Now here is a rather interesting figure which I have compiled from the various official resorts on merchant ship losses by both sides. In the past three months tonnage lost by the Axis Powers is very nearly 1000000 tons. The tonnage lost by the Allied Powers inthe same period is about 1,350,000 tons. Since the Axis Powers had at their disposal when the war began only about à] The a quarter of the mercantile tonnage owned by the Allies the relative loss of carrying power for Germany and Ttaly is much beaviet than is ours. That is an aspect of the struggle for sea power that is quite as important, though it may not appear to be <o dramatic. as the destruction of a battleship or the annihilation of a cruiser squadron.
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