I do not hesitate to say that the limitation on naval craft between the great naval powers was too high.

I know of no greater work for humanity than in the cause of peace, which can only be achieved by the earnest efforts of nations and peoples.

It is idle to say that nations can struggle to outdo each other in building armaments and never use them. History demonstrates the contrary, and we have but to go back to the last war to see the appalling effect of nations competing in great armaments.

It is true not all has been accomplished that the earnest advocates would desire, but a start has been made.

I have often heard it said that the United States is isolated and is not interested in European affairs. I assure you that this is not the case.

The fact that so many of your people are today residents and citizens of the United States, lending their influence to our civic and economic life, which has meant so much to our development.

I further value this gift as it gave me an opportunity to accept this distinguished honor in a country so devoted to this cause and whose history marks a wonderful chapter in world development.