How was William Randal Cremer awarded the Nobel Prize Peace?

Name: William Randal Cremer.
Country: Switzerland.
Date of Birth: 18 March 1828.
Died: 22 July 1908.
Founder: Amalgamated Society of Carpenters and Joiners.
Known as: British Liberal Member of Parliament, a pacifist, Leading advocate for international arbitration.
Noble Prize Year: Nobel Prize for Peace in 1903 for his  work with the international arbitration movement.