Much has been said and written on the value of adequately equipped and strategically located naval bases. Some authorities have even endeavored to express this value in terms of capital ships but the impracticability of arriving at any fixed and definite ratio should be apparent. Such discussions, however, are enlightening as they emphasize the dependency of the fact on its shore bases and their importance as an element of sea power. As a comparative illustration of the material relation, mention will be made of a ratio recently advanced giving the worth of an efficient base as the equivalent of six capital ships. This is surprising when it is considered that the total expenditure on our largest and best equipped navy yard for land, buildings, improvements and machinery, is only about the same or a little more than one capital ship.