The diplomatic and political situation cannot be spoken of without the military. The military situation is stationary, although, to-day, it is clearly in favour of the Germans, who occupy the whole of Belgium, with the exception of 880 square kilometres, who hold ten rich and populous departments of France, and a great part of Russian Poland. Besides, the recent attack upon Dunkirk and the activity of the submarines and dirigibles show that the Germans are still full of fight, and wish to carry the war on literally to the utmost limits of their powers of attack and defence. Thus the intervention of Italy is not late. I think the right moment has come now, when the military situation hangs in the balance. There is neither advance nor retreat on either side, for which reason it would be a good thing to decide the game by the introduction of a new factor, the intervention of Italy and Roumania. The principal international events of this week have been the Berchtold resignations, the consideration of intervention by Roumania, and the treaty of the Triple Entente for the regulation of Russia’s financial difficulties. _Russia._ It really seems to me that there was a moment of slackness in the pursuit of the war on the part of Austria and Russia. It is enough to call to mind a short paragraph in an official Russian paper, the _Ruskoie Slovo_, in order to realise that there was a time when Russia wavered. “It is true,” says the paper, “that on the 4th September, Russia, France, England, Belgium and Serbia undertook not to make peace individually; but this pledge brings with it the necessity of supporting the expenses of war in common, especially now that Turkey has come to the help of the Central Powers. Our treasury is empty. Where can we obtain that money which is more important than men? If England refuses, we shall be obliged to end the war in any way convenient to Russia.” Really threatening words these, of which England, however, understood the meaning, and immediately took steps to prevent their realisation by launching the loan of fifteen milliards in favour of Russia to be subscribed to in the capitals of the Triple Entente. And, in fact, immediately after the announcement of the loan the tone of the official papers changed, and there was no more talk of making a separate peace. _Austria._ There were other symptoms of restlessness in Austria. Clearly, up to the present, Austria has been sacrificed the most. She has lost Galicia and been defeated by the Russians and Serbs.