We must resolutely and as quickly as possible draft a new memorandum with the Allies—number 119—since we will not yield an inch to the proprietors; there could be no better moment for this. Delays only weaken us. With the German Treaty in our hands, we will by no means abandon our long‑standing endeavor to rely solely on that treaty as our foundation. Begin, with utmost caution, to flirt separately with Italy.
Written on May 5 or 6, 1922.

First published from the manuscript.