The submarine is the most formidable thing the war has produced--by far--and it gives the German the only earthly chance he has to win.
And he _may_ substantially win by it yet.

That's what the British conceal.

In fact, half of them do not see it or believe it.

But nothing is truer, or plainer.

One hundred thousand submarine chasers next year may be worth far less than 500 would be worth now, for next year see how few ships may be left! The mere arming of ships is not enough.