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.

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.

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.

It has become impossible to give up the enterprise of disarmament without abandoning the whole great adventure of building up a collective peace system.

It has been said that since September, 1931, the world has been divided into wholehearted violators and halfhearted supporters of the Covenant.