The road to victory, the guarantee of victory, the absolute assurance of victory is to be found in one word--ships; and a second word--ships. And with that quickness of apprehension which characterizes your nation, I see that they fully realize that, and today I observe that they have already made arrangements to build one thousand 3000-tonners for the Atlantic. I think that the German military advisers must already begin to realize that this is another of the tragic miscalculations which are going to lead them to disaster and to ruin. But you will pardon me for emphasizing that. We are a slow people in these islands--slow and blundering--but we get there. You get there sooner, and that is why I am glad to see you in. But may I say that we have been in this business for three years? We have, as we generally do, tried every blunder. In golfing phraseology, we have got into every bunker. But we have got a good niblick. We are right out on the course. But may I respectfully suggest that it is worth America's while to study our blunders, so as to begin just where we are now and not where we were three years ago? That is an advantage. In war, time has as tragic a significance as it has in sickness. A step which, taken today, may lead to assured victory, taken tomorrow may barely avert disaster. All the Allies have discovered that. It was a new country for us all. It was trackless, mapless. We had to go by instinct. But we found the way, and I am so glad that you are sending your great naval and military experts here just to exchange experiences with men who have been through all the dreary, anxious crises of the last three years. America has helped us even to win the battle of Arras. The guns which destroyed the German trenches, shattered the barbed wire--I remember, with some friends of mine whom I see here, arranging to order the machines to make those guns from America. Not all of them--you got your share, but only a share, a glorious share. So that America has also had her training. She has been making guns, making ammunition, giving us machinery to prepare both; she has supplied us with steel, and she has all that organization, and all that wonderful facility, adaptability, and resourcefulness of the great people which inhabits that great continent. Ah! It was a bad day for military autocracy in Prussia when it challenged the great republic of the west. We know what America can do, and we also know that now she is in it she will do it. She will wage an effective and successful war.