“Point 3, which is definitely directed against any future economic war, is so right, so sensible, and has so often been craved by ourselves that I have here again nothing to remark.

“Point 4, which demands general disarmament, sets forth in particularly clear and lucid form the necessity of reducing after this present war the free competition in armaments to a footing sufficient for the internal security of states.  Mr. Wilson states this frankly and openly.  In my speech at Budapest some months back I ventured to express the same idea; it forms part of my political creed, and I am most happy to find any other voice uttering the same thought.

“As regards the Russian clause, we are already showing in deeds that we are endeavouring to bring about friendly relations with our neighbours there.

“With regard to Italy, Serbia, Roumania and Montenegro, I can only repeat my statement already made in the Hungarian Delegation.

“I am not disposed to effect any insurance on the war ventures of our enemies.

“I am not disposed to make any one-sided concessions to our enemies, who still obstinately adhere to the standpoint of fighting on until the final victory; to prejudice permanently the Monarchy by such concessions, which would give the enemy the invaluable advantage of being able to carry on the war indefinitely without risk. (Applause.)

“Let Mr. Wilson use the great influence he undoubtedly possesses among his Allies to persuade them on their part to declare on what conditions they are willing to treat; he will then have rendered the enormous service of having set on foot the general peace negotiations.  I am here replying openly and freely to Mr. Wilson, and I will speak as openly and freely to any who wish to speak for themselves, but it must necessarily be understood that time, and the continuation of the war, cannot but affect the situations here concerned.

“I have already said this once before; Italy is a striking example.  Italy had the opportunity before the war of making great territorial acquisitions without firing a shot.  It declined this and entered into the war; it has lost hundreds of thousands of lives, milliards in war expenses and values destroyed; it has brought want and misery upon its own population, and all this only to lose for ever an advantage which it might have won.

“Finally, as regards Point 13, it is an open secret that we are adherents to the idea of establishing ’an independent Polish State to include the areas undoubtedly occupied by Polish inhabitants.’  On this point also we shall, I think, soon agree with Mr. Wilson.  And if the President crowns his proposals with the idea of a universal League of Nations he will hardly meet with any opposition thereto on the part of the Austro-Hungarian Monarchy.

“As will be seen from this comparison of my views with those of Mr. Wilson, we are not only agreed in essentials as to the great principles for rearrangement of the world after this war, but our ideas as to several concrete questions bearing on the peace are closely allied.