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

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 know that military alliances and armament have been the reliance for peace for centuries, but they do not produce peace; and when war comes, as it inevitably does under such conditions, these armaments and alliances but intensify and broaden the conflict.

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

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.

I share the opinion of those of broader vision, who see in the signs of the time hope of humanity for peace.

France and Italy have not yet signed this treaty or agreed to naval limitation as between those nations, but I have confidence that in time they will do so.