The keynote of Hollweg's arguments is taken from the words of the German song: "Der Gott der Eisen wachsen Liesz," written by Ernst Moritz Arndt. Hollweg quotes this sentence on page 23: "Lieber ein Ende mit Schrecken, als ein Schrecken ohne Ende." ("Rather an end with Terror than Terror without End.") In the chapter on "The Submarine War and Victory" the writer presents the following table: Status of merchant ships in 1914: Sunk or Captured Percentage England (Exclusive of colonies) .......... 19,256,766 2,977,820 15.5 France .............. 2,319,438 376,360 16.2 Russia .............. 1,053,818 146,168 13.8 Italy ............... 1,668,296 314,290 18.8 Belgium ............. 352,124 32,971 9.3 Japan ............... 1,708,386 37,391 0.22 (Figures for Dec. 1916 estimated) The World Tonnage at beginning of war was.... 49,089,553 Added 1914-16 by new construction............ 2,000,000 ---------- 51,089,553 Of this not useable are: Tonnage Germany ... 5,459,296 Austria ... 1,055,719 Turkey ... 133,158 In Germany and Turkey held enemy shipping .......... 200,000 Ships in U. S. A... 2,352,764 Locked in Baltic and Black Sea ......... 700,000 Destroyed enemy tonnage ........... 3,885,000 ---------- Total 13,785,937 Destroyed neutral tonnage (estimated) 900,000 ---------- 14,685,937 Requisitioned by enemy countries for war purposes, transports, etc. England ....... 9,000,000 France ........ 1,400,000 Italy ......... 1,100,000 Russia ........ 400,000 Belgium ....... 250,000 ---------- 12,150,000 ---------- 26,835,937 ---------- Remaining for world freight transmission still useable at the beginning of 1917............ 24,253,615 tons To the Entente argument that Germany has not considered the speedy construction of merchant ships during war time the author replies by citing Lloyd's List of December 29, 1916, which gave the following tonnage as having been completed in British wharves: 1913 .......... 1,977,000 tons 1914 .......... 1,722,000 tons 1915 .......... 649,000 tons 1916 .......... 582,000 tons "These figures demonstrate that England, which is the leader of the world as a freight carrier is being harmed the most." Admiral Hollweg cites these figures to show that ship construction has decreased in England and that England cannot make good ship losses by new construction.