Our Venezuelan questions of long standing and of great complexity seem happily to be responding to a wise adjustment. The PanAmerican conferences. another of which is to occur next year at Buenos Aires. provide a great variety of subjects for careful study. and to the peoples of this hemisphere are not second in Importance even to The Hague conferences. in which we are proud to cooperate for the realization of the ideal of peace and arbitration. You all know that there was also an immigratioh question with Japan growing out of economic considerations ahd that that questi6n was satisfactorily arranged. You know also of the recent exchanges outlining the accordant Far Eastern policies of the two Governments. Going back a little further. we recall the work of the State Department in making possible the peace of Portsmouth.
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