itten by Ernst
Moritz Arndt. Hollweg quotes this sentence on page 23:

"Lieber ein Ende mit Schrecken, als ein Schrecken ohne Ende."

("Rather an end with Terror than Terror without End.")

In the chapter on "The Submarine War and Victory" the writer presents
the following table:

Status of merchant ships in 1914:

Sunk or
Captured Percentage

England (Exclusive of
colonies) .......... 19,256,766 2,977,820 15.5
France .............. 2,319,438 376,360 16.2
Russia .............. 1,053,818 146,168 13.8
Italy ............... 1,668,296 314,290 18.8
Belgium ............. 352,124 32,971 9.3
Japan ............... 1,708,386 37,391 0.22

(Figures for Dec. 1916 estimated)
The World Tonnage at beginning of war was.... 49,089,553
Added 1914-16 by new construction............ 2,000,000
----------
51,089,553

Of this not useable are:

Tonnage Germany ... 5,459,296
Austria ... 1,055,719
Turkey ... 133,158

In Germany and Turkey
held enemy
shipping .......... 200,000

Ships in U. S. A... 2,352,764

Locked in Baltic and
Black Sea ......... 700,000

Destroyed enemy
tonnage ........... 3,885,000
----------
Total 13,785,937

Destroyed neutral
tonnage (estimated) 900,000
----------
14,685,937

Requisitioned by
enemy countries for
war purposes,
transports, etc.

England ....... 9,000,000
France ........ 1,400,000
Italy ......... 1,100,000
Russia ........ 400,000
Belgium ....... 250,000
----------
12,150,000
----------
26,835,937
----------
Remaining for world freight transmission still
useable at the beginning of 1917............ 24,253,615 tons

To the Entente argument that Germany has not considered the speedy
construction of merchant ships during war time the author replies by
citing Lloyd's List of December 29, 1916, which gave the following
tonnage as having been com