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They would have been entitled to say that Great Britain

and America had conspired to establish a naval hegemony, and that the other Naval Powers were faced with a fact virtually accomplished. Great Britain and America from that point of view would have been regarded as the bullies of the sea. In spite of the scrupulous precautions taken by President Hoover and Mr. Mac- Donald there are, even now, suspicious talk and .ruffled feelings in Italy and France about an alleged " Entente " to rule the seas. It is pitiable that it should be .so, but we cannot honestly say that we are surprised, and we cannot see how Great Britain and America could have done more to discourage such a fear.

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