seem from
this precise point of view very inferior to Morocco, for there can be no
doubt that in the future Morocco will be a far more valuable possession
for France than the Congo region for Germany, especially if that Spanish
_enclave_ cannot be obtained. The access to the Ubangi and the Congo has
at present a more or less theoretical value, and could be barred in case
of war with us by a few companies of Senegalese.

It would be mere self-deception if we would see in the colonial
arrangement which we have effected with France the paving of the way for
a better understanding with this State generally. It certainly cannot be
assumed that France will abandon the policy of _revanche_, which she has
carried out for decades with energy and unflinching consistency, at a
moment when she is sure of being supported by England, merely because
she has from opportunist considerations come to terms with us about a
desolate corner of Africa. No importance can be attached to this idea,
in spite of the views expounded by the Imperial Chancellor, v.
Bethmann-Hollweg, in his speech of November 9, 1911. We need not,
therefore, regard this convention as definitive. It is as liable to
revision as the Algeciras treaty, and indeed offers, in this respect,
the advantage that it creates new opportunities of friction with France.

The acquisition of territory in the Congo region means at first an
actual loss of power to Germany; it can only be made useful by the
expenditure of large sums of money, and every penny which is withdrawn
from our army and navy signifies a weakening of our political position.
But, it seems to me, we must, when judging the question as a whole, not
merely calculate the concrete value of the objects of the exchange, but
primarily its political range and its consequences for our policy in its
entirety. From this standpoint it is patent that the whole arrangement
means a lowering of our prestige in the world, for we have certainly
surrendered our somewhat proudly announced pretensions to uphold the
sovereignty of Morocco, and have calmly submitted to the violent
infraction of the Algeciras convention by France, although we had
weighty interests at stake. If in the text of the Morocco treaty such
action was called an explanation of the treaty of 1909, and thus the
notion was spread that our policy had followed a consistent line, such
explanation is tantamount to a complete change of front.

An additional political disadv