In his address at the annual meeting of the United States Steel Corporation, Judge Gary the Chairman of the Board of Directors, said there had been quite a general feeling that the government of the United States had not pursued a well defined and consistent policy toward business, but that on the contrary it had been the policy of some of the governmental agencies to interfere with, to delay and obstruct natural progress; to punish and destroy rather than to regulate and encourage. He thought there were signs now of a fairer policy, and consequently of a better business outlook. * * * * * Jose Cascales Munoz, ex-professor of sociology in the University of Madrid, Spain, has issued an eloquent plea for peace. He says that disarmament can be brought about only by an agreement of the stronger powers and the formation of an international army to support the decisions of a world court to which all international disputes must be referred. For the establishment of such a world court a world conference would be necessary. Professor Munoz thinks that if even three strong nations could unite for the formation of such a world court the others could gradually be brought into line, and little by little the work would be made perfect. * * * * * The New York Peace Society has sent a letter to President Wilson setting forth the Society’s views on national defense and armament. The letter was signed, among others, by Andrew Carnegie, Oscar S. Straus and Jacob H. Schiff. It declares that the United States needs a powerful navy for defense, but never for aggression, and that our systems of national and state militia should be extended on such a basis as to constitute an adequate land defense. * * * * * Prof. Kuno Meyer, speaking of the recent activities of Japan, says: “This is a golden opportunity for Japan. She realizes that the European nations cannot interfere with her and that America will not.” This is attributing selfish and material motives to Japan. If she is animated by such motives it is certainly an opportunity for her to push for the hegemony of Asia while the nations of Europe are cutting each other’s throats, and the American nations are anxiously waiting to see what the effect of the great struggle is to be upon the Western Hemisphere. * * * * *