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he ltalian Pressr . - :ransferring the interest and-.-.; ia:l,irItzation of the debts con--::.i abroad. It is a sacrifice' . ,:: rrir-ate finance asks of public.:-.r:--l- in the creditor States on: - , ',i:1t of debts and ll'ar repara--. _ t_a.-r,rl proposal that puts to flight-:-:r.xieries that nrighr be occe-:. ::4,-: bv German cllrt:encv. even if-. :.bit! ancl credits are not arith-metically balanced, and if the sacrificesare not equally borne, deservesto be favorably received. No betterappraisal of the plan could havebeen made than that contained inthe reply of the head of the Italian(lovernment to the President ofthe United States.It is, horvever, desirable that privateflnancial forces, in the interestof u.orld economic stability, succeedin persuading their respective Governmentsof the opportunity for revierving,in a nerv and more enlightenedspirit, the whole problemof inter-allied debts and reparations,u,hich has been such a sad experience,in spite of the opportunebut at that time unheeded u,arningsof instinctive Italian rvisdom.a)HE diagnosis of the profounddisease that is tormentingthe continent is be-. nring to be established. Poiitical,!:-,nomic and psychological factors,, t uniting and contributing toward: aking the situation grave and dif-::ult. but day by day the major:auses of the straitened circum-::ances that are troubling the life of:.",ples and continents are being'-i:lined and isolated.\\-or-ld opinion is nou, convinced.::at the situation cannot be solved:: ne do not immediately begin to. -,lve the problem of armaments.\\-hiie political, economic and:,slchologicai factors contribute and:"nspire to aggravate the situation,::.Le problem of armaments contains:re deterrnining motives of the:rree different aspects of the crisis.Errt it is not enough to examine the::obIem only f rom the viewpoint of::1e financial burden and r,vaster.,'hich the present state of arma-::ents conduces, because it n'ouldi,e at least an excess of optimism tol,elieve that with a feu' billions in.,:onomies realized in the militaryudgets of the various nations it,'.,-ould be possible to solve the crisis,,,: to attenuate, alone, the profound:11-being that has fastened itself:rpon the life of the world's peoples.DISARM FIRST !.,--(The lollouing editorial, by Lido Caiani, appeared in'(ll Popolo d)Italia' ol Llil,an on lune 72th. -fhis newspape!is edited by Arnaldo Mussolimi, brother of the ItaIianPremier,)Ileanrvhile armaments. at thehigh and costl1: lsysl at 1r'hich theyhave been carried, are not necessarvand thev represent "tretror*or1error in proportion, both as to theeconomic and financial capabilitiesof the nations and as to the doubtfulconsistencl. of a danger, andstill more so irr cL,nsideration o{ thcpolitical, judicial and moral guaranteeso{ the tvhole organizalion ofthe peace-the pacts, agreementsand international conventions concludedfor the sole purpose of makingmore and more difficult armedconflict among civilized nations.A rrnaments theref ore constilutea menace and a danger, not a guaranteefor the peace of the u-orid.The highest level of armaments cannever assure those conditions of se.curity necessary to bring about thedispelling oi the apprehensiorrs, rheuncertainties, the rancors, thethreats and the fears that r,r'eighheavily upon the economic activityof the nations.It is necessary to begin by renouncingthe right of might and bylaying the foundations of that inteinationalunity which today is onlyproclaimed in the clauses and codicilsof the treaties of peace, whichwill remain nullified and inefficaciousso long as they are in illogicala./Jcontrast to arrlaments preservecl upto their highest expression of pouer,cost and threat. It is necessarvto re-establish moral, poiitical andeconomic equilibrium among thenations, hitherto disturbed bi, theexisiencr. oi the present anr,1,,,r.,,,armaments.If the American statesmen u-hcrare coming across the Atlantic totake personai stocl< themselves ofthe economie and political conditionsof Europe are. as it is said,possessed of this f ormula, or ifthel' ar^e disposecl to reaTize its logicand efficac,r. it is possihle thai ;rrt'medl lol the man; iils of the corrtinentr,r ill be found and applied.The new conception thlt seemsto prevail today in connection rvitlrloans and disar-mament in Englan,land the United States finds i pertect_complementin the policies ofthe l-ascist Government ind in theattitude of lraly. F'avorable to asradical a limitation as possible ofarmaments on condition that hero\vn are not inferior to those possessedby the more strongly arhedFuropean powers, Italy does nothelieve that the policy of loans canbring reai relief to'the corrntriesr'r.hose economic life is devastated.or rvho find themselves in seriousdifficulties as a result of the present.economicand political situatiorr1n the contlnent.Loans do not solve the complexproblems of the economy and productionof specific countries, but,under ce_rtain aspects, they aggravateand complicate them. Thet,are almost always superficial reme-