The American Government have taken the very bold course of
proposing a great reduction of armaments and leaving policy to look. after itself. We are firmly convinced that this was the right method. Nothing else could have succeeded, and now we are delighted . to say that there seem to be very good hopes indeed of success. .We. think that those who complain that Mr. Balfour " knocked the bottom " out of the scheme by his criticism of. eertain details have done a grave injustice to his speech. It was right to- point out that the American proposal does paradoxically give permission for the construction of more submarines . than ever. The explanation, of course,. is that Americans have, always regarded submarines as exclusively a weapon of defence. They therefore acquit a submarine fleet of aggressiveness. The Germans, however, thought quite other- wise. They designed ocean-going submarines for active offence.
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