Warned by the disaster of the last great war, the statesmen of all nations have been taking measures to prevent the return of another such calamity.

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.

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.

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.

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.