The popular, and one may say naive, idea is that peace can be secured by disarmament and that disarmament must therefore precede the attainment of absolute security and lasting peace.

Limitation of armaments in itself is economically and financially important quite apart from security.

Even a total and universal disarmament does not guarantee the maintenance of peace.

The relationship of the two problems is rather the reverse. To a great extent disarmament is dependent on guarantees of peace. Security comes first and disarmament second.

Time and time again we have experienced efforts directed toward this popular and simple concept of securing peace by means of disarmament.

In life, particularly in public life, psychology is more powerful than logic.

Great progress was made when arbitration treaties were concluded in which the contracting powers pledge in advance to submit all conflicts to an arbitration court, treaties which not only specify the composition of the court, but also its procedure.