The total construction of ships in the United States during the years 1910-1916 had averaged 450,000 tons a year. In 1917 it was nearly 1,000,000, in 1918 it was 3,223,506 tons, but in 1919 it was 6,558,823 tons, up to the end of the year in each case. These figures are given for the purpose of showing what can be done in a country which makes up its mind to have a commercial marine. America had been a long time learning its lesson, but there was no question that she had learned. Therefore it is not to be expected that she will let this hardly-acquired realisation be forgotten. Indeed, the evidence is strongly the other way. On June 5, 1920, was approved the Merchant Marine Act for the promoting and maintaining an American Merchant Marine. It is sufficient evidence merely to read the declaration of policy as stated by Congress: “That it is necessary for the national defence and for the proper growth of its foreign and domestic commerce that the United States shall have a merchant marine of the best-equipped and most suitable types of vessels sufficient to carry the greater portion of its commerce and serve as a naval or military auxiliary in time of war or national emergency, ultimately to be owned and operated privately by citizens of the United States; and it is hereby declared to be the policy of the United States to do whatever may be necessary to develop and encourage the maintenance of such a merchant marine.” With the failure of any immediate benefits of this policy it is not necessary here to deal. But of all the many results of the Great War, few historically are more interesting than this revival. Competition between British and American shipping is inevitable, but it is merely a repetition of what happened in the clipper era; and we have seen that in the long run this spirit of emulation has always benefited the Merchant Service. Comparing the figures given above for June 1914, let us place alongside them those for June 1921, which are as instructive as the first. For now we find in the percentage of the world’s total sea-going steel and iron steam tonnage that the British Empire owns 39·3, the United States 22·7, France and Japan each 5·6, but Scandinavia 7·7. Thus to have leapt from 4·3 to 22·7 in so short a space of time, and to have become second only to the British Empire, is a remarkable achievement.