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56 as to warrant our entertaining a reasonable hope of carrying it to a successful issue."

The first to reply was the President of the General Board of the Navy: "In a crisis so serious as this I presume, Mr. President, that you wish me to speak with absolute candor and without reserve. There is no reason to suppose that Germany has emerged from this war exhausted and broken down. Her main fleet having remained within her ports throughout the war, is not only intact, but has been increased by the addition of several dreadnoughts of the most modern design. Some light cruisers also have been added, together with a considerable number of seagoing destroyers and submarines of the largest and latest type. So far as her main fleet is concerned, there can be no doubt that it is stronger and even better prepared for battle than it was at the commencement