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The speaker's recent trip to Europe: anticipations and realities. The significance of the presence of German war vessels in an Italian harbour. The Mediterranean controversy which in recent years has partly formed a basis of misunderstanding between Italy and Great Britain. British strategy in the Mediterranean in the past century to assure for herself a freedom of passage for her merchant shipping with the Near and Far East. Events that have served to threaten that position. Some comparisons between the physical and the political conditions as they impressed themselves upon the speaker in Germany and Italy. Similarities and differences between the Nazi and Fascist regimes, illustrated through an examination of the branches of administration which control the production and marketing of the national food supplies. The degree to which military preparedness is apparent in Europe. The visible results which appear to have been attained in both Germany and Italy since their respective authoritarian regimes came into operation. A review of the social system in Italy and in Germany. The restlessness apparent in France. The European situation as interpreted to the speaker in London. A decided turnover of viewpoint in Great Britain towards the outlook for the immediate future of general European political events, different from the apathy which seemed to exist at the time of the speaker's visit last summer. The British public now seeming to be doing a great deal more worrying than the officials. The situation in Austria. Circumstances which encouraged a measure of acceptance of the German approach in Austria. The similarity of economic and business problems in Europe and on the American side of the Atlantic. Physically and mentally, Great Britain the one nation of Europe which under the most extenuating of circumstances has remained fundamentally sane and sober. The speaker's concurrence with that large body of students of international affairs which is firmly convinced that the one most influential factor guaranteeing the peace of Europe is the power of British rearmament.