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.

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 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.

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.

Competition in armament, both land and naval, is not only a terrible burden upon the people, but I believe it to be one of the greatest menaces to the peace of the world.

It is true not all has been accomplished that the earnest advocates would desire, but a start has been made.

I do not hesitate to say that the limitation on naval craft between the great naval powers was too high.