Dino's Day

To every dog comes his day, and in Rome last week to Foreign Minister Dino Grandi, quick and smart as any trained poodle, came a day indeed. For a whole year Minister Grandi has been striving mightily to find a way in which Italy and France might adhere to the Hoover-MacDonald Naval Pact--with honor.

Every time Signer Grandi almost had the problem solved, bang would go something or someone--frequently Dictator Benito Mussolini. Two months ago, however, II Duce radioed to the World his basic love of Peace (TIME, Jan. 26). He has kept quiet ever since. Signor Grandi, working quietly with British and French undersecretaries, finally reached the point where he could bring to Rome last week in the role of "honest brokers" British Foreign Minister Arthur Henderson and First Lord of the British Admiralty Albert V. Alexander. After the very briefest visit, after a most cordial audience with Peace-Announcer Mussolini, the Englishmen were able to take to Paris an agreement so satisfactory that within four hours French Foreign Minister Aristide Briand pronounced it acceptable to France.

"We are delighted," telegraphed Mr. Henderson and M. Briand publicly to Signor Grandi. "With you we congratulate ourselves." In England the honest broking at Rome was widely hailed as the prime achievement of the Labor Government since the London Conference--Scot MacDonald and his cabinet having failed to accomplish nearly everything they have attempted since. In France, however, nearly the whole Press took a show-me attitude. French bankers prepared to loan Italy $100,000,000.

Britain, France and Italy secretly told the inquisitive Dominions, the U. S. and Japan what they had done. Broadly speaking, the agreement (subject to ratifications) was said to be this:

1) Italy and France to adhere to the Hoover-MacDonald Naval Pact on the basis that they have abandoned their squabble over "parity" and will now proceed to take a "naval holiday."

2) This holiday would consist in allowing France and Italy to complete substantially their present naval programs.

3) By 1936, when the Hoover-MacDonald pact expires, Italy would have substantial parity with France in new ships, but France would have all along a considerable superiority in old ships.

4) France has abated her minimum demand for 97,000 tons of submarines to 70,000 tons. This is agreeable to Italy and Britain. But it may not be agreeable to the U. S. and Japan. Under the Naval Pact, the U. S., Britain and Japan are allotted only 52,700 tons each of submarines. If France is allowed to come into the Hoover-MacDonald fold with so many more submarines, Mr. Hoover, and Mr. Hamaguchi may have to build their submarine fleets up to France.

All in all, Dino's Day last week was a triumph for the little-known Italian statesman, best friend of II Duce. By a masterful mixture of persuading and consenting, he had made it possible for France and Italy to live for a long time in peace, if their parliaments will ratify.

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