The new Naval Conference at London, deadlocked from the day it opened (TIME, Dec. 16), whiled away last week listening to Japanese Admiral Nagano's demands for a navy at least as large as that of the U. S. and Britain. U. S. Ambassador-at-Large Norman Hezekiah Davis worried over rumors that behind the scenes the Japanese were getting somewhere in bi- lateral, sub-rosa dickering. Overoptimistic Japanese correspondents in London gave their countrymen hope that a 5-4-4 naval ratio might just possibly be wangled with Britain at 5 and Japan and U. S. trailing...

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