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MERCANTILE MARINE
Great Britain's pre-war tonnage of mercantile marine was approximately 21,000,000 tons. Up to date there has been lost by seizure in enemy ports, by submarines, and by mines 1,800,000 tons, or 8½ per cent. of the total. Against this loss can be credited 700,000 tons of enemy shipping seized and enemy shipping chartered from the Portuguese Government, making the net deficit about 5 per cent., without taking into consideration new tonnage created subsequent to August 1914. The greater part of the losses were sustained before the Navy had success-