In this connection two facts have to be remembered: first, that we start in a position of security, and need therefore be in no undue haste to build more ships; _secondly, that we are on the threshold of a new era in naval construction_, and can therefore not rest content with the advantage which we secured in an era which is passing away. The problem need not be complicated by a somewhat futile attempt to bring the existing and the new ships of our own and foreign navies to a common denominator; we must build new ships to meet new ships, always, however, remembering that until the new ships are in commission we have got plenty of the old ones to fight with. But here it is really impossible to avoid commenting on the gross insincerity of some recent attacks on the Admiralty. It was no doubt only to be expected that the four ships of the Cawdor memorandum, which were explicitly stated to be a maximum, should always be quoted as a minimum by anyone who wishes to belabour the present Board. But there is a further point which the convenient shortness of the journalistic memory has suffered to be overlooked. When the Cawdor memorandum was issued, it was generally (though wrongly) assumed that only two of the four ships would be battleships, and two “armoured cruisers.” _And at that time the public had certainly no idea what the_ “_Invincible_” Fast Battle Cruiser type was like, with its 6 knots superiority of speed to everything afloat, and the biggest guns alive. The “Invincibles” are, as a matter of fact, perfectly fit to be in line of battle with the battle fleet, and _could more correctly be described as battleships which, thanks to their speed, can drive anything afloat off the seas_. But this was not known, and the calculations generally made in the Press added only two units per annum to our battle fleet. Yet there was no outcry; that was reserved to a later date, when it was beginning to be understood that the “Invincibles” could be reckoned side by side with the “Dreadnought,” and it had been announced that three new “Dreadnoughts,” instead of two, were to be laid down this winter. Surely the ways of the party journalist are past finding out.