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Show The New Naval Pact . Although the five-power naval treaty for the limitation of armaments arma-ments which it was hoped to make effective at the London conference has not been realized, a three-power agreement has been made between be-tween the United States, Great Britain and Japan. Under the new treaty President Hoover declares the United States will spend about a billion dollar:' less on new warships man wouU have been spent if the conference had not been held. In other words, while we must still spend about 600 million dolla-s to bring our navy up to parity with Great Britain, the plans previously made would have caused the expenditure ex-penditure of 1.600 million dollars. While the new treaty, does limit naval construction it does not really reduce the size of existing navies. Furthermore, the treaty contains a clause which will permit the three powers to further increase their navies na-vies in case other nations which are not in the agreement ent?r upon an excessive buildinrr campaign. It is hoped that France and Italy may be brought Into the agreement agree-ment later, but pt London all efforts to reconcile the demands of these two countries were unavailing. unavail-ing. So, although the conference did not accomplish marly all that was hoped for, it can hardly be said to have been a failure. |