English experts on the subject have already said quite openly that there are only two ways of counteracting the effect of the U-boats: either to build vessels quicker than the Germans destroy them, or else to destroy the U-boats quicker than the Germans can build them.

The first has proved to be impossible, and the U-boat losses are far less than the new vessels building.
England will also have to reckon on a progressive rise in the loss of tonnage.
The effects of the U-boat warfare on the people's provisions and on all private and Government activities will be felt more and more.
I anticipate, therefore, the final results of the U-boat warfare with the greatest confidence.
According to secret but reliable information, the Prime Minister Ribot recently stated to the Italian Ambassador in Paris that France was faced with exhaustion.

This opinion was expressed before the beginning of the last Franco-English offensive.

Since then, France has sacrificed life to a terrible extent by keeping up the intensity of the fighting until the offensive ceased.
The French nation is certainly doing marvellous things in this war, but the Government cannot sustain the enormous burden after it reaches a certain limit.

A reaction in the temper of France, which is kept up by artificial means, is inevitable.
As regards our own internal situation, I do not under-estimate the difficulties presented by the inevitable results of the severe fighting and the exclusion from the seas.