hostile to the suggestion that no sort of amiable solution could be reached. Not one of the three countries concerned can view with equanimity the removal of all restrictions on com= petitive naval construction, All three have solid reasons for desiring to preserve friendly relations, Pap2r and pencil strategists can plan campaigns without any more" material than a useful atlas and an abounding imagination. Statesmen and their expert advisers know that they have take into account realities Reallties are not of one kind. They also include the important psycholog'e: I factor of nations' respective ambitions. And, on that ground alone, it would be Impossible to deny. that [Great Britain, Japan and the United States of America, essentially desire to preserve the peace each with the other.
Text read from the printed page and cleaned; old type leaves the occasional error.