If Germany to-day, and we knew it, concluded peace, she would lose Alsace-Lorraine and her military superiority on land; but we, with our territory, would have to pay the Italians, Serbians, and Roumanians for their part in the war.
I heard it said on many sides that there were men in the Entente who readily understood this point of view, but that the Entente nations would do what they had intended.

Italy had based her entry into the war on promises from London.

Roumania also had been given very solid assurances, and heroic Serbia must be compensated by Bosnia and Herzegovina.

Many, both in Paris and London, regretted the situation that had arisen through the conference in London, but a treaty is a treaty, and neither London nor Paris could forsake their Allies.
Meanwhile, it was thought likely in Entente circles that both the new Serbian and Polish states, probably Roumania as well, would have certain relations with the Monarchy.

Further details respecting such relations were still unknown.