4

2)

First, The Economic:

If Albania is to be recognized by the League of Nations
as an Independent State it must be made viable and should be
at least of sufficient size to give it standing among the
Balkan States. We are fearful that sufficient consideration
has not been given to this in the Memorandum of December 9th.
In this, the Province of Argyrocastro has been conceded to
Greece for occupation, Valona and hinterland to Italy; while
the Province of Koritza is set apart for special negotiation.

Already all the plains lying to the north and east of the
Albanian Alps have been ceded to Montenegro & Serbia by the
London Conference of 1913; so that there remains not a
single market town for all the mountain tribes inhabiting
those regions. If now the terms of the Memorandum are executed
practically the same thing will have taken place on the other
two sides, virtually stripping the state of all its valleys,
save the comparatively narrow ones of the Skumbi and Drin rivers.

The hinterland of Valona is constituted in large part
by the Musike valley - one of the richest in the whole Balkans,
capable of feeding the entire nation. Within this region are
likewise valuable coal and iron deposits, lakes of asphalt and
petrolium beds, - all, save the asphalt, entirely undeveloped.
It is important in this connection to know that the Province
of Valona furnished one fourth of the total revenue of Albania
in 1913. So that, instead of Valona being a barren "Gibraltar"
for the protection of the maratime interests of Italy, it is for
Albania what Liverpool is to England, or New York to the United
States. Before such a handicap, to say nothing of Argyrocastro
and Koritza is settled upon a weak, impoverished and backward

247534