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.

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.

There is no short and easy road, no magic cure for those ills which have afflicted mankind from the dawn of history.

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.

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.

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.