Conclusion
 
     Of all the many statements made to me in the con-
 
versations I had, the statement which I have most often
 
recalled is the phrase used by Paul Reynaud in my final
 
talk with him, when he said, "If the catastrophe is to
 
be averted, daring statesmanship ls required." That,
 
I believe, is unquestionably true. If the present
 
situation continues to drift, no matter whether a war
 
of devastation breaks out in the immediate future or
 
not, I doubt whether the present generation will again
 
see a world in which there exists any real security,
 
national, physical, or economic.
 
     What is imperatively required is statesmanship of
 
the highest character, marked by vision, courage and
 
daring.
 
     I saw no signs of statesmanship of that kind in any
 
of the countries I visited, nor do I know of any of that
 
character in any other European country.
 
     I do not believe there is the slightest chance of
 
any successful negotiation at this time for a durable
 
peace if the basis for such negotiation is made the
 
problem of political and territorial readjustment--the
 
"just political peace" insisted upon by Mussolini--, or
 
She problem of economic readjustment. Those two problems
 
must be solved before any lasting peace can be found, but
 
to my mind they are complementary, and subordinate.
 
The basic problem I feel is the problem of security,
 
inseparably linked to the problem of disarmament.
 
         I believe there is a slight chance for the negotiation
 
                                        of