Mediation on the part of Italy was spoken of, which might have led later to a direct Anglo-Italian intervention, both at Berlin and Paris. An offer of real mediation does not exist, and could not be made without the certainty that it would be accepted with a certain favour. It would be a grave mistake to expose Italian policy to a failure of this sort. It is a fact that the Italian Government did warn the Germans of the danger of the blind-alley situation in which she has voluntarily placed herself, and in which she seems determined to stay. She also called the attention of France, in a friendly manner, to the complications, not only economic but also political and social, which might arise from the occupation of the Ruhr. _The Work of the Italian Government._ Matters standing thus, the Italian Government cannot at present change its attitude, because no step it took now would alter the general situation or exercise a preponderating influence in the decisions of the Governments most involved. The opinion of the Italian Government is that the situation on the Ruhr has not yet reached the stage at which a solution must necessarily be found, and only when that moment arrives will it be able, perhaps, to have an influence on the situation itself. As for the Moratorium which President Poincaré has decided to propose to the Germans, in view of the fast approaching date of payment, 31st January, it is worthy of note that it will include some of the points made in the Italian Memorandum of London, namely the two years’ Moratorium and the German internal loan. As far as America is concerned, having once withdrawn her troops from the Rhine, she has not altered her policy of neutral inactivity. One understands that the events in the Ruhr district have caused a general uneasiness over the whole of Europe, especially in the countries which form the Little Entente. Rumours which spoke of mobilisation and the concentration of troops upon some of the frontiers have proved unfounded and exaggerated. As regards Russia, beyond reports of certain political activities on the part of the Third International, carried on with a view to taking advantage socially of the events on the Ruhr, there is no definite news of serious preparations for military intervention on a large scale. At Lausanne, the reaction of the situation on the Ruhr is being felt, and is arousing an increased intransigence on the part of Turkey.