Let us glance briefly at some essential conclusions to which the reduction of naval armaments inevitably leads. The American and the British navies are to be made about equal. In ten years time an almost perfect equality will be secured. These two navies, taken together, will of course dominate the seven oceans. The only naval power which will remotely compare to either is that of Japan. Because of our wealth and population, also because of our industries, production and commerce, the United States and the British will have no immediate rivals. Together, we can declare the world's peace. Together, we can give the world a decent measure of order. We include, of course, the practically independent and rapidly growing nations of Canada, Australia, New Zealand and South Africa. It will be readily seen how much greater is our power, a united power, for good than any other possible combination of nations in the world. Here, tossed about in a sea of color, lies the white man's hope. Here, too, is large hope for all the world. Under the world peace we can establish the forces that make for international justice which will at last be given a chance to function; while under the threat of war every sort of inhuman and barbaric force will win its way. Given an assured peace and better minds and gentler hearts among our English-speaking people will never be silenced. They will triumph in our own countries first. They will save the world as a matter of course. On the other hand, world anarchy and world war will always submerge every liberal voice and every progressive policy among all nations, ourselves included. We need no formal alliance with the British to bring these things to pass. The alliance of the American with the British people is formed by all the qualities we have in common. These are already more powerful than any document. The theory that competition for the world's trade makes co-partnership in everything and anything impossible for us is a piece of ignorant nonsense. All our better humanity is crying out the command that trade keep to its rightful place in human affairs. If this Anglo-American understanding could have been possible ten years ago there would have been no World War. At that time we in America were not ready for co-operation. If we are not entirely ready for it to-day, then under the Providence of Almighty God, and being responsible to Him alone, those of us who see the light must make all ready for it.