In such circumstances the Cabinets of the countries represented at
Stress have an immense responsibility on their shoulders. One thing is certain. A new attempt to secure an agreed limitation of armaments is imperative. In some ways the outlook is less fatally unpropitious than it appears. The fact that Germany has no visible means of financing the heavy imports which her naval and military programmes must necessitate strengthens the impression that Herr Hitler's main purpose is to equip himself with bargaining-counters before going into eon-, ference. If what he is really seeking is equality, and not a superiority intimidating to his neighbours, as -Passages in his May Day speech and in earlier utterances. suggest,' then an agreement for approximately,- eqUal armaments on a reasonable scale may still he reached. It is nOte- worthy,_ moreover, that on Tuesday a semi-official state- ment was issued indicating that in the German view " collective security " is to be found in the certainty that common action will be taken against a peace-breaker, no- matter who he may be. On that doctrine both agree- ment and common action can be based, so far as this country is concerned, particularly as it seems to imply Germany's return to the League of Nations.
