2. Recent intelligence, available for the first time, has been the motivating factor in completing a recent study of the enemy's merchant fleet. Results have somewhat modified the over-all picture. 3. The available Pearl Harbour tonnage in vessels over 1,000 gross tons is less than previous estimates. This figure is now believed known to a high degree of accuracy through new intelligence previously unavailable. The total number of vessels available as of 7th December, 1941, are now known by name and tonnage, and, therefore, the new estimate, while approximating our previous over-all figure, is now known to include a considerable fleet of vessels under 1,000 gross tons.