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. France has already in effect .refused the American proposal.-

Japan and Italy are hesitating but arc not :thought to be favourable. The stages of disillusion- ment about the ideal* plan of universal reduction of armaments must be worked through before the full force of Mr. Coolidge's plan will become evident. The Prepara- tory Commission for the Disarmament Conference of the League will meet at Geneva on March 15th to draw up a draft Convention. That Convention is to be the basis Of the Disarmament Conference due to be held early in 1928. When the Convention is published—if the work proceeds so far—we shall know whether there is a deadlock. In the meantime loyalty requires that Great Britain should continue to co-operate with the other members of the League.

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