not constitute a solid guarantee of peace and prosperity for Italy in particular and Europe in general. Fascista Italy cannot and will not adhere to a system of alliances which does not take into account these fundamental premises. For her to pledge herself in any way definitely while the Entente is still in a state of crisis, and there are still many obscure points in the general situation in the world, would be unpardonable. _Turkey and Peace._ No reliable news has hitherto reached us as to the intentions of the Government at Angora concerning the acceptance or non-acceptance of the projected treaty presented by the Allies to the Turkish Delegation at Lausanne. Information is contradictory, because, whereas on the one hand it is said that, in spite of the moderating influence of Mustapha Kemal and Ismet Pasha, the Assembly of Angora has shown itself adverse to some of the conditions already accepted by the Turkish Delegation at Lausanne and intends to re-discuss the projects of the treaty, article by article; on the other hand, especially from British quarters, it is continually said that the Turks seem favourably disposed towards the rapid conclusion of peace. Whatever may be the decision of the Government at Angora, it must be remembered that, once the deliberations of the Assembly are at an end, the Turks will, by means of the Secretary-General of the Conference, who remains for the present at Lausanne, give a definite reply to the Allies concerning eventual requests and proposals. Between the Governments at Rome, London and Paris there is in consequence an active diplomatic correspondence in progress with the object of establishing the common line of action to be adopted by the Allies in certain important questions, such as that of Capitulations and those concerning the Economic Clauses, as well as the course to be adopted in the eventual resumption of the work of the Conference, if the Turkish proposals are such as to furnish a serious basis for discussion. The British Government is showing itself to be very rigid in this respect and seems not to wish to allow discussion upon other than these three points: (_a_) The formula of the Turko-Grecian reparations. (_b_) The formula of the judicial guarantees for foreigners. (_c_) Economic Clauses. As regards the first, it is a question of putting in the hands of an Arbitration Commission the reciprocal claims of the two countries, since the Turks do not even admit that the Greeks have any claims to present. For the second, it is a question of finding a formula which will provide more efficient guarantees for foreigners where the searching of private houses and arrests are concerned; and as regards the third, of resuming the discussion and negotiations upon all economic questions and of handing them over to another commission to be dealt with apart from the treaty of peace.