For our part we recognise that a naval undcrstandink between
Great Britain, America and Japan would be extremely valuable, if not actually invaluable, because it would really keep the world safe. A combined naval police force intent upon the preservation of peace would permit of each of the three Powers reducing its naval strength considerably below the present level. And Great Britain and America could be trusted to exercise their strength fairly and justly. Still, though that is our strong belief, we can hardly expect other Powers to accept so partisan, or, as they would think, so egotistical, a state- ment. The sum of the matter is that Great Britain could not possibly expose herself to general misunderstanding by throwing over the League, but we can and do hope that -Mr. Coolidge's intervention will have a notable effect at Geneva and will enable something practical to be done. Although hoping against hope for the success of the larger plan which would embrace all members of the League, we must keep a careful and grateful eye on a scheme which insures us against total loss. * * *
