Memorandum by WSC [First Lord of the Admiralty] on naval strength in the Baltic, stating that the Kiel Canal gave Germany the power of putting their whole naval force in the North Sea or the Baltic. He adds that the Royal Navy was not strong enough to provide two fleets, each individually superior to the German Fleet, and that the Admiralty could not obtain the naval command of the Baltic until either a decisive general battle had been won at sea or the Kiel canal was effectively blocked. WSC also comments on the possibilities of landing a Russian army in northern Germany from the Baltic. [Hand-written copy].