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"We're badly strapped for deployable assets everywhere," the First Space Lord continued, turning back from the map to face the Queen. "Obviously, we're going to have to reinforce Alizon, if only to make our commitment to their defense clear, and that's going to stretch us even thinner, but there's no quick fix for that, Your Majesty. We're reactivating superdreadnoughts from the Reserve as quickly as we can, of course. They may be obsolete compared to the pod-layers, but some waller is better than no waller, and the Republic still has quite a few of the older ships in its own order of battle. But we're not going to be commissioning very many new ships in the foreseeable future. After what they did to Grendelsbane, we have only thirty-five SD(P)s under construction. They should be commissioning within the next six to ten months, but we won't see any more than that until the ships we're laying down right this minute commission. Which means our total available pod-laying wall will consist of no more than a hundred and ten units for at least another two T-years."

"Excuse me, Sir Thomas," Honor said, "but what about the Andermani?"

"Unfortunately, they don't have as many pod-layers as we'd estimated they might when it looked like they were going to be shooting at us," Caparelli said, and nodded to Givens. "Pat?"

"Essentially, Your Grace," Givens said, "the Andies were estimating the number they'd need if push came to shove between us on the basis that at least half our available strength would be required closer to home to keep an eye on Haven. They projected a total build of roughly a hundred and thirty SD(P)s, but they have only forty-two currently in commission. The other ninety are all under construction at various states of completion. Some of them won't be completed for at least another eighteen months."

"And even the ones they've completed are going to require fairly substantial refits before we can make best use of them," Hamish put in. Elizabeth cocked her head at him, and he shrugged. "Their multi-drive missiles are considerably cruder than ours. In fact, they're less sophisticated than the ones Haven is currently deploying. They're almost as big as Havenite three-drive missiles, but they incorporate only two drives. Tactically, they're a lot more like the Mark 16s we're deploying aboard the new Saganami-Cs. They've got heavier warheads than the Mark 16, but their range is very similar. And because they're capacitor-fed, without the Mark 16's fusion plant, their EW is less effective. They simply can't match our birds' power budgets. And while their pods are bigger than ours are, they actually carry fewer birds than the Republic's currently do, which means their salvo density is thinner than ours, as well.

"We've put BuWeaps and BuShips on to the problem, and Admiral Hemphill and Vice Admiral Toscarelli have come up with a minimum-modification solution. They can't operate the new fusion-powered MDMs from their pods, but we can load their launcher cells with our own older-style, capacitor-fed three-stage missiles. It won't give them any greater salvo density, and the EW will still be less capable, but it will significantly improve their range. It's going to require some modifications to their pods, which they're going to be making at their end, but that part of the process should be completed within the next sixty days. After that, it's just a case of their building the new pods.

"The longer-range fix is to modify their existing SD(P)s to accept the Keyhole platforms and fire our new 'flat-pack' pods with the all-up fusion-powered birds. That's going to take considerably longer, because each ship will have to spend at least ninety days in yard hands to carry out the modifications. Toscarelli's people have just about completed the blueprints for the necessary alterations, and they've been working with the Andies' architects to provide a fix which can be incorporated into the ships still under construction. At best, though, that's going to impose an additional delay on those units' completion."

"So," Caparelli said, "looking at every pod-laying waller we can scrape up between us, Grayson, and the Andies, and including all of the Andy SD(P)s currently in commission as fully effective units, we have a total of two hundred and thirty-two. Assuming our construction times hold up, and allowing for working up time, we can have a total of just over four hundred within the next eleven to eighteen months. We can add about a hundred and sixty pod-laying battlecruisers to that total, but they can't stand in the wall against proper superdreadnoughts. That's an impressive number, but the Havenites have some pretty impressive numbers of their own."

"Yes," Elizabeth said, looking intently at Admiral Givens. "I saw a precis of your revised strength estimates last week, Admiral, but it didn't include the basis for your revisions. Is the situation really that bad?"

"That's impossible to say with certainty, Your Majesty," Givens replied. "I'm not trying to cover myself, and I stand by the numbers in the most recent report, but until the shooting's over, we can't do an actual nose count to prove it. I'm sorry it's taken this long to produce the report in the first place, but we still have a certain amount of reorganizing to do over at ONI."

Elizabeth grimaced, her eyes hard, at the oblique reference to Admiral Francis Jurgensen's disastrous tenure as Second Space Lord.

"Our human-intelligence sources in the Republic are considerably weaker than they used to be," the admiral continued. "Partly, that's due to the political changes there. Quite a few of the people supplying information to us were doing so because of their opposition to the old r‚gime, and their motivation to continue to work with us largely disappeared along with Saint-Just. Others, who we'd managed to buy or suborn, lost their access when they were purged by the new management. And, unfortunately, under the Janacek Admiralty, ONI hadn't assigned a high priority to building new networks. In fairness, doing so under the new circumstances would have been difficult, time-consuming, and probably expensive."

Elizabeth's agate-hard eyes flickered, but she didn't seem disposed to entertain any excuses for the unfortunate Jurgensen's failures.

"At any rate," Givens went on, "there are serious holes in our information-gathering capabilities. And I have to admit that Pierre and Saint-Just managed to build this entire shipbuilding complex of theirs, wherever it is, on my watch, without my getting so much as a sniff of it. We're looking for it hard, scouting every system we can think of, but so far, we haven't found it. Which is more than mildly irritating, given the resources we're committing to the effort. On the other hand, the way they've spread out their building capacity since Theisman first went public about the Peep pod-layers, Bolthole is becoming steadily less of an absolutely critical node for them.

"But bearing in mind the limits on our intel ability, and counting only the new ships we've actually observed, and making allowances for errors in post-battle reports, we're estimating that they must have a minimum of three hundred pod-layers currently in commission. We know they had at least two hundred old-style superdreadnoughts in service, as well, plus another hundred or so in reserve, but it's the pod-layers that pose the critical threat. If they do have three hundred in service at this time, then they have approximately one and a half times as many as we and the Graysons do. It drops to about one-point-three-to-one in their favor if we include all of the completed Andermani SD(P)s. By our best estimate of the differences between their current hardware and our own, that equates to near parity between the two sides, but they've got much more strategic depth than we do."

"That depth tips the strategic balance significantly in their favor, Your Majesty," Caparelli put in. "They can afford to concentrate their forces for offensive operations to a far greater extent than we can. We can't afford to allow them the opportunity to take out the industrial capacity here in the Star Kingdom or in Grayson, and that means we're forced to maintain sufficient strength in those systems to deter a serious attack. As Pat says, we don't even know where this 'Bolthole' of theirs is, so there's no way we could do the same thing to their infrastructure. We could hurt them badly in several places, if we uncovered enough to go after them, but without at least Bolthole's location, we can't cripple them the way they could cripple us."