FDR: “Democracy has a new significance these days.”

We all know that the reduction of Government-created barriers to trade will not solve all our trade problems.

The name of the Office of the Coordinator of Inter-American Affairs is changed to the Office of Inter-American Affairs.

We are absolutely un changed in our policy of two years ago, for immediate Filipino independence.

It seems obvious that we will be more or less responsible for security in all the Pacific waters.