* * * * THE CONFERENCE.
Official Washington is not pessimistic over the outlook for the Naval Conference. It is believed that there will be an agreement, with a net result that will be a saving to tax- payers. More was hoped for, but it is felt in administrative circles that, assuming that a holiday can be declared in the construction of battleships and that some limitation can be placed upon the building of cruisers and a declaration secured which will assure the absence of competitive naval building during the next five years, such a result will represent sub- stantial progress. Even five years of stabilized naval building will afford just that much time within which the significance of the Kellogg Pact can become further crystallized in Govern- ment policies and .all its implications become further realized by world opinion. As a prominent official in Washington expresses it, We will have just that much more time within which to decide whether we shall remain civilized or not."