I have already pointed out in my previous letter that Russia's reply was not deemed _satisinctory by Japanese statesmen, In this cent-xt an English paper in Yokvhama points out that this implies a very serious position things. Japanese nature has been said to fav ur compromise in disputes; there is understood to be an instinct, which is traced in tke national trait of politeness, inclining a disputant to make such concessions as will ''save the face" of an antagonist even in the hour of victory. But the existing situation after the' important conference yesterday cannot be Tegarled as very reassuring for the peace-at-any-price people. The "Japan Mail" has no hesitation in saying every thing depends on Russia. Japan has a! ready proved her moderation and reasonableness, but it remains for Russia to make some display of similar concessions and she has not yet done se,
Text read from the printed page and cleaned; old type leaves the occasional error.