of territory or of population, Great Britain and Russia would possess a superiority of military strength which would give them, acting together, a complete control over the politics of Europe and Asia. Or, were the United States to come into the arrangement, the military strength of Anglo-Saxondom might too obviously surpass that of any likely combination of other Powers. Again, what basis of naval strength would be satisfactory? Great Britain would not think of accepting the area, population, or frontier factors unless the Empire as well as the British Isles were counted in. On the other hand, her proposal, that volume of shipping and of foreign trade should count heavily in the basis, might give her for the time being an even greater preponderance over other navies than she has hitherto possessed. If the comparison of the military and naval strength of nations were conducted, as in the past, by direct consideration of the numerical strength and the fighting value of the several items of an army and a navy, agreement upon a basis of reduction would be manifestly impossible. The discovery and acceptance of any standard unit of naval or military value applicable to changing conditions of modern warfare are found to be impracticable. For though every military budget implies the acceptance of some scale of values by which the worth of a battery of artillery is compared with that of a battalion of infantry, while every naval budget involves a calculation of the worth of a submarine or a seaplane as compared with an armored cruiser and a super-Dreadnought, no two budgets would be found to support the same scale of values. It is quite manifest that no agreement for reducing armaments could be attained by stipulations as to the number, size, or quality of the several forces and arms employed. This difficulty in itself, however, is not fatal to the proposal. For a far simpler and more satisfactory method of agreement might be found by disregarding the concrete armaments and accepting a financial basis of expenditure which would leave each nation complete liberty to apply the money prescribed to it as a maximum expenditure on armaments in whatever way it chose. Though each nation, considering its defense, would doubtless have to take into account the sort of preparations for possible attack its neighbors might be making, it would be entitled to spend as large a proportion of its authorized expenditure upon guns, torpedo-boats, aircraft, Dreadnoughts, as it chose. [Sidenote: Must get rid of motives which impel armament. Mere agreement to reduce armament will be futile.]