To a certain extent, this is already the case; a further increase of their claims would greatly prejudice our economic position and in certain cases endanger it.
It must be admitted that the situation in the fourth year of war in general is more difficult than in the third year.

The most earnest endeavours, therefore, will be made to bring about a peace as soon as possible.
Nevertheless, our genuine desire for peace must not lead us to come forward with a fresh peace proposal.

That, in my opinion, would be a great tactical error.

Our _demarche_ for peace last December found sympathy in the neutral states, but it was answered by our adversaries raising their demands.

A fresh step of the kind would be put down to our weakness and would prolong the war; any peace advances must come now from the enemy.
The leading motive in my foreign policy will always be the watchful care of our Alliance with Austria-Hungary that the storm of war has made still stronger, and a trusting, friendly and loyal co-operation with the leading men of the Allied Monarchy.