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"What is certain is that the war will have a sort of steady character up to March or April, and that Germany reckons she will have to make her maximum effort at that moment.

"Somebody says the end of this war will be hurried by financial reasons. I do not think that these will, alone, be strong enough to settle this gigantic struggle. They are certainly an element worth considering, but only after the military one."

"And what will be the consequences of this war?" I ask.

"I don't think the difference on the European map will be big in either case.

"Germany has fully realised what a mistake was the cession of Alsace-Lorraine by France. The colonies will certainly be the most affected by the future peace; but, of course, nowadays a war like this has hardly any pretension of leading to the annexing of new territories. What Europe is struggling for is supremacy of the economical interests of one nation over another.

"The idea that the largest Empire is the most powerful is childish, and if this had not been proved a long time ago the present European war would be enough to do so."