The Hartford republican. (Hartford, Ky.) 18??-1926, 1922-02-10
NAVY CUT MAY SAVE
U. S. 200 MILLIONS
Other Powers To Also Gain
u By Limitations In
Armaments.

VaOout 9ZUU,UUV,VUU lOT lne Onlteu
States on the present building pro-
gram of the navy will result from
agreements reached at the limitation
OF arms conference, the Federal Re-
serve Board declared in a statement
tonight. High naval officials. how
ever. were Of the opinion that the
boards estimates were to high. as,
1t was explained the scrapping of
ships now under construction would
involve the payment of claims to the
builders which might offset a con-
siderable portion of the savings re-
sulting from hating the building pro-
gram.
Three Countries Cut Expense.
Limitation of ornaments decided
upon at the conference will effect
imme diately, the board declared. saw
ings only in the three countries-the
United States, England and Japan
whose finances are already in a rela-
tive sound condition. Savings In
England and Japan, the board .esti-
mated, would be approximately
equivalent to those of this country.
In France and Italy, however, the
board explained. no increase in naval
ornaments had been contemplated
so that their immediate problems
would not be affected. Any savings
in England and France resulting
from decreased expenditures during
the next year. IL was declared. prob
ably would have to be applied to
debt reduction, while in Germany any
balancing of the budget was compli-
Gated by the fluctuations of the mark
and large increases in taxation plan
ned. Italy. II was added. was finding
IL difficult to increase government
revenues to meet expenditures.
Need Of Economy Shown.
c"It Is particularly important in the
present situation" the board said,
mot only that government budgets
should be balanced so that short time
borrowing by the government may be
discontinued. but also that the sum
OF government expenditures should
be decreased in order to reduce the
tax burden of the business COM
munity. In most countries, however,
curtailment of taxes seems highly
problematical at present. Only in
the United States has it been attempt
ed" HtN
Lauds Arms Farley.
London, Feb THE results OF
the Washington conference were
criticized in the House of Commons
today during the debate following
the speech from the throne.
j. r. Clynes, Labor leader, declar-
ed:
1.-THE conference was largely a.
matter Of arithmetic in instruments
of war. Nothing was done to reduce
land armies or air forces But peace
can not be brought to the world by
mere reduction of forces"
In reply Premier Lloyd George de-
clared that the Washington result is
one of the finest achievements ever
registered in the history of the world
and that the thanks of Britain are
due TO Balfour for the distinction
with which he served his country
Tonnage and guns and everything
of that kind must be dealt with by
arithmetic" declared the premier. |
LAS a result of the arithmetic in this
case this country will be saved mil /
lions on armament this year,
The premire's statement was
greeted with cheers. 1t is signifi- I
cant that the kings speech dealt first
with the four-power treaty, showing
that Great Britain attaches more inns
portance to the Pacific pact than to
the arms agreement.
Pointing out that the four power
agreement replaces the Anglo-Jap-
anese alliance, the king read the fol-
lowing ministerial pronouncement:e
81 am happy to feel that the long I
standing concern between the two |
countries will remain as cordial as
ever under the arrangements thus
concluded At the same time our
relations with the United States en-
ter a new and even closer phase I,
of friendship"
After dealing with the Washington
conference the premier warned Ger
many that its policy of vengeance
against France would not pay. Amid
labor cries of another war" Lloyd
George defended the Anglo-French