to our knees by a submarine campaign, and she knew that its effective extension would provoke American intervention. Such intervention would, however, be negligible if in the meantime Britain's Fleet had been crippled and her control of the sea undermined. A successful naval battle might therefore not only impair British participation but preclude that of the United States. Otherwise the two together would dissipate any lingering German hopes of victory; and the imminence of the danger counselled the taking of risks which had hitherto been eschewed. But the results of a naval defeat are not risked if they are likely to prove fatal, unless there is some chance of success; and Germany had some grounds for hope under both these heads. A fleet which flees is little better than no fleet at all, and for two years Germany had put up with British command of the seas. The destruction of her battle-fleet would no doubt depress her people, but it would not seriously interfere with her submarine campaign, and on land the war would go on as it had done. Still, the existence of the German Fleet was a factor in the moral of the German people; and the Government would not have risked it without some hopes of at least a partial success. The hopes depended partly on the skill of the new commander, Von Scheer, and partly on his too-well justified belief that the Germans possessed better shells, better armour, better searchlights, and more accurate range-tests than the British Navy. The guns were also ranged for elevation up to 30 deg., whereas the British elevation was only 15 or 20; and the difference was fatal to some of our battle-cruisers. The conclusion seems to have been that an adventure was worth while, and that if the weather conditions were wisely selected, it was feasible to fight a naval battle on the principle of limited liability, breaking it off if and when the losses incurred exceeded the value of the results obtained. Clearly, for instance, if the German battle-fleet could engage the British battle-cruisers without itself being engaged by the British battle-fleet, the event might justify moderate expectations.