The United States can be no more grateful than we
are for the definite removal of naval affairs from,the field of competition, but she can reflect joyfully upon this vitithout being so much troubled as Great_ Britain inevit- ahly is with tiresome reflections about the effect on the life o Europe of. the .failure_ to._effect a satisfying all-round Treaty. The Treaty between . Great Britain and the United- States and Japan will last until 1936. This seems a very short term, but there is a great deal to be said for brevity in the circumstances. Men of caution are more easily persuaded to try experiments for a short time. If there had been any insistence upon a long-term Treaty Caution- would have redoubled, and the agreement would have been whittled down. Even as it is, the Japanese have entered a caveat that their temporary. acceptance of the cruiser ratios is not to be interpreted as a final acceptance.
