United States of America have come' to an agreement on certain important measures for limiting competitive naval armament. This does not represent fulfilment of the hopes entertained when the Naval Conference laponed in the Autumn, Circumstances have decreed otherwise. Nevertheless the new Treaty—valid for six years enabled the signatories to keep in touch on the general question of imitation and to be ready, should' occasion offer, to develop the process of consultation and ce-operation for the relief of their respective taxpayex. Italy and Japan are enabled to} consider the possibility of adhering to the agreement when their respective arrangements render such a course desirable, There will be special satisfaction at the interchange of letters between Mr. Anthony Eden and Mr. Norman Davis; reaffirming the principle of parily as between Great] Britain and the United States and eschewing competitive naval building. between those two nations. Lord Monsell's appreciation of the decision Jot all the signatories to the Washing-{on Treaty to sign a protocol governing the use of submarines in war time indicates that Japan's present inability to adhere to the, main agreement implies no lack. of Anglo-Japanese confact. Indeed the friendly inquiry just made from Tokyo regarding Great Britain's naval intentions in the Far East elves good assurances on thet point,
Text read from the printed page and cleaned; old type leaves the occasional error.