First, a general reduction of armaments and through this the
removal of the fear of invasion and armed attack, and, at the same
time, a reduction in armament costs, in order to help in the
balancing of government budgets and the reduction of taxation;
second, a cutting down of the trade barriers, in order to restart
the flow of exchange of crops and goods between nations; third, the
setting up of a stabilization of currencies, in order that trade
can make contracts ahead; fourth, the reestablishment of friendly
relations and greater confidence between all nations.

Our foreign visitors these past three weeks have responded to these
purposes in a very helpful way. All of the nations have suffered
alike in this great depression. They have all reached the
conclusion that each can best be helped by the common action of
all. It is in this spirit that our visitors have met with us and
discussed our common problems. The international conference that
lies before us must succeed. The future of the world demands it and
we have each of us pledged ourselves to the best joint efforts to
this end.

To you, the people of this country, all of us, the Members of the
Congress and the members of this administration, owe a profound
debt of gratitude. Throughout the depression you have been patient.
You have granted us wide powers; you have encouraged us with a
widespread approval of our purposes. Every ounce of strength and
every resource at our command we have devoted to the end of
justifying your confidence. We are encouraged to believe that a
wise and sensible beginning has been made. In the present spirit of
mutual confidence and mutual encouragement we go forward.