ABSTRACT
Identical preambles appear in the Disarmament Sections of the Peace Treaties with Austria, Hungary and Bulgaria. Further, Germany only accepted the Treaty of Versailles after an exchange of notes between herself and the Allies. The near prospects of disarmament by agreement cannot be estimated in vacuo. They depend upon other factors, such as the participation of Russia, the organisation of security, the progress of arbitration, and the special rewards of good conduct in the matter of disarmament itself. Disarmament by agreement, being akin to a legal contract, implies a series of offers and acceptances. Disarmament is to be regarded, not only as a means to peace, but as a means to economy. Any practical policy of disarmament must make provision against possible economic dislocation and unemployment, both among men discharged from the forces and among workers whose livelihood has hitherto depended upon the making of armaments.
