Counting tonnage sunk and tonnage frightened off, the arrivals at British ports have been reduced, at a low estimate, by one-fourth, and probably by as much as one-third, as against January.

In January arrivals amounted to 2.2 million net tons.
I may supplement the incomplete English statistics by the information that in March the arrivals were only 1.5 to 1.6 million tons net, and leave it to Mr.Carson to refute this.

The 1.5 to 1.6 million tons represent, compared with the average entries in peace time, amounting to 4.2 millions, not quite 40 per cent.

This low rate will be further progressively reduced.

Lloyd George at the beginning of the war reckoned on the last milliard.