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Jun 30th 2012 9:45PM Incorrect.
From the book 'Tanks 1914-1918' by Albert Stern, who was a part of the development.
Mr. Macnamara then suggested for secrecy's sake, to change the title of the landships committee. mr. d'eyncourt agreed that it was very desirable to retain secrecy by all means, and proposed to refer to the vessel as a "water carrier." In Government offices, committees and departments are always known by their initials. For this reason, I, as secretary, considered the proposed title totally unacceptable. in our search for a synonymous term, we changed the word "water carrier" to "tank," and became the "tank supply," or "T.S." committee. This is how these weapons came to be called "tanks," and the name has been adopted by all countries in the world.