will probably realize in time that they are
biting on granite and that partial successes will sooner or later lead
to their exhaustion without materially changing the military
situation. To-day Germany awaits the outcome of the present combined
offensive of the Allies with calmness and confidence. Then her turn
may come once more. The Allies have been rejoicing over the collapse
of Germany. They have repeatedly and positively prophesied it.
Repeatedly it has been postponed. It seems now as if it would have to
be adjourned _ad Kalendas Graecas_.

Last autumn the world saw the rapid conquest of Serbia and Montenegro
by German, Austro-Hungarian and Bulgarian troops. The result was the
establishment of direct communication between Berlin and Bagdad. Who
can underestimate the political, military and economic importance of
this feat to Germany and to her allies?

Bulgaria joined the alliance of Germany, Austria-Hungary and Turkey
because she realized that theirs was to be the ultimate victory. The
four Central Powers form a solid and powerful political combination;
they adjoin each other and are bound together by economic interests.

Let us now consider the naval situation. Instead of the German fleet
being at the bottom of the sea, considerably more British than German
men-of-war find themselves in that position. Since the great battle of
the Skagerrak, where the German High Sea Fleet successfully fought
against the entire British Grand Fleet, the British losses have
increased alarmingly. The German Navy is young, but it has proved its
merit; more than that, it has proved that the proud British fleet is
by no means invincible. Our submarines have shown to the world that
Germany possesses a powerful weapon against England, even though, out
of consideration for neutral interests, this arm of her navy has not
yet been fully tested against the illegal methods adopted by England
in her effort to starve Germany's entire civilian population. The
exploits of the _Emden_, the _Moewe_ and the _Appam_ are still fresh
in everybody's memory. To them can now be added the achievements of
the submersible _Deutschland_, by means of which we have begun to
resume our trade relations with the United States despite the
so-called British blockade.

For two years we have been fighting for the freedom of the seas.
Doubtless, Great Britain's sea power, which has caused us the loss of
our distant colonies and the suspension of most of our mariti