shipping less than 11 per cent. was plying or unaccounted for, and only ten German ships, it was believed, were trading on the seas, while the Germans were becoming deficient in war material. The results of the German policy of attrition so far were not unsatisfactory to Great Britain. The losses of submarines had been equal, but the German loss proportionately was much larger, the British vessels being more numerous; of destroyers, the British loss was _nil_, the German eight or ten; of the older armoured cruisers, it was six to two, but the British were three or four times more numerous, and therefore more frequently exposed to attack; in fast modern light cruisers,--the most important class of modern vessels,--the proportion had been 36 to 25; Britain had lost one-eighteenth, Germany one-fourth. The British additions, recent and future, would make the British strength beyond comparison greater. In Dreadnoughts British superiority at the start was just under 60 per cent.--36 to 21; by the end of 1915 Germany could not possibly have more than three besides; Great Britain should have fifteen, including two taken over from Turkey, and one from Chile, and could afford to lose a super-Dreadnought a month and yet be in about as good a position as at first. There was no attrition by wear and tear. The health of the Fleet was twice as good as in time of peace, and the conduct of the men almost perfect. There was no reason whatever for nervousness, anxiety, or alarm. We had powerful Allies on the seas, but, even were we single-handed indefinitely, we might go on drawing our supplies and transporting our troops as we pleased. After a short speech of concurrence from Mr. Bonar Law the House adjourned till February 2. The war legislation passed in the first instalment of this new Session included Bills to consolidate and amend the Defence of the Realm Acts, based on the experience gained during the war; providing pensions for soldiers and their dependants; enacting that acceptance of a commission in the Army or Navy ["office under the Crown"] by members of the Commons should not vacate their seats; providing that members of local authorities should not be disqualified by absence, if they were on naval or military service; facilitating land drainage (as a means of employment); and, notably, amending the Trading with the Enemy Act. This last measure set up a custodian of enemy property in the person of the Public Trustee (in England and Wales; other arrangements were made in Scotland and Ireland) to whom must now be paid all dividends, interest, or share of profits which would otherwise have gone to an alien enemy, for him to hold till after the war, The Bill contained also provisions against the transfer of enemy claims, or stock or shares, to neutrals, and against the transformation of German into British companies; and it made even an offer to trade with the enemy a criminal offence.