Italian Concessions in Spain. Preliminary Note by the Head of the Industrial Intelligence Centre

5. Whereas Franco might justify the fortification, etc., of certain points in the interests of Spanish national defence and might give the contract for construction and fortification work to Italy, such work would in each case have to be specifically justified accordingly. At the same time it seems unlikely that Franco will have very large funds at his disposal for expenditure on unprofitable defensive measures, while the relations known to exist between Franco's officers and the Italians will, unless they change, which is unlikely, have a strong reaction once Franco and his men have achieved their object.