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

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.

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.

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 share the opinion of those of broader vision, who see in the signs of the time hope of humanity for peace.

I believe that in the end the abolition of war, the maintenance of world peace, the adjustment of international questions by pacific means will come through the force of public opinion, which controls nations and peoples.

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