e.
The money so spent, if judiciously used, insures the undertaking against loss by diminishing the mining risk, and is thus analogous to premiums paid to insure against fire or other sources of loss.
An act was passed in 1894 authorizing the government to offer premiums and grant advantageous concessions for the development of manufacturing industries, especially in sugar production, but conditions have not been favourable and the results have been disappointing.
This sum consists of 4,240,000 of naval expenditure proper, 220,000 for naval pensions and 380,000 for premiums upon mercantile shipbuilding.
These institutions were the means of collecting a vast amount of statistical and general information connected with agriculture, and by their publications and premiums made known the practices of the best-farmed districts and encouraged their adoption elsewhere.
In addition to an initial endowment by the state, part of the annual income of the fund is furnished in various forms by the state (principally by making over a proportion of the profits of the Post Office Savings Bank), and part by the premiums of the workmen.
During the same period the assumption of the Venetian and Roman debts, losses on the issue of loans and the accumulation of annual deficits, had caused public indebtedness to rise from 92,000,000 to 328,000,000, no less than f 100,000,000 of the latter sum having been sacrificed in premiums and commissions to bankers and underwriters of loans.