THE PRESIDENCY: Saved: One Billion

"Greatly pleased," full of approval, admiration and congratulations was President Hoover last week. The London Conference had resulted in a three-power naval limitation agreement between Britain, Japan and the U. S. . Many a U. S. citizen who had got the idea that the Administration expected a five-power treaty from the five-power parley was surprised to learn from the President's statement of results that he had all along held a five-power agreement "extremely improbable." Declared President Hoover of these results: "It is difficult to estimate the precise reductions in war craft tonnage...

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