But I firmly believe that we shall succeed in overcoming these difficulties without permanently endangering the nation's strength and general welfare, without any further crises and without menace to Government organisation.
Although we are justified in viewing the total situation in a favourable light, I am nevertheless in complete agreement with Count Czernin in pursuing the aim of bringing about as speedily as possible an honourable and, in the interests of the Empire and of our Allies, just peace.

I also share his opinion that the important factor of the weakening of Russia must be exploited, and that a fresh tentative offer for peace must be put forward at a time when both political and military initiative are still in our hands.

Count Czernin estimates a suitable time will be in two or three months, when the enemy offensive will be at an end.

As a matter of fact, in view of the French and English expectations of the decisive success for their offensive, and the Entente not having lost all hopes of Russia resuming her activities, any too pronounced preparations for peace would not only be doomed to failure, but would put new life into the enemy by revealing the hopeless exhaustion of the Central Powers' forces.

At the present moment a general peace could only be bought by our submission to the will of the enemy.