"A navy is no more than the armour and the weapons-system of seapower. The hull, providing essential buoyancy, is the national wealth. The propulsion is commercial and industrial success, which creates the national wealth. By the end of the Second German War in May 1945 British national wealth, once the greatest in the world, had given way to bankruptcy, with overseas debts exceeding reserves of gold and foreign currency by nearly fifteen times. Whereas in 1870 Britain's foreign trade had nearly equalled that of France, Germany and the United States put together, in 1945 her export trade had collapsed to less than one-third of the 1939 level, and her visible exports could finance no more than one-tenth of her overseas requirements. Worse still, the British industrial machine, once the envied model for the rest of the world, had been revealed by the war to the government, though not to the British people at large, as out-of-date in equipment, methods and attitudes; crippled by poor management and obstructive workforces; and weak in advanced technologies. All this was especially true of shipbuilding."