Word: battleships
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Last week another battleship slid down the ways of a British shipyard. One anchor broke after she left the ways, but the second held and the vast shell of the 35,000-ton battleship Prince of Wales floated easily in midstream of the River Mersey. Launchings have lately been commonplace ceremonies in the ceremonial-ridden British scene. Last twelvemonth has seen two battleships, one aircraft carrier, two cruisers, 16 destroyers, seven submarines launched...
Full-grown, old-style war babies were no better off. President Eugene Grace of Bethlehem Steel (whose big Eastern shipyards are running at full capacity, have just received new orders for one battleship and two cruisers) saw his common selling at 30% below the year's high. U. S. Steel Corp. was floundering in the red. General Electric's Gerard Swope had nothing to cheer about: his April orders had failed to hold the March improvement...
Installmentwise: Battleship building takes over four years, cruisers and smaller craft proportionately less. Therefore, the $667,499,000 budgeted for naval building this year cannot be completely put in circulation for three to four years. Bethlehem Steel's order book now contains $71,000,000 of naval business (total unfilled orders: $192,000,000, largest in peacetime history) but, staggered over three or four years, this comes out as only $18-23,000,000 a year, not nearly enough to support the company's overall production much above the rate for the steel industry as a whole...
...simply that the British Admiralty had decided that the Repulse was too valuable to be spared so far from home. There were, however, other more specific reasons. A German war fleet was last week prowling off the coast of Spain. In that fleet were two 10,000-ton "pocket battleships" which, in case of war, would make ideal commerce raiders. In all the world's navies there are but five ships that could catch and sink a pocket battleship and one of them is the Repulse. The others are the Renown and the Hood, both of which were last...
...Roosevelt II has partially divided the U. S. Fleet, sending its bulk back to the Pacific, a cardinal Navy doctrine which Alfred Mahan formulated is news. Just before Roosevelt I retired from the Presidency, Alfred Mahan asked him to urge William Howard Taft "on no account to divide the battleship force between the two coasts. . . ." Whereupon T. R. wrote "Dear Will: . . . I should obey no direction of Congress and pay heed to no popular sentiment, if it went wrong in so vital a matter. . . . Keep the battle fleet either in one ocean or the other. . . ." Roosevelt I qualified by saying...