In the early summer of 1917 conditions seemed favourable for peace and the hope of arriving at an understanding, though still far distant, was not exactly a Utopian dream. How far the hope of splitting our group and the failure of the U-boat warfare may have contributed to stiffen the desire for war in the Entente countries cannot definitely be stated. Both factors had a share in it. Before we came to a deadlock in the negotiations, the position was such that even in case of a separate peace we should have been compelled to accept the terms of the conference of London. Whether the Entente would have abandoned that basis if we had not veered from the straight course, and by unofficial cross-purposes become caught in the toils of separatist desires, but had quickly and consistently carried out our task, is not proved, and never will be. After the debacle in the winter of 1918-19 it was intimated to me as a fact that when Clemenceau came into power a peace of understanding with Germany became out of the question. His standpoint was that Germany must be definitely vanquished and crushed. Our negotiations, however, had begun under Briand, and Clemenceau only came into power when the peace negotiations had become entangled and were beginning to falter. With regard to Austria-Hungary, both France and England would have welcomed a separate peace on our part, even during Clemenceau's period of office; but in that case we should have had to accept the terms of the London conference. Such was the peace question then. How it would have developed if no misleading policy had come into being naturally cannot be stated. I am not putting forward suppositions but confirming facts. And the fact remains that the failure of the U-boat campaign on the one hand, and a policy carried on behind the backs of the responsible men on the other hand, were the reasons why the favourable moment passed and the peace efforts were checked. And I herewith repeat that this fact does not in itself prove that peace negotiations would not also have failed later if the two reasons mentioned above had not existed. It became quite clear in the autumn that the war would have to continue. In my speeches to delegations I endeavoured to leave no doubt that we were faithful to our Allies. When I said "I see no difference between Strassburg and Trieste," I said it chiefly for Sofia and Constantinople, for the overthrow of the Quadruple Alliance was the greatest danger. I still hoped to be able to prop the trembling foundations of the Alliance policy, and either to secure a general peace in the East, where the military opposition was giving way, or to see it draw nearer through the anticipated German break-through on the Western front.