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It may be found that the naval differences of opinion

between America and Britain will have to be discussed incidentally, though such matters could, of course, have no place in the declaratory Treaty proposed by America. If these differences could be adjusted the road to the con- clusion of the peace pact would be much plainer. We think it would be useless, at present at all events, to re- open the question of parity which cannot really be defined, because America and Britain having totally different needs necessarily talk in totally different terms. There is, however, another approach to a settlement, and we cannot see' why discussion of it need be unduly delayed. * * *

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