Original: If the election were to occur now, the result would be extremely doubtful, and although most of our discreet friends are sanguine of the result, my impression is, the chances would be against us.
Simplified: If the election were to occur now, the result would be extremely doubtful (not sure), and although most of our discreet friends are sanguine of the result, my impression is, the chances would be against us.