New Britain herald., 1930-04-12
Sees Great saving

Washington, April 1g t4N - The abolition of comNtitive naval build ing and a world Saving Of approXi- mately $2.500, 100000 arc, i'll the opinion of President Hoover, the inn portant accomplishments Of the London conference.
 With the termination of intcrna- tional rivalry in warshlp construc- tion, the chief executive forcsees the burial Of the fears and suspi- cions" which have been it's "con- stant product" He predicts that the money saved will be devoted 10 re- productive enterprise and result in a greatly stimulated world prosper ity.
 Tho president has cahlcd 10 the American delegates at London his approval of the agreement reached there and his admiration for their patience and determination in an arduous and difficult negotiation" In addition, he wishes to congratu- late the representatives of the other
 powers which participated in the conference for their constructive and courageous action"
 1 Tells Facts to Reporters
 All this was made known late l yesterday when the president met the Washington correspondents for | the regular scmi-wcckly press con
 ference. He issued q lengthy state
 ment summarizing his views on the
 benefits to be derived from the Lon | 6on agreement.
 In estimating the financial sav- i ing. MT Hoover compared the sums ! to be spent for naval construction
 under the accord effected this week
 with what would have been cXpend- | cd on a basis of the fleet strength i proposed at the unsuccessful Geneva
 conference of 1927. The savings to
 the United States alone. he estimat-
 ed at approximately one billion dol 1 lars
 The cost to the United States of 1 replaCcmcntS and new constructions l during the next six years |. will ] he (uuder various estimates) from l S5J0, GOO, ,000 to SG50, 0,000,000 as con- l pared to a sum . of between $l, 400, 0,O00000 to sl,640,00Q,00 coo to attain parity on the Geneva basis" | the president said. ITO this latter would need be added the additional cost of maintenance and operating which would make the saving upon the present basis as compared to the Geneva up to Sl,000,Q00, 900 in the next six years.
 ! The savings arc not alone to the Emitted States but to Great Britain lfGnd Japan as well. The total say ings to the world is perhaps s2,500,- tG00,0 900 below the Geneva basis tr fN hich the world was steadily drift ling. This sum devoted to reproduc- tive enterprise will be a great stim- ulus to world prosperity"
 Decrease Expected
 The net result of the London agreement Mr, Hoover expects to be "a very considerable decrease" in the worlds actual naval tonnage as 1t stands today.
 It is difficult" he said ito csti-
 mate the precise reduction in War craft tonnage which has been | brought about by this agreement be- cause of the factor Of normal re- | placement and additional tonnage authorized but not yet constructed" llc said. Nine battleships are to be sCrapped Of total Of about 256.- COG tons. the replacement of 16 or l1 others to be deferred for six years. The various navies in the agreement arc to reduce some 800. 900 to 40O.- coo tons of other categories in the CeAt few years as they become obso- lete-but some categories of some of them must be increased in order 10 come up to the standards set"
 Analyzing the London agreement, Mr. Hoover said that it calls for Anglo American parity on a basis Of a battleshlp fleet for each of about 4G0,000 tons. with no replacemcnts for six years, a cruiser tonnage of 339, ,00o. a destroyer tonnage of 150.- GOO and q submarine tonnage Of 592,- 100 for each.