Our Merchant Shipping The news contained in the latest quarterly
returns of Lloyd's Register of increased shipbuilding in British yards 1, highly satisfactory. There are 6o more ships being built than when the last returns were compiled in March, repre- senting an increase in tonnage of 195,000 and in percentage of British tonnage under construction to total tonnage under construction in the world of over 5 per cent. In itself, however, this is only a beginning, for British building of merchant ships has been allowed to fall to a dangerously low level. In the event of war not only is it necessary to be independent of foreign shipping but also to have in reserve a sufficient number of ships to be free from anxiety in respect of casualties from enemy submarines and aircraft. Com- paring the position if war were to break out now with that in 1914, it is fair to say that we have many fewer ships, that perhaps there will not be so much demand for them because our allies will not be so dependent on us as then, and that the danger to ships will be about the same : the submarine menace is under control but the air menace is an unknown quantity. This position must be improved, and the sooner legislation is enacted to accelerate building by a subsidy the better.
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