Dealing briefly with Sir Eric Geddes's recent speech on the occasion of the debate on the naval estimates, Admiral von Capelle declared: "The assertion of the First Lord of the Admiralty that an unwillingness to put to sea prevailed among the German U-boat crews is a base calumny." LOSSES AND CONSTRUCTION As regards the assertions of British statesmen concerning the extraordinarily great losses of U-boats, Admiral von Capelle said: "The statements in the foreign press are very greatly exaggerated. Now, as before, our new construction surpasses our losses. The number of U-boats, both from the point of view of quality and quantity, is constantly rising. We can also continue absolutely to reckon on our military achievements hitherto attained. Whether Lloyd George can continue the naval war with prospects of success depends, not upon his will but upon the position of the U-boats as against shipbuilding. According to Lloyd's Register, something over 22,000,000 gross register tons were built in the last ten years before the war in the whole world--that is, inclusive of the construction of ourselves, our allies, and foreign countries. The entire output today can in no case be more, for difficulties of all kinds and the shortage of workmen and material have grown during the war. In the last ten years--that is, in peace time--800,000 gross register tons of the world's shipping was destroyed annually by natural causes. Now in wartime the losses, as already mentioned, are considerably greater. Thus, 1,400,000 gross register tons was the annual net increase for the entire world. That gives, at any rate, a standard for the present position. America's and Japan's new construction is to a certain extent destined for the necessities of these countries. "In the main, therefore, only the figures of British shipbuilding come into question. About the middle of 1917 there was talk of 3,000,000 tons in official quarters in Great Britain. Then Lloyd George dropped to 2,000,000, and now, according to Bonar Law's statement, the output is 1,160,000 tons. As against, therefore, about 100,000 tons monthly put into service there are sinkings amounting to 600,000 tons, or six times as much. In brief, if the figures given are regarded as too favorable and new construction at the rate of 150,000 tons monthly--that is, 50 per cent. higher--be assumed, and the sinkings be reduced to 450,000 tons, then the sinkings are still three times as large as the amount of new construction. THE COMING MONTHS