ABSTRACT
Apart from the Russian Revolution, the most striking result of the war has been the world-supremacy of the United States. While England and Germany fought for hegemony, America, almost by accident, acquired it. For some time after the war, there was reason to fear that the British government might not recognise the inevitable, but might endeavor, by means of the Anglo–Japanese alliance, to retain command of the seas. Happily this danger is at an end. The Washington Conference has shown our government, for the first time since the days of Cromwell, quietly accepting a position of naval equality with another Power. Although on paper there is equality, in fact there is over-whelming superiority on the side of America, chiefly because of: (1) our dependence upon overseas trade; (2) Canada; (3) the greater financial strength of America; (4) the Panama Canal. Our government will therefore do all in its power to remain on good terms with the United States. To this end we have already accepted the naval ratio, abandoned the Anglo–Japanese alliance, and granted freedom to Ireland; and it may be assumed that for a long time to come our policy will be in harmony with that of Washington.
