Statement on Naval Construction Policy.

The American naval building policy is precisely and without change what it has been during the past two years and a half: to bring the Navy up to the strength provided for in the Washington and London treaties. This program carried out in accordance with acts of Congress will bring the United States Navy up to treaty strength by 1942.

The United States adheres to the Washington and London treaties. Only a failure to renew these treaties or a renunciation of these treaties could change American policy, and then only in the event that other Nations exceed the limits provided by these treaties.