Holtzendorff's argument extended beyond food imports to fats from Denmark and Holland, Spanish iron ore, timber, coal, steel, munitions, and neutral supplies. He estimated that a campaign conducted under cruiser rules would remove only about 400,000 tons per month, or roughly 18 percent of trade bound for Britain. Armed merchantmen could make even that limited result harder to sustain. In his account, such losses would hurt but would not force Lloyd George's government to make peace. The desired material shortages and psychological effects of panic required unrestricted attacks, so the strategy deliberately crossed the legal and diplomatic boundaries of limited commerce warfare.
Notable Point · 34:53-37:08
Why cruiser rules were judged insufficient
The memorandum contrasted unrestricted attacks with cruiser rules, arguing that a limited campaign could reduce trade but could not break British resistance.