It is to be hoped that, the last difficulties having been removed, the Commercial Treaty may be signed within a few days. The Clauses of the Portorose Conventions, signed and not ratified by the contracting parties, will be included in it. The Chancellor has asked that the small Austrian properties in Italy and the historical Austrian Institute in Rome should be restored to Austria, as was done for Germany. While I declared myself favourable to his requests, I have, for my part, reminded him of the situation of Italian property in Austria and have obtained from the Chancellor satisfactory assurances concerning this and other subjects. With reference to the Conventions signed at the Conference of Rome, some of which have notable importance for Italy, the Chancellor has promised to proceed to their ratification without further delay. _The Commercial Relations with Austria._ The negotiations with Austria are being conducted with a spirit of the greatest good-will on both sides, in order to arrive in a short space of time at an agreement which should establish regular and profitable relations between the two countries and also after the first period, during which the economic relations between the two States are regulated by the Treaty of St. Germain. If some difficulty still remains, this is due in the first place to the fact that it is not the case of negotiating pacts which, with regard to their application and their consequences, could remain restricted to the exchanges between the two neighbouring States, but are destined to have a repercussion also on our relations with the other States which, for their imports into Italy, enjoy the “most favoured nation” clause. This fact, independently of the specially favourable conditions by which certain important industries, competing with ours, are working in Austria, compels us to be very cautious in adhering to the many Austrian requests, and all the more that, for financial and other reasons, Austria is herself not in a position to meet our demands to the extent which is essential to us. The two Delegations have, however, already arrived at an agreement on most of the questions which have been the subject of reciprocal demands, and now certain controversies remain to be solved which, although they offer the greatest interests for both sides, it is to be hoped may be solved with satisfaction to all. Special attention has been paid by the two Delegations to the study of the questions relative to the traffic through the port of Trieste and the regulation of the frontier traffic for the protection of the interests of the populations of the zone near the frontier of the two States. On this subject agreement may be said to be complete.