her right to a programme of naval building, which on
the assumption that the international ratios are to be observed—would force upwards the tonnage of all other nations. No doubt Great Britain would be glad to enter into arrangements in the Mediterranean and the Atlantic which would provide for consultation before any attempt was made to upset the situation. More than that, in our opinion, she could not do. It is very doubtful whether the United States would do even so much, as she would feel that she was being drawn too dangerously into the grinding machinery of European diplomacy.
* * * *