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 captain of the merchant ship Laertes, whose well-merited honour has been made public this morning, and if they take the precautions which are proper and legitimate, we expect that the losses will be confined within manageable limits, even at the outset, when the enemy must be expected to make his greatest effort to produce an impression.

All losses can of course be covered, by resort on the part of shipowners to the Government insurance scheme, the rates of which are now one-fifth of what they were at the outbreak of War. On the other hand, the reply which we shall make will not perhaps be wholly ineffective, Germany cannot be allowed to adopt a system of open piracy and murder, or what has always hitherto been called open piracy and murder, on the high seas, while remaining herself protected by the bulwark of international instruments which she has utterly repudiated and defied, and which we, much to our detriment, have respected.

There are good reasons for believing that the economic pressure which the Navy exerts is beginning to be felt in Germany. We have to some extent restricted their imports of useful commodities like copper, petrol, rubber, nickel, manganese, antimony, which are needed for the efficient production of war materials, and for carrying on modern war on a great scale. The tone of the German Chancellor's recent remarks, and the evidences of hatred and anger against this country which are so apparent in the German Press, encourage us to believe that this restriction is proving inconvenient. We shall, of course, redouble our efforts to make it so.

So far, however, we have not attempted to stop imports of food. We have not prevented neutral ships from trading direct with German ports. We have allowed German exports in neutral ships to pass unchallenged. The time has come when the enjoyment of these immunities by a State which has, as a matter of deliberate policy, placed herself outside all international obligations, must be reconsidered. A further declaration on the part of the allied Governments will promptly be made which will have the effect for the first time of applying the full force of naval pressure to the enemy.

I thank the House for the attention with which they have listened to me. The stresses and strains of this War are not imperceptible to those who are called on to bear a part in the responsibility for the direction of the tremendous and terrible events which are now taking place. They have a right to the