It is my sincere hope and expectation that this proposal which has been presented to and accepted by the nations of the world will revive confidence and promote prosperity among all peoples.

Their presence is another indication of the interdependence of the various countries in the world's business.

I shall appreciate it if you will extend my cordial congratulations and good wishes to the delegates from our own country, and abroad.

Our bankers have given aid during the depression to various South American countries and so far as the administration is aware those countries are making every effort fully to maintain their credit and confidence.

I wish to take this occasion also to frankly state my views upon our relations to German reparations and the debts owed to us by the Allied Governments of Europe.

We are not involved in the discussion of strictly European problems, of which the payment of German reparations is one.

It represents our willingness to make a contribution to the early restoration of world prosperity in which our own people have so deep an interest.

World confidence would not be enhanced by such action.

Therefore, reparations is necessarily wholly a European problem with which we have no relation.

As we look beyond the horizons of our own troubles and consider the events in other lands, we know that the main causes of the extreme violence and the long continuance of this depression came not from within but from outside the United States.

I have been very glad to welcome today the Canadian Premier upon his informal visit to Washington.

Those negotiations, of course, we are hopeful will go forward but are not negotiations in which we have any direct interest at all, and which we could not be a party to otherwise than perhaps just friendly suggestions.

Some years ago we appointed a joint control board on Niagara Falls with the Canadian Government.

It will be noted that the Egyptian Government in a note addressed to the American minister at Cairo, dated March 20, 1930, agreed to the arbitration of the claim.

It is a happy omen and another one of the many examples showing the strong bonds of friendship and cooperation which unite us to our great northern neighbor.

I SEND you all my friendly greeting and best wishes on the occasion of this your first formal meeting outside of the United States and in Canadian territory.

It is a matter of deep gratification that every increase in the facilities of communication between our countries draws them nearer together, fostering the growth of cultural and commercial relations between them and further strengthening their mutual friendship.

The message that I particularly wish to send to Your Excellency and to the people of Mexico today is the fervent hope that the means which are used in transmitting my message will be a great instrument of understanding and never one of misunderstanding.