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.

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.

Nor is the Navy content to rest on its present laurels. Long a leader in invention and research, our Navy is already studying new weapons, new methods- the atomic bomb and guided missiles, for instance. Whatever new weapons, or defenses against new weapons, science can develop, the U.S. Navy intends to incorporate them into itself to make sure that the Navy shall always be strong enough to perform its historic function of defense of our own country and of offense against enemy countries. It is to be hoped that every American will exert his effort and influence to see that goal is achieved- that the U.S. Navy will always remain, as it is today, the world's greatest sea power.

The day after Pearl Harbor our Navy's position in the Pacific was extremely grave. The bulk of our major ships had been put out of commission for a year; only our small Asiatic Fleet under Admiral Hart in the Philippines and portions of the Pacific Fleet that had been absent from Pearl Harbor on the day of the attack were in fighting condition in the Pacific. Even Hawaii might be attacked and overrun at any moment. And in the Atlantic the Axis submarines were destroying a tremendous tonnage of our shipping within sight of our very shores. Then, even at the lowest of the war tide, the decision was made, and correctly: first fight for time, especially in the Pacific- and then assemble the might to conquer first Italy and then Germany, and then inevitably Japan must succumb.

The part of the U.S. Navy alone in this war was stupendous. And I wish here to acknowledge our debt not only to the men and women of the United States Navy, Marine Corps, Coast Guard, and their several Women's Reserves, but also to those innumerable civilians who aided the Navy's war effort.

I can best stress the importance of the U.S. Navy to the American people when I state that without sea power on our side the United States would never have become a nation, would not have continued to exist as a nation, and even more specifically would not have won the great World War just so successfully concluded.

The seeming helplessness of our cousins strikes me as amusing when it is not annoying. I am sure what they wish in their hearts is that we would haul down the Stars and Stripes and hoist the White Ensign in all our ships. What particularly irks me is their strong liking for mixed forces, which as you know approached anathema to me. I am willing to take over additional tasks- and we have done so- but I cannot be expected to agree to help them cling to tasks that they themselves say they are unable to do unless we lend them our ships and other forces. I think we have done enough for them in their Home Fleet.

We hear a great deal of clamor from time to time for unity of command. That's a loose term and has come to be widely used by people who don't have the full facts. Actually, many good officers are not qualified or competent to exercise unified command, but we keep on hearing amateurs suggest that some one man be called in to exercise sweeping control over all things military.

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I have a philosophy that when you have a commander in the field, let him know what you want done and then let him alone. I have two other philosophies. One is: Do the best you can with what you have. The other is: Do not worry about water over the dam.