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.

There will always be disputes between nations which, at times, will inflame the public and threaten conflicts, but the main thing is to educate the people of the world to be ever mindful that there are better means of settling such disputes than by war.

I know of no more important subject to the peace of Europe and the world than the reasonable reduction of armaments, especially in Europe, and of naval armaments throughout the world.

It is not to be expected that human nature will change in a day.

It is by such means as the prize offered by your Committee that the attention of the world will be focused and that men and women will be inspired to greater efforts in the interest of peace.

There has not been a war in South America for fifty years, and I have every confidence that the countries of Central and South America are deeply in earnest in the maintenance of peace.

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.