Centres of infection for another war exist all over the Balkan world. Let us quote Montenegro and Albania, for example. We are in favour of the independence of both these States, provided that they show themselves capable of enjoying it. Bulgaria has a right to Macedonia[7] and also to a port on the Ægean. And this is of capital importance for the economic expansion of Italy in Bulgaria. The Treaty of Sèvres crushed Turkey in order to exalt the Greece of Venizelos and Constantine, which gave the European war the sacrifice of 787 “euzoni.” We consider, as far as the Eastern Mediterranean is concerned, that Italy, on the whole, should follow a pro-Turkish policy. Footnote 7: Population: 1,181,000 Bulgarians, 499,000 Turks, and 228,000 Greeks. _The Treaty of Rapallo._ Immediately after the signing of the Treaty of Rapallo, the Central Committee of the Fascio passed its judgment upon it, finding it “acceptable for the Eastern boundaries, inacceptable and deficient as regards Fiume, and insufficient and to be rejected as regards Zara and Dalmatia.” At three months’ distance this judgment does not seem to be contradicted by successive events. The Treaty of Rapallo is an unhappy compromise, against which pages of criticism were printed in the _Popolo d’Italia_, which it is now useless to repeat. It must be explained why victorious Italy ever arrived at the point of signing the Peace of Rapallo. And the explanations do not need much mental exertion. Rapallo was the logical consequence of the line of foreign policy followed by us or imposed upon us before, during and after the war. It is explained by Wilson and his so-called experts and the absolute lack of Italian propaganda abroad and the dead-tiredness of the people. Rapallo is explained by the meeting of the oppressed nationalities held at Rome in April 1918, which meeting can be directly connected with the ill-fated story of Caporetto. Everything is paid for in this life. On 12th November 1920, we paid at Rapallo for the breakdown of 24th October 1917. Had there been no Caporetto, there would have been no Pact of Rome. In that congress the Yugoslavs threw dust in our eyes because in reality they did nothing towards breaking up the Dual Monarchy from within, of which they were the faithful slaves to the last, with traditional Croat loyalty. Not for nothing did the Hapsburg monarchy, upon its decease, try to present the Jugoslavs with its navy. But it was in the April of 1918 that the irreparable was committed, with the consent of all currents of Italian public opinion, including ours and the Nationalists—that is to say, our worst enemies were raised to the rank of effectual and powerful allies, and naturally, when the victory was obtained, there was no accepting of the rôle of vanquished, but they adopted that of co-operators with a relative share in the common booty. After the Pact of Rome it was no longer possible to place our knee on the chest of Yugoslavia—this is the truth. And so it