[18]. Lion, Tiger, Queen Mary, Princess Royal.
[19]. Contrary to common opinion and, as many will think, to the proved lessons of the war, I do not believe in the wisdom of the Battle-Cruiser type. If it is worth while to spend far more than the price of your best battleship upon a fast heavily-gunned vessel, it is better at the same time to give it the heaviest armour as well. You then have a ship which may indeed cost half as much again as a battleship but which at any rate can do everything. To put the value of a first-class battleship into a vessel which cannot stand the pounding of a heavy action is false policy. It is far better to spend the extra money and have what you really want. The battle-cruiser in other words should be superseded by the fast battleship, i.e. fast strongest ship, in spite of her cost.—W.S.C.
[20]. The Third Sea Lord.
[21]. Director of Admiralty Contracts.
[22]. An approximate estimate of the return obtained by His Majesty’s Government on their original investment of £2,200,000, in the Anglo-Persian Oil Co., Ltd.:
| (1) The original Government investment of £2,200,000 in £1 Ordinary Shares has become one of 5 million shares, and the appreciation in value of these at current prices represent approximately some | £16,000,000 |
| (2) The Government has received in dividends, interest, Income Tax, Excess Profits, Duty and Corporation Tax, over | 6,500,000 |
| (3) The supply contract has enabled the Government Departments to save on the purchase price of oil as compared with current prices, about | 7,500,000 |
| (4) It may also be claimed that the prices of oil supplied by other companies have been brought down by the competition of the Anglo-Persian Company, though to what extent must be a matter of opinion: and further, that the saving on oil prices under the supply contract may be expected to continue throughout the currency of the contract. It would not be unfair to estimate the effect of the last two factors at an additional | 10,000,000 |
| Total | £40,000,000 |
[23]. Actually four.
[24]. Kiel and Jutland, by Commander George von Hase.
[25]. Rear-Admiral Briggs was at this time Controller or Third Sea Lord.
[26]. No one can form any idea of the difficulties the Admiralty encountered in securing adequate defences for Eastern harbours. Coast Defence was in the province of the War Office and paid for on their estimates. They needed every penny for their Field Army and Expeditionary Force, and naturally marshalled all their experts against expenditure on fortifications in Great Britain. In consequence expert opinion was always divided. The discussions evaporated in technicalities, and the lay members of the Committee were rarely convinced of the unwelcome need of spending money. To such a point was the dispute carried, that Prince Louis and I undertook in desperation to fortify Cromarty ourselves, arm it with naval guns and man it with marines. And this was the only new work completed when the war broke out.