The Morocco negotiations in the summer of 1911 displayed the unmistakable hostility of England to us. They showed that England is determined to hinder by force any real expansion of Germany's power. Only the fear of the possible intervention of England deterred us from claiming a sphere of interests of our own in Morocco, and, nevertheless, the attempt to assert our unquestionable rights in North Africa provoked menacing utterances from various English statesmen. If we consider this behaviour in connection with England's military preparations, there can be no doubt that England seriously contemplates attacking Germany should the occasion arise. The concentration of the English naval forces in the North Sea, the feverish haste to increase the English fleet, the construction of new naval stations, undisguisedly intended for action against Germany, of which we have already spoken; the English _espionage_, lately vigorously practised, on the German coasts, combined with continued attempts to enlist allies against us and to isolate us in Europe--all this can only be reasonably interpreted as a course of preparation for an aggressive war. At any rate, it is quite impossible to regard the English preparations as defensive and protective measures only; for the English Government knows perfectly well that Germany cannot think of attacking England: such an attempt would be objectless from the first. Since the destruction of the German naval power lies in the distinct interests of England and her schemes for world empire, we must reckon at least with the possibility of an English attack. We must make it clear to ourselves that we are not able to postpone this attack as we wish. It has been already mentioned that the recent attitude of Italy may precipitate a European crisis; we must make up our minds, then, that England will attack us on some pretext or other soon, before the existing balance of power, which is very favourable for England, is shifted possibly to her disadvantage. Especially, if the Unionist party comes into power again, must we reckon upon a strong English Imperial policy which may easily bring about war. Under these circumstances we cannot complete our armament by sea and our coast defences in peaceful leisure, in accordance with theoretical principles. On the contrary, we must strain our financial resources in order to carry on, and if possible to accelerate, the expansion of our fleet, together with the fortification of our coast. It would be justifiable, under the conditions, to meet our financial requirements by loans, if no other means can be found; for here questions of the greatest moment are at stake--questions, it may fairly be said, of existence.