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.

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 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.

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

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.