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Rh ships from capture and she will be able to carry on her vast trade, the carrying trade included, as securely in war as in peace, her commercial resources will remain intact, and she will consequently be able to bear the strain of a war uncrippled by financial distress. As matters stand at present, you have either gone too far or not far enough. Your enemy's commerce will sail under the neutral flag. His only sacrifice will be the carrying trade, and, as yours is the only large carrying trade in the world, his loss in this respect will be borne with a light heart. It will even profit him for warlike purposes, inasmuch as the sailors who manned his mercantile marine will be set "at liberty to man his military marine, so that for military purposes he will actually be in a better position than if the neutral flag did not procure immunity to his cargoes. You on the contrary have an enormous mercantile marine, 37,000 vessels representing 6,000,000 or 7,000,000 tonnage,