London, Jan. 20.
The re-opening of Parliament to-morrow will necessarily be overshadowed by the opening of the Naval Conference, which indeed may influence the parlinmentary situation, ig nell known that the Promier, Mr. Ramsay MacDonald, will allow nothing avoidable to disturb: his association with the Conference. Thus any Parliamentary mishaps) fas the result of the lack of cooperation at present characterizing, the relations between the Liberal Party and the Labour Party, "will not necessarily lead to a political crisis, The fate of the Conference is expected to influence not only the: Budget, but also the Government's attitude towards any Parliamentary reverse on the Budget. In the latter event, the Goverment might well decide on a General Election if the Conference had been a success.
Text read from the printed page and cleaned; old type leaves the occasional error.