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132 concession that I have made to bring an enemy's forces to our shore has been a denial of that enemy's foresight, knowledge and common sense—qualities in which the German people are not deficient.

The difficulties and dangers which our authorities see clearly, must be equally visible to theirs; not one of these difficulties, of that we may be sure, has been overlooked; and we may be equally certain that the German Government, with the reports of its experts before it, will never run the risks of which we are asked to believe they think so lightly. To sum up:

1. England holds a perfect strategical position, of which nothing can deprive her.

2. The half of her battleships and cruisers in the Home and Irish waters, is stronger than the whole of the German Navy of the same class of ships in the North Sea and Baltic; and in the small craft—specially useful