The capital work done by the German cruisers in the Atlantic, the Pacific, and the Indian Oceans shows how much can be accomplished in the way of hurting and damaging an enemy by even the weaker power if it possesses fine ships, well handled, able to operate thousands of miles from their own base. We must not fail to recognize this. Neither must we fail heartily and fully to recognize the capital importance of submarines as well as air-ships, torpedo-boat destroyers, and mines, as proved by the events of the last three months. But nothing that has yet occurred warrants us in feeling that we can afford to ease up in our programme of building battle-ships and cruisers, especially the former. The German submarines have done wonderfully in this war; their cruisers have done gallantly. But so far as Great Britain is concerned the vital and essential feature has been the fact that her great battle fleet has kept the German fleet immured in its own home ports, has protected Britain from invasion, and has enabled her land strength to be used to its utmost capacity beside the armies of France and Belgium. If the men who for years have clamored against Britain’s being prepared had had their way, if Britain during the last quarter of a century had failed to continue the upbuilding of her navy, if the English statesmen corresponding to President Wilson and Mr. Bryan had seen their ideas triumph, England would now be off the map as a great power and the British Empire would have dissolved, while London, Liverpool, and Birmingham would be in the condition of Antwerp and Brussels.