On Tuesday afternoon the nation may be said to have
awakened from its dream that we possessed a Fleet so great, and resources for shipbuilding so tremendous, that it was absolutely impossible that any Power, or even combination of Powers, could ever surpass, or even equal, us. The country then learnt from the mouth of its Government that our future supremacy at sea is in grave peril, owing to the amazing and magnificent energy which Germany is displaying in the matter of construction. Germany has proved not only that she can build new ships as well and as fast as we can, but that her resources, not only for ship construction, but for the production of the munitions of naval warfare, are so enormous that they equal, if they do not excel, our own. We used to say that Germany could not, even if she were prepared to spend the money, create a Navy to compete with ours, so com- plicated and difficult and of so slow a grovrth was the neces- sary mechanism. Now we have to admit that Germany— remember that no blame can attach to her in this respect and no charge of bad faith be preferred—has, with equal promptitude and. secrecy, doubled. the number of capital battleships under construction, and, for all we know, may next year be not only able but willing to redouble this astonishing effort.
