The Italian Government, having examined the question from a technical point of view, has deemed it indispensable to concede to Hungary the temporary relinquishment of certain resources, so that she may proceed to her own economic restoration by means of loans to be contracted abroad. Italy has, therefore, shown herself favourable to the above Hungarian request, with the addition of certain conditions necessary to guarantee her own rights, on which point she is in agreement with the British Government. _Agreement with Bulgaria for Payment._ With reference to Bulgarian reparations, Italy, Great Britain and France came to an agreement on 21st March with the Bulgarian Government to facilitate the payment of her debt of 2250 million gold francs fixed by the Treaty of Neuilly, by dividing it in two parts; one of 550 millions to be paid by instalments beginning in October of this year, and the other 1700 millions not to be claimed before thirty years. Bulgaria has pledged herself by this agreement to reserve for the regulation of her debt the revenues of her customs and has already passed a law to this effect. The agreement has also been approved by the Reparations Commission, with the reservation of our rights for the reimbursement of the expenses of the army of occupation. In fact, negotiations are proceeding with the Bulgarian Government for the regulation of this credit, which enjoys the privilege of priority over other reparations. Our Government, animated by favourable dispositions as regards all that concerns the settlement of obligations arising from the war, has had no difficulty in accepting such an agreement. _The Loan to Austria._ Fulfilling the pledge taken by its predecessors in the Protocol of Geneva of 4th October 1922, the Italian Government has co-operated with the Governments which are signatories of the Protocol, in order that the loan in favour of Austria should have a large and ready success. For this purpose the Government has consented to postpone for twenty years, which is the duration of the War Loan, her credits against Austria for the recovery of damages and for bonds of food supply, has given her own guarantee for twenty-five per cent. of a maximum loan of 585 million gold kronen, and has authorised Italian banks to contribute directly to the loan up to the maximum of 200 million lire, including the sixty-eight which Italy had previously lent to Austria, and which, by the terms of the Protocol of Geneva, should have been repaid in cash. Putting off for a further period the exaction of Austrian reparation, and giving a guarantee and a direct and substantial contribution to the loan in favour of Austria, the Italian Government has wished to offer her co-operation towards the political independence and territorial integrity of the Austrian Republic to which the Protocol of Geneva refers, and to which the United States of America also wish to contribute, confidently subscribing for the first time to a European loan.