iversity of
conception.

The Bolshevik government may be so immoral that we cannot recognize
it until it gives serious guarantees. But if the government of Moscow
sends a little of the gold that remains, or has remained, to buy
goods, what right have we to sequestrate the gold in the interests of
the creditors of the old regime?

The new regime, born after the revolution, can also not recognize the
debts of the old regime and annul them. It is not for that that we
have no relations with it.

We have pushed Germany by absurd demands to ruin her circulation. It
is already at about 100 milliard of marks; if to-morrow it goes to 150
or to 200, it will be necessary to annul it, nearly the same as is
done for bills of exchange. And for this should we not treat with
Germany?

The new plutocratic conception, which marks the policy of a section
of the Entente, is not lasting, and the people have a justifiable
diffidence towards it.

Bolshevism, as I have repeatedly stated, cannot be judged by our
western eyes: it is not a popular and revolutionary movement; it is a
religious fanaticism of the orthodox of the East hoisted on the throne
of Tsarist despotism.

Italy is the country which suffers most from the lack of continuous
relations with Russia in so far that almost all Italian commerce, and
in consequence the prices of freight and goods, have been for almost
half a century regulated by the traffic with the Black Sea.

Ships which leave England fully laden with goods for Italy generally
continue to the Black Sea, where they fill up with grain, petroleum,
etc., and then return to England, after having taken fresh cargoes in
Italy and especially iron in Spain. It was possible in Italy for long
periods of time to obtain most favourable freights and have coal at
almost the same price as in England. The voyages of the ships were
made, both coming and going, fully laden.

The situation of Russia, therefore, hurts especially Italy. Great
Britain has Mediterranean interests; France is partly a Mediterranean
nation; Italy alone is a Mediterranean nation.

Although Italy has a particular interest in reopening relations with
Russia, the Italian Government has understood that the best and
shortest way is not to recognize the government of Moscow. But Italy
will never subordinate her recognition to plutocratic considerations.
Whatever government there may be in Italy, it will never associate
itself with actions directed to comp