In a word, the Italians are beginning to realize that
if the Germans and Austrians win their position will necessarily be precarious. These considerations do not, of course, in any way settle the question of Italy's intervention. It may well be that, though it may not now pay Italy to make a bargain with Austria, her best interests still lie in maintaining a strict neutrality. That is a safe course. It will not be safe to take action which the Germans and Austrians, if successful, will call blackmail. Again, Italy must feel that if she were to occupy the Trentino, and even Trieste, with the consent of Germany and Austria, the Allies, if successful, might very likely he inclined to regard her acceptance of those favours from their enemies as unfriendly to themselves. We there- fore remain of the opinion which we have always entertained—. that Italy will decide either to remain strictly neutral, or else to join the Allies. A middle course, involving the acceptance of favours from Austria, must be full of peril.