arfare. And again, the rise in prices all round has, since the
commencement of the U-boat war, continued at a more rapid rate, so
that the decline in the import quantity from one month to another may
fairly be estimated at 25 per cent. The figures for imports and
exports, then, confirm my supposition as to the decrease of tonnage in
the traffic with British ports.

"The British Government has endeavoured, by the strictest measures
rigorously prohibiting import of less important articles, to ward off
the decline in the quantity of vital necessaries imported. The attempt
can only partially succeed.

"In 1916, out of a total import quantity of 42 million tons, about 31
millions fall to three important groups alone, viz., foodstuffs and
luxuries, timber, and iron ore; all other goods, including important
war materials, such as other ores and metals, petroleum, cotton and
wool, rubber, only 11 million tons, or roughly one-fourth. A decline
of one-fourth, then, as brought about by the first month of
unrestricted submarine warfare, must affect articles indispensable to
life and to the purposes of war.

"The decline in the imports in February, 1917, as against February,
1916, appears as follows:

"Wool 17 per cent., cotton 27 per cent., flax 38 per cent., hemp 48
per cent., jute 74 per cent., woollen materials 83 per cent., copper
and copper ore 49 per cent., iron and steel 59 per cent. As to the
imports of iron ore I will give more detailed figures:

"Coffee 66 per cent., tea 41 per cent., raw sugar 10 per cent.,
refined sugar 90 per cent., bacon 17 per cent., butter 21 per cent.,
lard 21 per cent., eggs 39 per cent., timber 42 per cent.

"The only increases worth noting are in the case of leather, hides,
rubber and tin.

"As regards the group in which we are most interested, the various
sorts of grain, no figures for quantities have been given from
February onwards.

"The mere juxtaposition of two comparable values naturally gives no
complete idea of the facts. It should be borne in mind that the
commencement of the unrestricted U-boat campaign came at a time when
the economical position of England was not normal, but greatly
weakened already by two and a half years of war. A correct judgment
will, then, only be possible when we take into consideration the
entire development of the imports during the course of the war.

"I will here give only the most important figures.

"In the case of iron ore, England has up t