THE WHITE HOUSE
                   WASHINGTON
 
                              
                                        May 19, 1942
 
MEMORADUM
TO: THE PRESIDENT 
FROM: MR. LUBIN
SUBJECT: SHIPPING GAINS AND LOSSES
         FOR THE WEEK ENDING MAY 10
 
                    LOSSES
1. United States and United Kingdom merchant shipping
 losses for the week ending May 10 were higher than 
those for any week with but three exceptions since March 1.
 
2. The total U.S. and U.K. losses amounted to 260,000 tons
. In addition, 26,000 tons of neutral vessels were lost making
 total losses of the United Nations 286,000 tons. (See Table I)
 
3. If this rate of sinkings should continue, the annual loss
 would be close to 14,000,000 tons.
 
4. Tanker losses aggregated 62,000 tons. Cargo losses were
 198,000 tons. 
 
               NEW CONSTRUCTION
 
5. New construction during the week was 145,000 tons.
 Of this amount, 116,500 tons were built in
American yards. (See Table I) 
 
6. No new tankers were put into commision during the week.
 
               NET CAHNGE IN SHIPPING POSITION
 
7. The net loss for the week (sinkings minus new construction)
 was 140,700 tons. (See attached chart.)