On July 24 Count Teleki, Premier of Hungary, addressed identical letters to Hitler and Mussolini informing them that in the event of a general conflict Hungary will make her policy conform to the policy of the Axis. Having gone so far, he then pulled back. On the same day he wrote the two dictators a second letter stating that in order to prevent any possible misinterpretation of my letter of July 24, I . . . repeat that Hungary could not, on moral grounds, be in a position to take armed action against Poland.
For some weeks the Duce had been worrying and fretting about the danger of the Fuehrer dragging Italy into war. Attolico, his ambassador in Berlin, had been sending increasingly alarming reports about Hitlers determination to attack Poland. Since early June Mussolini had been pressing for another meeting with Hitler and in July it was fixed for August 4 at the Brenner. On July 24 he presented to Hitler through Attolico certain basic principles for their discussion. If the Fuehrer considered war inevitable, then Italy would stand by her side. But the Duce reminded him that a war with Poland could not be localized; it would become a European conflict. Mussolini did not think that this was the time for the Axis to start such a war. He proposed instead a constructive peaceful policy over several years, with Germany settling her differences with Poland and Italy hers with France by diplomatic negotiations. He went further. He suggested another international conference of the Big Powers.
William L. Shirer, The Rise and Fall of the Third Reich