The project of the agreement concerning through traffic, which contains regulations guaranteeing the regularity of the organisation of the railways, facilities for the customs and sanitary services, and the setting in order of the international stations, as well as regulations regarding the railway rates of the through trains, has already been discussed. The States have shown themselves to be of one opinion with regard to the intentions of the project, which tend to unite in a special convention all the different regulations which have issued from the treaties of peace and the projects of the Convention concluded at Barcelona and Portorose. The project, moreover, is directed particularly towards reviving the powers of the Convention of Berne in respect of international traffic. The scheme of agreement for the technical and administrative reorganisation of the Südbahn admits the possibility of direct control on the part of the State as well as on the part of the company. It aims also at the maintenance of that unity of commercial direction which, without offending the sovereignty of the States with regard to tariffs, will allow of international traffic and the direct despatching of goods, and will take into account the special exigencies of trade which require particular measures and which, not being prejudicial to the States, will be advantageous as regards the economic relations between them. The work of the Conference will probably last another week on account of the complicated and difficult character of the various financial, technical and administrative problems to be solved. THE ITALO-YUGOSLAV CONFERENCE FOR THE COMMERCIAL TREATY Opening address delivered in Rome at the Palazzo Chigi, on 6th March 1923, before the members of the Conference. Gentlemen,—I am particularly glad to open this meeting and welcome cordially the delegates of the Kingdom of the Serbs, the Croats and the Slovenes. I attach great importance to this meeting and to its results, which I am confident will be excellent. You know that at Abbazia the Adriatic question is being settled, so that at the present time the field may be cleared of those special problems which up to to-day have not permitted an understanding with Yugoslavia. Along with that of Abbazia, this meeting, convened with the object of linking together more closely commercial relations between the two countries, attains a great importance. Italian public opinion and the Fascista Government consider that, together with political relations, there must be close and profitable economic ties. I am certain that the Italian delegates will make every effort to arrive at this agreement and I do not doubt that the Yugoslav Delegation will do the same. This will be in the common interest of the two countries. (Applause.) “HISTORY TELLS US THAT STRICT FINANCE HAS BROUGHT NATIONS TO SECURITY”