The sums proposed for new constructions in the year
1921-22 are 450 millions in the United States of America, 475 millions
for Great Britain, 281 millions for Japan, 185 millions for France,
and 61 millions for Italy.
The United States of America and Great Britain are countries of great
resources: they can stand the effort. But can Japan, which has but
limited resources, support these for any length of time? or has she
some immediate intentions?
A comparative table of the navies in 1914 and 1921 shows that the
fleets of the conquering countries are very much more powerful than
they were before the War. Nevertheless, Russia and Austria-Hungary and
the people arisen in their territories are not naval powers; Germany
has lost all her fleet. The race for naval armaments regards
especially the two Anglo-Saxon powers and Japan; the race for land
armaments regards all the conquerors of Europe and especially the
small States.
This situation cannot but be the cause of great preoccupation; but
the greater preoccupation arises from the fact that the minor States,
especially those which took no part in the War, become every day more
exigent and display fresh aspirations.
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