Editorials.

This article presents brief information on socio-political conditions of several nations. Rich men in the United States have been wonderfully aided in carrying out this principle by the fact that all municipal and State as well as some Federal bonds are exempt from Federal taxation. Although these bonds carry a lower rate of interest than industrial securities they are very much more profitable investments to the richest of our fellow-citizens because income from them is not subject to the tax, ranging up to 50 per cent, which they would have to pay upon income from other securities. The Washington Conference has been a success. Its inestimable value for the U.S., depends very little on the treaties and agreements which result from it. It is our deliberate judgment that the Conference has accomplished great good if only because it has ended the naval rivalry between the United States, Japan, and Great Britain.