THE NAVAL PROFIT AND LOSS ACCOUNT.

New Zealand Herald, Volume LII, Issue 15864, 10 March 1915, Page 10

THE NAVAL PROFIT AND LOSS ACCOUNT.

»•' ' * N ... OUR HALF-YEARLY NAVAL BALANCE-SHEET: HOW GERMANY'S "POLICY OF WHITTLING " WORKS IN PRACTICE. .",,", . —Graphic. •' Whittling them down is a game two can play," as the New York Herald remarks, and that Germany's avowed " policy of whittling" is coming home to roost is apparent from these two diagrams, which show our profit and loss account for six months. It should he noted that owing to our fleet having started with 50 to 60 per cent, preponderance, Germany's losses in proportion— by the- black squares—are far more serious than the bare number of ships conveys. In spite of our own losses, the relative strength of our fleet, as Mr. Churchill recently stated, is substantially greater than, at the outbreak.,of war, while 1915 will give us 15 new Dreadnoughts against three to Germany. There have been more losses amongst German submarines than shown above. The , Berliner Tagablatt admits that, according to news from neutral countries, more than seven have been sunk since February 18.