Undoubtedly, external policy has helped Italy greatly. Whilst France and England have played a fitfully obstructionist and generally uninspired policy towards the restoration of European trade, Italy has been steadily working in a positive direction. She has received substantial help from Germany, help in return for help. The wasteful process of using Switzerland as a fence for German goods has largely been abandoned in favour of a direct commercial exchange. Italian shipping, augmented by its Austrian spoils, has obtained considerable help and advice. Quite surprising how many Germans have posts in the Italian shipping companies! Germany has lost her own ships, but she has a large business executive in the background, the administrative organization of what was once a great mercantile marine. She has still a preponderant power in allocating business. The Italian benefit and the success of Italy's new policy have been reflected in the phenomenal appreciation of the lira which during the spring of 1921 actually gained 33 1/2 per cent in value, mounting from 110 to the pound sterling in January to 73 in May. Such a rise in the value of the currency naturally helps Italian industry, facilitating the import of raw materials and coal and oil. In the summer of 1921 Italy became glutted with coal. Such progress is not good news in Moscow. The chief external hope of Moscow must for long have been in Italy. And conversely the chief hope of the Socialists in Italy must have been in the progress of Moscow's international ideal. Not that the proletarian leaders of comfortable Italy realized what they were advocating. They are not such idealists in Italy as to be ready to commit national suicide for the good of humanity as a whole, or even for the good of humanity as a class, as a working class. But, be that as it may, the moral authority waned when the Russo-British trading treaty was signed. Krassin killed the Third Internationale. You do not trade with a capitalistic State in order to destroy it. Moscow began to set up a new bourgeois class, started shops again, and banks and private trading, and generally speaking, having buried the devil, dug him up again. With that, Moscow ceased to inspire the grand international solidarity of proletariats. There was a set-back in wages over the whole world. At the same time the strike-weapon tended to fail. May Day, 1921, was one of the quietest of May Days. In Paris it was a joyous holiday; in Berlin, though the jewellers ordered new steel screens for their goods, not a window was broken; in London the gloomy coal strike pursued its lonely road towards defeat, unsupported by even its own allies of transport and railroad, far less by an ideal from Moscow. And bourgeois Western Europe--and Italy not least--breathed afresh.