At the moment, and no doubt for some time to come, difficulties in regard to finance will exist, but it would seem to be nothing more than common sense to insist that the one service which is vital to our existence should be absolutely the last to suffer for need of money.

During a period of the greatest financial pressure it may be necessary to economize somewhat in the construction of new ships, and in the upkeep of certain of our naval bases which the result of the war and consequent considerations of future strategy may suggest to be not of immediate importance, although even here it may well be necessary to develop other naval bases to meet changed conditions; but we cannot afford to fall behind in organization, in the testing and development of new ideas, or in the strength of our personnel or in its training.

A well trained personnel and a carefully thought out organization cannot by any possibility be quickly extemporized.
It is the height of economic folly to stint experimental research, for it is in times of stress that the value of past experimental work is shown.

In the matter of organization we must be certain that adequate means are taken to ensure that the different arms which must co-operate in war are trained to work together under peace conditions.

A modern fleet consists of many units of different types--battleships, battle-cruisers, light cruisers, destroyers and submarines.