21 SEPTEMBER 1929, Page 2

They will say in effect : " Great Britain and

America are mainly interested in cruisers. They accordingly agree upon a formula which suits them both. But though they no doubt sincerely intend that the total tonnage of their Fleets shall be appreciably reduced, they mean in any case to remain strong in the branch which specially meets their requirements. As a matter of fact, the Anglo-American agreement allows America more cruisers than have been demanded by any American group except the Big Navy party. ' Yet now Great Britain and America propose that France and Italy should abandon their 'one real means of defence—the submarine." * *