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 with those of Great Britain.' This testimony from one of the most thoughtful of the great European administrators is of especial value, if it moderates certain pleadings for Great Britain to take the initiative in demanding the reduction of naval armaments. Such a course would carry with it the danger of placing the maritime policy of our Empire under the domination of a committee of foreigners meeting at the Hague.

The gravest reasons can be urged against any measure which might fetter this country in adjusting its principal naval defence of battleships, not solely in accordance with the variations of her policy and the number of probable battleships which may threaten her, but also in the provision of the requisite margin of safety against the accidents of navigation and possible successful operations on the part of torpedo vessels, submarine boats, and submarine mines. To state that naval campaigns are decided by battleships does not preclude the possibility of some losses through other causes. The Japanese lost two out of six of their battleships through automatic mines, while a third was accidentally sunk shortly after the peace. If a war with France and Germany were unhappily to break out in 1908, the British fleets could be threatened by twice as many torpedo craft as they possess themselves. The operations of the destroyer class would rapidly thin out the 450 torpedo craft of France and Germany; but prudence dictates that some margin of safety should exist, so that we can face the loss of a few battleships with equanimity. In the war period 1793-1802, while our losses from causes other than fighting amounted to eighteen sail of the line and forty-six frigates, the allied nations of France, Spain, and Holland only lost ten sail of the line and nine frigates. The losses were therefore as three to one.

Of the methods for trying to circumvent the tyranny of the battleship, there remains only the guerre de course so frequently formulated by French statesmen and admirals. The most formidable example in history was