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we had concluded our negotiations with the Japanese, he was afraid he would have to wait a long 
 
time, since there was no race that took a more interminable time in finishing any negotiation than 
 
the Japanese. In view of what I said, he added, pending further developments, it would be better 
 
to envisage the conclusion of a more ample modus vivendi, rather than a commercial agreement,
 
and on that he hoped both sides would make every effort to agree.
 
          I then spoke to Mussolini of the inquiry addressed to my Government to the other neutral 
 
powers, asking whether they did not consider it desirable to exchange views with regard to the 
 
possibility of finding a common point of view concerning a future sane international economic 
 
system, and concerning post-war reduction and limitation of armaments. I said Italy had in reply 
 
asked what the views of the United States might be in these two regards. I stated that I had 
 
brought with me a brief written statement of the views of the United States with regard to a sane 
 
international economic relationship, and that since I knew well the views expressed by Mussolini 
 
himself in his address to the Chamber of Deputies on May 26, 1934, I felt sure the views of my
 
Government coincided very completely with his own.
 
     Mussolini at once asked for the paper and read it word for word. As he read, he 
 
commented. His comment on the first paragraph was "molto bello, I agree with every word. 
 
Unfortunately, however, Italy has never been in a position where she could anticipate a situation 
 
where she would have access on equal terms to raw materials."  When he