The Formula of Parity As for the formula of parity
for cruisers now published, it is curiously different from any that came even within sight of being accepted at the Geneva Naval Conference in 1927. The statesmen have taken the experts in tow instead of being towed by them. America at last admits, what' she did not admit at Geneva, that the multiplicity of the Empire's trade routes makes ,a large total tonnage for cruisers permissible for the Royal Navy ;- and Crest Britain admits, what she did not admit at Geneva, that as a compensation America is entitled to a few more cruisers of the largest size. This kind of " parity " is, as we have said, a fiction, but that does not in the least matter, because if the Peace Pact is honoured precise relative strengths are a matter of no concern: The next important fact is that America has at last listened to the earnest and very sensible British request that the lives of battleships should be extended. Enor- mous saving can be effected under this head alone.
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