I estimate that about one fourth of the world's oversea tonnage has been commandeered, interned, or put out of service.

Before the war the Germans had nearly one eighth of the world's mercantile tonnage.

That is now interned, destroyed, or tied up, outside the trade on the Baltic.

As much more has been taken by the Allies from the mercantile to the war marine.

It must also be figured that the Baltic and other seas hold locked-in ships, and the bottom of the sea likewise holds some more.
Considering the sudden demand upon the world's mercantile tonnage and its sudden curtailment, it is surprising that ocean commerce has not been more interfered with or made to pay even higher rates than the abnormal ones now existing.
Of war-tonnage, besides three superdreadnoughts purchased and four finished before the end of 1914, the British have under construction to be finished in 1915 ten battleships of from 25,500 to 27,500 tons, armed with 15-inch guns.