After all these months of unlimitsa U-boat warfare, intensive mining and alr attacks on British and" Allied merehanimen, fom a shipbuild point of view, it would our jiains and advantages, our loss and "disadvantages, and also. to famine the position of our export ana Import trade under prevailing eon ditions. It Is rather dimeult for us in Shanghai to do this, but relying fon our information about these mat= {ers from conversations with technical men recently arrived from Home, on the many. shipbuilding and ship~ ing publications which are received Almost weekly, nnd from the utter~ ances of Mr, Ronald Cross, the British Minister of Shipping, we may arrive a very close appreciation of the The fortunes of a war on sea vary rapidly; al times our losses will be higher than at others and may remain Tigh on account. of a new situation aising? such "as the recrudescence of U-boat activity, oF on account perhaps the temporary success of some new device which may emerge and cause extensive shipping losses, This state of danger might be prolonged until counter measure is found, and you may rest assured that under such mergeneles with the scientific know-Hedge and. engineering skill at_oue nation's disposal, antidotes will always be found,
Text read from the printed page and cleaned; old type leaves the occasional error.