It is impossible to speak with any certainty in regard
to the Russian situation. We feel, however, it is quite possible that the welcome check received by the Germans last week is now over, and that we shall in the course of nett week see a new and determined German advance—a movement which will in effect, though not in name, constitute an invasion of Russia. If the situation develops in this way there will be no cause for alarm. In that case the Germans and Austrians will have undertaken the most formidable operation known to the military art—an operation which has been again and again attempted in the past, but which hitherto has always failed. Of course this may turn out to be the exception to the rule, but we think it most improbable. What would seriously alarm us would be the destruction of the Russian field army, or any large section of it. As long, however, as the Grand Duke is willing to give ground, drawing the Germans after him— always with plenty of manoeuvring area behind him—there is nothing to worry about, at any rate on our side. While this is the game that is being played, it is safe to say that the overmastering thought in the mind of tho German General Staff will be how to avoid a Poltava and a Moscow rather than, as it should be, how to annihilate the Russian armies.
