"While we are compelled," he said, "in a world in which the' increased construction of armaments is a regret table 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," hho declared, is a standing offer for others to join us in a determined effort to promote economic' appeasement and security through making possible the expansion of international trade along lines of constructive, peaceful effort, on the friendly and universally beneficial basis of equal treatment."
Hull reaffirmed the United Policy of liberalizing inter anal trade.
"There is," he said,' "no greater fallacy than the belief that foreign trade is neither necessary, nor desit~ able, and that nations' can—best promote their welfare by producing within their own countries every thing they need, regardless of cost and at the sacrifice of variety and
Text read from the printed page and cleaned; old type leaves the occasional error.