such a belligerent must be of very insignificant volume if the loss entailed by its suppression is not greater than that likely to be inflicted by such a belligerent on the enemy's commerce which crosses the seas under the _ægis_ of a flag which commands them. Admiral Mahan has estimated that during the whole of the war of the French Revolution and Empire the direct loss to England "by the operation of hostile cruisers did not exceed 2-1/2 per cent. of the commerce of the Empire; and that this loss was partially made good by the prize ships and merchandise taken by its own naval vessels and privateers." It should be noted, however, that the Royal Commission on Food Supply was of opinion that 4 per cent. would be a more accurate estimate. It is also well known that during the same period the maritime commerce of England was doubled in volume while that of France was annihilated. In point of fact the risks run in war by commerce afloat are measured very exactly by the degree in which the flag which covers it has secured the command of the sea--that is, be it always remembered, the control of the maritime communications affected. During the War of American Independence, when British supremacy at sea was seriously challenged and at times was in grave jeopardy--owing quite as much to faulty disposition as to inferiority of force--premiums of fifteen guineas per cent. were paid in 1782 on ships trading to the Far East; whereas from the spring of 1793 until the close of the struggle with Napoleon no premiums exceeding half that rate were paid. Yet to the very end of the war British merchant vessels were being seized even in the Channel almost every day. There is, however, good reason to think that many of these seizures were in reality collusive operations undertaken for the purpose of carrying on clandestinely the direct trade with the Continent which Napoleon sought in vain to suppress. The full history of the memorable conflict between the Berlin Decrees of Napoleon and the British Orders in Council, is still to be written. Some very illuminating side-lights are thrown on it by Mr David Hannay in a volume entitled _The Sea-Trader, His Friends and Enemies_.