We should be deceiving ourselves, however, if we did not
remember that there are still many lions in the path. Great though the significance of the Anglo- American agreement is—it unquestionably means a new and much better phase in the relations of the two countries—the test of the present proposal will come when it is laid before the Five-Power Conference. It is proposed that this Conference should be held in London in January, and that it should be regarded as the next session of the Washington Conference which was not due till 1931. It is not yet certain that France, Italy, and Japan will accept London as the meeting-place. That is not a matter of great moment, though London would be extremely convenient. What ` is 'more' serious is that We-objections -which are likely to be made by France and Italy can only too easily be foreseen_
