31 DECEMBER 1927, Page 1

. The King's Speech was notable for two references. The

first was to the steady growth and influence of the League of Nations. It was declared that the Government would" continue to base their policy r a loyal co-operation with the League." The other reference was to the failure of the Naval Conference at Geneva. . " In spite of this temporary failure My Government have no inten- tion of embarking upon an increase in their' naval building' :programme."