A peace of that nature would not be tolerated by the people and would lead to fatal dangers for the Monarchy.

It appears to me that quiet determination and caution as regards the outer world are more than ever an imperative necessity.

The development of affairs in Russia has hitherto been favourable for us.

Party disputes are kept more and more within the narrow limits of peace and war questions by political, economic and social exigencies, and the impression grows every day that the party which makes for peace with the Central Powers will be the one to remain in power.

It is our solemn duty carefully to follow and encourage the process of development and disruption in Russia and to sound the country, not with too obvious haste, but yet with sufficient expert skill to lead to practical peace negotiations.