Armaments Race.

The naval holiday promises to come to an end even more emphatically than the tariff truce, but it seems that another effort may be made to save the disarmament cause on sea and land. A British proposal to President Roosevelt to postpone his naval programme is reported by the “Daily Mail.” American pleas that the programme is needed in order to give employment have not prevented the rival culmination of a bigger navy movement in Japan, where dictatorship and a huge Budget deficit are talked of. America's own Budget deficit will take some beating. A Federal surplus of 183 million dollars in 1930 became, in 1933, an accumulated deficit of 5,547 million dollars. President Roosevelt's new naval programme totals 47 millions sterling.