"While we are compelled," he said, "in a world in which the increased construction of armaments is a regrettable fact, to render adequate our military and naval establishments, we are ready to join any time with other nations in a common effort towards the general limitation and reduction of armaments."
"Our trade agreements programme," he declared, "is a standing offer for others to join us in a determined effort to promote economic appease ment and security through paking possible the expansion of international trade along lines of constructive, peaceful effort, on the friendl; universally beneficial basis of equal treatment."
Mr. Hull reaffirmed the United States policy of liberalizing international trade.
"There is," he said, "no greater fallacy than the belief that foreign trade is neither necessary nor desi able, and that nations can best promote their welfare by producing within their own countries everything they need, regardless of cost and at the sacrifice of variety and quality."
Text read from the printed page and cleaned; old type leaves the occasional error.