• * * * * It is essential to set
an example in agreed reduction. This is the only way to persuade to disarmament those other nations which do not believe in any security which they .find to dependent upon a vague trustfulness. Moreover, the flaunting of large fleets, which might easily continue in being if there were no such incentive to definite reduction-as is -provided by " parity," would be an ever- ready text for the apostles of panic. In the circumstances we are satisfied that parity, even though it be a name rather than-a fact, ,has been introduced into the negotia- tions for unassailable reasons. The logician may laugh at the pretence of the Anglo-American plan of parity which gives Ainerica three more large cruisers than Great Britain has got but allows Great Britain a total cruiser tonnage exceeding that of the United States. Neverthe- less, this sort of agreement is indispensable. • • • * • * *
