poor condition. England inspected the horses in America, paid for
them, and then put them in charge of her own men on her own ships, and
landed them by the shortest routes in England and on the Continent, in
prime condition.

Although Germany had been buying liberally of horses in Ireland as
early as March, when the long arm of Great Britain reached out there
was no failure in her mounts for the cannon and cavalry divisions. For
good horses at home and abroad she did not hesitate to pay as high as
$350.

Americans should not forget that this war has brought about the
greatest contraction in ocean tonnage that has ever been seen. I
estimate that about one fourth of the world's oversea tonnage has been
commandeered, interned, or put out of service. Before the war the
Germans had nearly one eighth of the world's mercantile tonnage. That
is now interned, destroyed, or tied up, outside the trade on the
Baltic. As much more has been taken by the Allies from the mercantile
to the war marine. It must also be figured that the Baltic and other
seas hold locked-in ships, and the bottom of the sea likewise holds
some more.

Considering the sudden demand upon the world's mercantile tonnage and
its sudden curtailment, it is surprising that ocean commerce has not
been more interfered with or made to pay even higher rates than the
abnormal ones now existing.

Of war-tonnage, besides three superdreadnoughts purchased and four
finished before the end of 1914, the British have under construction to
be finished in 1915 ten battleships of from 25,500 to 27,500 tons,