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.

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

There are but few naval powers, but there are many land powers.

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

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

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.