Our losses by mine or submarine in the week ending
March 23rd were fifteen large ships over 1,600 tons and nine smaller ships. Last week, however, we lost only five large and six small ships, including two little sailing vessels. It may be conjectured that the enemy made a special effort at sea to coincide with his offensive on land, but his destructive record for the past fortnight is below rather than above the average. On the other hand, the shipyards com- pleted in March more tonnage than they completed in January and February taken together. The total of 161,874 tons of new shipping for March is the highest yet recorded. If this monthly output can be maintained, and the Navy can improve still further on its methods of protecting merchantmen, we shall overcome the gravest danger that threatens us.
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