Tokyo, Mar. 16.
Japanese circles are keenly watching the tremendous naval expansion programme of the United States, special interest being attached to the announcement by Congress that six powerful battle-cruisers are under construction. These six craft are evidently intended for long distance use. Persistent reports that there is a possibility of Britain exchanging two or three of the King George V class of battleships for a number of lighter American warcraft are also being watched.
Text read from the printed page and cleaned; old type leaves the occasional error.