The first Naval Review since the War was held at
Spithead on Saturday and Sunday. The King inspected a very different and a far smaller fleet than that Armada, fated to play so great a rile in the -history of the world, through which he steamed just ten years ago. But if the fleet is smaller, it is not less efficient, and if changed in material charaeter, it is the same in essential spirit. Its great rival of 1914, the German Fleet, lies at the bottom of the sea, and to-day, happily, the other two great fleets of the world, the American and the Japanese, are weapons of Powers not only friendly but in actual treaty with Great Britain. That treaty specifies the exact ratio of the three fleets. Thus the British Fleet is probably to-day quite as powerful relatively to the other 'fleets of the world as it was in 1914, * * * *
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