[matter omitted]

The situation as seen in Rome is extremely confused. The press prints practically identical reports and exaggerates the importance of trifles. It appears to be the case however that the British and French are endeavouring to work out some kind of formula not so much as a basis for discussion but as their final effort to satisfy Italy and to save the faces of the League and the Negus. The Duce seems to be willing to give little or no co-operation, he is banking on a last minute French defection and on the Americans not putting an embargo on oil, on this last he has had assurances. On the other hand some kind of agreement with Hitler may account for his attitude.

[matter omitted]