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[Page 16]
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inexplicable. No personal view is worth two pence & I daresay you are bored to death on the subject.
But I will venture the cheerful view that the end is clearly in sight & that it will be satisfactory to us. It does now seem that the German has now exploited not only all his resources in men (unless he mobilises Russia & that is not likely at least for a few years) but that he has also exploited all or nearly all those relatively easy victories – Poland Serbia, Rumania, Italy, Russia – with which with mere political sagacity he has from [indecipherable] to [indecipherable] stimulated & fortified the all-important morale of
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