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 the French wars of 1798-1815, when we lost through war 2&middot;36 per cent. of our shipping, without deducting large corresponding gains we made from the enemy. Such a risk is no more than one incidental to ordinary navigation, and to-day, allowing for neutral shipping, would represent 1½ per cent, of our total supplies. The only triumph over British commerce was when Sir John Jervis evacuated the Mediterranean before the superior fleets of France and Spain. From that moment to the Battle of the Nile British commerce with the Mediterranean entirely ceased. It was the action of a fleet of battleships which a few years later negotiated the opening of the Baltic again to British commerce. Then came Trafalgar, and the security afforded by that battle to commerce was such that insurance rates tumbled down 18 per cent. I would hesitate to labour the point were it not that these familiar lessons have to be learned over and over again. If Russian battleships were injured at Port Arthur by Japanese torpedo craft, how came they to be at anchor in an open roadstead? The answer is that they were afraid to put to sea because of the Japanese battleships. If battleships were again sunk by torpedo craft at Tsushima, the immunity the latter enjoyed was due to the beating down of all power of defence by the Japanese battleships. Certain Russian vessels fortunately escaped the attentions of the torpedo craft, and, in consequence, became by capture a part of the Japanese navy.

Two modern instances lend point to Nelson's saying concerning battleships as 'negotiators.' In the Panjdeh crisis confidence was so lacking that we spent several millions in a hurried and wasteful manner. In the Fashoda crisis we experienced the effect of past great naval efforts, so that only a few thousands were spent on mobilization. The preparation of armaments must always be the work of time, and Nelson only referred to battleships which could immediately exert their strength, as was done when, without any reduction of our blockading forces, Sir Hyde Parker's fleet was sent to conduct