Calculating risks does not mean taking a gamble. It is more than figuring the odds. It is not reducible to a formula. It is the analysis of all factors which collectively indicate whether or not the consequences to ourselves will be more than compensated for by the damage to the enemy or interference with his plans. Correct calculation of risks, by orderly reasoning, is the responsibility of every naval officer who participates in combat, and many who do not.

Dear Mr. President: It appears proper that I should bring to your notice the fact that the record shows that I shall attain the age of 64 years on November 23rd next- one month from today. I am as always at your service. Most sincerely yours, Ernest J. King Admiral, U.S. Navy

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On the evening of December 8, therefore, after the Japanese had bombed the airfields and destroyed many of General MacArthur's planes, our submarines and motor torpedo boats, which were still in Philippine water, were left with the task of impeding the enemy's advance.

Dear Harriet: I have your letter of January 6th- and am interested to learn that you have to do my biography as part of your English work. As to your questions: I drink a little wine, now and then. I smoke about one pack of cigarettes a day. I think I like Spencer Tracy as well as any of the movie stars. My hobby is cross-word puzzles- when they are difficult. My favorite sport is golf- when I can get to play it- otherwise, I am fond of walking. Hoping that all will go well with your English work, I am, Very truly yours, E.J. KING Admiral, U.S. Navy

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The actions in the Coral Sea and at Midway did much to wrest the initiative from the enemy and slow down further advance. Our first really offensive operation was the seizure of Guadalcanal in August 1942. This campaign was followed by a general offensive made possible by increases in our amphibious forces and in our naval forces in general, which has continued to gain momentum on the entire Pacific front. At the end of February 1944, the enemy had been cleared from the Aleutians, had been pushed well out of the Solomons, and was forced to adopt a defensive delaying strategy. Meanwhile, our own positions in the Pacific had been strengthened.

Fourth, Lieutenant Commander Edward Ellsberg, Construction Corps, the salvage officer, was in direct personal charge of the actual salvage work and diving operations; his technical knowledge and resourcefulness were adequate for all of the innumerable setbacks and difficulties; he developed an improved underwater cutting torch, worked out the technique of handling the pontoons, learned to dive during the months the actual operations were suspended and actually went down on the wreck some three times during the spring operations; he was the embodiment of perseverance and determination.

The price of victory has been high. Beginning with the dark days of December 1941 and continuing until September 1945, when the ships of the Pacific Fleet steamed triumphant into Tokyo Bay, the Navy's losses were severe. The casualties of the United States Navy, Marine Corps and Coast Guard reached the totals of 56,206 dead, 80,259 wounded, and 8,967 missing. Many of these gallant men fell in battle; many were lost in strenuous and hazardous operations convoying our shipping or patrolling the seas and skies; others were killed in training for the duties that Fate would not permit them to carry out. All honor to these heroic men. To their families and to those who have suffered the physical and mental anguish of wounds, the Navy includes its sympathy in that of the country they served so well. It is my sincere hope- and expectation- that the United States will hereafter remain ever ready to support and maintain the peace of the world by being ever ready to back up its words with deeds.

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I expect the officers of the Atlantic Fleet to be the leaders of what may be called the pioneering spirit- to lead in the determination that the difficulties and discomforts- personnel, materiel, operations, waiting- shall be dealt with as "enemies" to be overcome by our own efforts.