In the period of three months since the 18th of February, a day memorable for history, our submarines have inflicted on the enemy merchant shipping, in the first place the English merchant marine, a total loss of 111 ships with a displacement of 234,239 tons. The figures may, perhaps, not seem especially large in comparison with the gigantic number of merchant ships flying the flag of the enemy. But in this method of warfare the percentage loss of ships of our opponent as compared with his total does not count, but rather the fact that through the regularity and inevitableness of the marine catastrophes the enemy shipping shall be disturbed as poignantly as possible, and that there should as a result of this disturbance appear in the economic life of England phenomena similar to those which the English plan of the isolation of Germany aims at without, however, having succeeded in getting any nearer to its goal, owing to the inherent strength and power of adaptation of German business. The rise of prices now prevalent in England, and the paralyzing of great branches of trade which could not occur in an England that really ruled the sea, may be attributed in chief part to this war of the submarines. The advantage of the insular position of England has been greatly lessened, thanks to this excellent German weapon, even if it cannot be completely eliminated. But if one compares with the total voyages of the English merchant shipping the losses of the English merchant marine, amounting to more than 100 ships in a period of exactly ninety days, and a tonnage of 216,000 tons, (from the totals mentioned above there must be deducted the shares of France and Russia,) then we must consider only that part of the British merchant marine that entered ports of the island kingdom in this period or left them; and one must bear in mind further that a large number of those ships is contained several times in the English statistics, since they do coast service. But as valuable booty for our submarines particularly those ships are to be regarded that import any kinds of commodities to England. And statistics will later be able to show on the basis of these figures the great success of the German submarine warfare, as indicated by figures. A glance at the map that accompanies the list of losses suffices to show that mine fields as little as great distances are factors of decisive importance in the activities of our submarines. The closing of the English Channel and of the North Channel (between Ireland and Scotland) has not prevented our boats from penetrating wherever there was booty. Even on the northwest coast of Scotland and out in the west of Ireland the German submarines have carried on a successful hunt. The numbers in the little circles on the map represent the successive ships on the list.