In order to keep a high standard of armaments in open competition all the states would have to secure a tenfold supply of everything--ten times the artillery, munition factories, vessels and U-boats of former days, and also many more soldiers to work the machinery.

The annual military budget of all the Great Powers would comprise many milliards--it would be impossible with all the other burdens which the belligerent states will have to bear after peace is concluded.

This expense, I repeat, would mean the ruin of the nations.

To return, however, to the relatively limited armaments in existence previous to 1914 would be quite impossible for any individual state, which would be so far behind that its military strength would not count.

The expense incurred would be futile.