Statement on the Franco-Italian Naval Agreement.

THE FRANCO-ITALIAN naval settlement marks the completion of the work which began 2 years ago in naval reduction and the ending of competition in naval construction among the five leading naval powers. Throughout the long-continued process toward the completion of this plan, the cause of disarmament has been fortunate in the devotion and application of the men charged with the conduct of foreign affairs. In the last phase of the negotiations, Mr. Henderson, Mr. Briand, and Mr. Grandi have given it the full measure of their statesmanship and the successful result is a matter for congratulation in the whole world. I am happy also to acknowledge the impetus given the settlement by the suggestions of Ambassador Gibson conveyed in Paris and Rome last November. I feel that the responsible heads of governments and the peoples of the world owe a debt of gratitude to the infinite patience and ability of all who have collaborated so effectively toward the settlement and that they realize the fortunate augury which the solution of this problem by direct conversations between the interested parties contains for the progress in the removal of the obstacles on the path of a general and reasonable limitation of all armaments.