I then finally asked him point blank if he thought the Germans would approach the President for an armistice, and, if so, when.

He said he was inclined to think they might do so perhaps about October.

On my asking him if he was disposed to let me communicate his opinion privately to the Government in Washington he replied after some hesitation that he had no objection, but he quickly added that I must make it clear at the same time that the British Government would not listen to any such proposals.
These conversations took place during the course of last week, and on Sunday--the 27th--I invited the Spanish Ambassador to luncheon at Tangley when I was able to get him to confirm what Y had said of his Sovereign's attitude and opinions.
I may mention for what it is worth that on Hoover's last trip to Germany he was told by Bullock, of the Philadelphia _Ledger_, that Zimmermann of the Berlin Foreign Office had told him that the Germans had intended in June to take steps for an armistice which were prevented by the preparations for the allied offensive in the west.
Y was very emphatic in what he said of the attitude of his government and the British people toward continuing the war to an absolutely conclusive end, and I was much impressed.

He said among other things that the execution of Captain Fryatt had had a markedly perceptible effect in hardening British public opinion against Germany and fixing the determination to fight to a relentless finish.

This corresponds exactly with my own observations.
I leave this letter entirely in your hands.