On the other hand a curious story has been put about that Il Duce is secretly as suspicious of Herr Hitler as everyone else, that he anticipates a move by the latter against Jugoslavia and that it was as a step towards securing the latter that he occupied Albania, If that is true, it is obviously worth while to give Italy as much of the benefit of the doubt as possible One thing is certain, namely that ihe strength of the Rome-Berlin axis is strictly limited by the personal interests of each partner. Why should one dictator either be more scrupulous about pledges to the other than he is to anyone else? Both alike preach continually that the State is bound by no consideration whatever but its own advancement.
Meanwhile the test of Signor Mussolini's regard for the Anglo-Italian agreement will be the withdrawal or otherwise, of the Italian troops from Spain. He says they must stay there for the triumphal march through Madrid. This would mean the withdrawal (or non-withdrawal) by about May 15. The "Financial Times" says it has reason to believe that a very much sterner warning has been given privately to Italy than would appear from Mr. Chamberlain's speech in Parliament, Office savings bank for this year's Easter holidays than last, and I notice that a neighbour of mine, who had been dismissing cutting down all round, has never less been able to take his wife three weeks cruise in the Mediier-can. But phenomenon of people who "haven't a bean" and yet continue to do themselves lavishly well is so familiar in Shanghai that this may not impress you much as proof of reviving prosperity.
Text read from the printed page and cleaned; old type leaves the occasional error.