One of the most fertile grounds for diplomatic and journalistic speculation in the late 1920s was the series of private meetings between Sir Austen Chamberlain and Benito Mussolini. During Sir Austen's tenure of the Foreign Secretary's portfolio, from November 1924 to June 1929, the two met five times in complete privacy, without aides or even interpreters, since both spoke fluent French. The communiqués they subsequently issued were conglomerations of clichés, stressing their personal friendship and political harmony but omitting any specific reference to the subjects discussed. It is not surprising, therefore, that rumours of secret agreements and cynical deals abounded. Indeed, Mussolini was compelled publicly to deny the widespread assumption diat he sought and received Sir Austen's approval for Italian foreign policy at these meetings,1 while Chamberlain was obliged to take his holidays in 1927 in Spain to avoid the ’ undesirable political speculation ‘ that would have followed another visit to his beloved Italy.2 The evidence of the Chamberlain Papers and the British and Italian diplomatic documents suggests that much of the speculation was very wide of the mark.3