The lack of transport facilities will also prevent the larger output of war industries in America making up for the lesser output in England.

The speed with which the U-boat warfare has destroyed vessels excludes the possibility of building new vessels to furnish adequate cargo space.

More vessels have been destroyed in a month of U-boat warfare than the English dockyards have turned out in the last year.

Even the thousand much-talked-of American wooden vessels, if they were there, would only cover the losses of four months.

But they will not come before it is too late.