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.

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.

There will always be disputes between nations which, at times, will inflame the public and threaten conflicts, but the main thing is to educate the people of the world to be ever mindful that there are better means of settling such disputes than by war.

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.

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.

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.

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