Our war is a defensive war, which will achieve its aim when our enemies have been expelled from our territory and their ring has been broken. This aim could be best served by making peace with one or other of our enemies and winning him over to our cause. This would be of immense advantage to the future of civilization and ensure us against the horrors of a prolonged war. A separate peace would be the best chance for certain Powers to change their international policy. To my mind the issues of this war will greatly change the attitude of some hostile States toward us, and will bring about more intimate relations between them and ourselves, besides widening the foundations of the alliance between Hungary and her allies. And this is to be the rock upon which the European balance of power is to rest in the future. Our war is not a war of conquest, and the boundary changes of which some people speak are not the _sine qua non_ of a good peace. Therefore I do not even wish to speak about certain territorial alterations, which, nevertheless, might be necessary. Regarding the question of England and nationality, Count Andrassy says: Victory no doubt affords us the right to demand the alteration of the map of Europe, yet, this not being our aim and not to our interest, we can be satisfied with certain compensations, as no doubt our enemies would not spare us if they were victorious. Lloyd George said that the States are to be shaped in the future according to nationalities, which means that the Monarchy is to be disrupted. An English scholar not long ago expressed the same view, and, in fact, in England this idea is being impressed upon the people. This policy is sounded in a country which dominates so many millions of alien nationalities. If England speaks in this way, though she is not in direct conflict with us, what can we expect from Russia or Italy? Everyone knows that Russia wants Galicia, the Bukovina, Maramaros; Serbia wants Bosnia, Herzegovina, Croatia, Slavonia, and the Banat; Italy they won to their side by promising her our territory; Transylvania is promised to the one who cares to take it; henceforth, if we wish to defend it, we shall have to prepare for a new attack from another quarter. Yet nothing would be more alien to our thoughts than that if victorious we should annex foreign territory, for we would have seriously to consider if such conquest would be to our advantage or not. The same policy ought to be applied in Germany. Though her enemies would not spare her either, she must be cautious not to go too far in her appetites, and should seek for monetary compensations. Most of all she has to be careful not to claim territory, which would mean everlasting unrest and a new irredentism.