A Commission of Budgetary experts is to study ways and
means, and to report at an early date so that the full Conference may not be delayed. The Italian Govern- ment maintains its naval offer to France of " parity downwards," but refuses to commit itself on the method of limitation until the details of tonnage are known. Lord Cecil's retrogression at Geneva has disheartened the friends of peace in every country, and has been the pretext for the telling of many home truths by the Italian, German, and Soviet delegates, supported, be it noted, by practically all the " neutral " Powers. The French are so encouraged by this unexpected British support that they are blandly pretending that there is no Treaty obligation on the part of the " victors " to disarm, but that any reduction of armaments is an act of grace or a matter of Budgetary convenience ! * * • •
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