In our modern world of interdependent nations, hardly any state can wage war successfully without raising loans and buying war materials of every kind in the markets of other nations.

We had four years of world war which the peoples endured only because they were told that their sufferings would free humanity forever from the scourge of war.

The vast upheaval of the World War set in motion forces that will either destroy civilization or raise mankind to undreamed of heights of human welfare and prosperity.

The first condition of success for the League of Nations is, therefore, a firm understanding between the British Empire and the United States of America and France and Italy that there will be no competitive building up of fleets or armies between them.

The nations must be organized internationally and induced to enter into partnership, subordinating in some measure national sovereignty to worldwide institutions and obligations.

The world before 1914 was already a world in which the welfare of each individual nation was inextricably bound up with the prosperity of the whole community of nations.