disaster for the Allies and for the Empire. The last five 
      months have witnessed a strong and perhaps recovery by Great 
      Britain; fighting alone but with valuable aid in munitions and 
      in destroyers placed at our disposal by the great Republic of 
      which you are for the third time chosen Chief.
 
      
 
 
5. The danger of Great Britain being destroyed by a swift 
      overwhelming blow has for the time being very greatly receded. 
      In its place there is a gradually maturing danger, less sudden 
      and spectacular but equally deadly. This mortal danger is the 
      steady and increasing diminution of sea tonnage. We can endure 
      the shattering of our dwellings and the slaughter of our civilian 
      population by indiscriminate air attacks and we hope to parry 
      these increasingly as our science develops and to repay them 
      upon military objectives in Germany as Force more nearly approaches 
      the strength of the enemy. The decision for 194l lies upon the 
      seas; unless we can establish our ability to feed this Island, 
      to import munitions of all kinds which we need, unless