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.

Certain it is that a great responsibility rests upon the statesmen of all nations, not only to fulfill the promises for reduction in armaments, but to maintain the confidence of the people of the world in the hope of an enduring peace.

There are but few naval powers, but there are many land powers.

I believe that in the end the abolition of war, the maintenance of world peace, the adjustment of international questions by pacific means will come through the force of public opinion, which controls nations and peoples.

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

If we will maintain our hope and confidence in the genius of our people, they will work out this problem, and their ability and industry will bring us back to normal conditions.

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.