As the Mediterranean State _par excellence_, Italy cannot contemplate the present distribution of power on the shores of that sea with genuine complacency. The grounds for dissatisfaction are rooted in the history of her past and in her apprehensions for the future. None the less, the _status quo_ in Europe being hallowed must be respected under heavy pains and penalties. And the policy of the Consulta is directed to its maintenance, because any modification of it in favour of another State, great or small, would infallibly drive Italy out of her quiescence and strain her to press with all her energies and at all risks in the direction of a favourable readjustment. That is why seventeen years ago the Austrian and the Italian Foreign Secretaries concluded the so-called _noli me tangere_ Convention, by which each of the two allies undertook to abstain from meddling with Albania, to uphold Turkish rule there, and, failing that, to establish self-government. It was in virtue of the same principle that during the Balkan war Italy supported Austria-Hungary in frustrating Servia’s attempt to divide up Albania among the allies and obtain for herself access to the Adriatic. As long as the Adriatic continues to present the same essential factors as to-day, the Italian Government will not swerve from its present attitude. But if once those factors or their relative positions towards each other underwent a change, the whole scaffolding of self-denial and everything that rested upon that would fall to pieces like a house of cards. And that scaffolding supports the peace of Europe. On her Eastern shore Italy possesses no port capable of serving as a thoroughly suitable base for naval operations. Brindisi is at best a mere makeshift; Venice is no better. Italy’s rival, Austria, on the other hand, is luckier. Cattaro, Sebenico, and Pola serve the purpose admirably, giving the Austrian navy a distinct advantage in this respect. It must, therefore, be gall and wormwood to Italian politicians to think that an ideal port, Valona, on the Albanian coast, a few hours from Italy, lies unutilized because each State grudges it to the other on grounds which cannot be reasoned away. Valona, incorporated in the Habsburg Monarchy, which is already so well equipped on the Adriatic both for defence and attack, would turn the scale against Italy, upset the equilibrium which is at present accepted as a stern necessity, and might even unchain the forces of war. The prospect of kindred eventualities forbids Austria to allow that magnificent naval base to fall into the hands of her rival, who, holding the key to the Adriatic, could close the Otranto Canal and immobilize the fleet of the Dual Monarchy.