28th March.
THE thoroughly straightforward and able criticism of men and things political and financial that distinguished the "Investors' Review," now edited by A. J. Wilson and sons, loses unfortunately some of its influence in consequence of Mr, Wilson's inveterate pessimism, It is as arulo, it must be confessed, well-founded and inevitable pessimism, but Mr. Wilson never allows enough for the recuperative power, latent as well as active, in things that look as if they had passed into a stage of hopelessness; and for the fact that the blackest things are never quite as black as other hand the sun is not spotless. they are painted, just as on the Knowing Mr, Wilson's hatred of war under any circumstances, as involving an always unjustifiable expenditure of blood and money, never compensated for by the results that even the victors obtain, we turned with some anxiety to his comments on the present struggle. The first article in his issue of the 18th ult. is devoted to this subject, and the following is his opening paragraph!
To the last hour we hoped against hope, fearing all the time that the conflict now raging had become inevitable. From the explanatory' documents issued by the two belligerent Powers it is plain that the Russian war party has gained the upper hand to an extent which rendered diplomacy powerless and the Russian efforts. at negotiation insincere. The Japanese Government, on the other hand, has acted straightforwardly, if aggressively, throughout, giving a clear definition of its minimum demands at the outset of the negotiations, and never budging an inch from the essential points in these demands at any time during the dxearily spun-out exchange of notes. At last Japan lost patience, broke off negotiations, recalled her Ambassador from St. Petersburg, and instantly attacked that portion of the Russian fleet lying in the roadstead outside Port Arthur. We cannot blame Japan for taking this prompt action, which has been justified by success, her first onset having disabled three of the best ships in the Russian navy, and further engagements raising the number of the disabled or sunk to nine. We may go further, and admit that our sympathies are with this Power and with harried China, have been so throughout. There is, moreover, something that appeals to the imagination in the pluck and resolution with which this, by comparison, small Japanese nation stands Up alone to face the Colossus of the north. At the same time we trust that the bulk of our Press will not follow the fashion sot by the " Times " and others of our yellow organs in heaping indiscriminate abuse on the Russians, Both peoples are to be commiserated over the war. However it ends it must mean.privation and suffering to the masses of the population in both, Therefore the conflict is not in itself anything to gloat over, nor should we allow our prepossessions to drive us into mere brutal exultation over every blow that Russia may suffer at the hands of her determined snd most capable antagonist. There is ground rather for lamentation that the Czar's pacific policy should be so completely set at naught and derided by the dominant war party in his councils. The best thing we can hope for is that the triumph of Japan will be swift, and so thorough that the war may be ended before European complications arise, above all before England and France are dragged within the arena of strife.
OF course, Mr. Wilson hopes, as the warmest friend of Japan amongst us hopes, that England and France will not Lo drawn into the conflict. There is no doubt about our being involved if any other Power, even Corea, were to join hands with Russia. Mr. Wilson considers it "probable from the nervousness displayed by the French Press, and the solicitude of tae French Government, that France is very much in the same position towards Russia as that occupied by us towards Japan." Russia, it is stated, has declined to recognise any alliance between Corea and Japan, but it is doubtful iff France would consider an alliance between China and Japan a reason for going to Russia's assistance. It is stated, with what authority we do not know, that Russia can only call on France if Western Power joins Japan. The chance, however, that we may be drawn into the strife makes Mr. Wilson condemn very strongly "a treaty rashly entered upon and uncalled for on our part, Had we simply maintained," be says, " general friendliness with Japan, as was quite practicable, there would have been no appreciable danger of a widening of the theatre of war in the manner just indicated. Our treaty brings us within the danger line, and it is no use hiding our heads in the sand, crying out that we shall be neutral whatever happens. We dare not peso in certain very obvious eventualities without incurring everlasting dishonour." There is one serious flaw in Mr. Wilson's argument. As we explained more than two years ago, our Government had not the option of merely maintaining general friend-lines with Japan. It is an open secret that the King and our Foreign Office were pot at all eager to make the alliance, nor was it offered to Japan. Tt was, as we explained more than two years ago, practically extorted from our Government, to whom the Japanese Government explained that unless we consented to isolate Russia by making the alliance in question, Japan would be forced to separate terms with Russia without regard to the interest of any other Western nation, Mr. Wilson goes on to deprecate the successful effort made by the US. Secretary of State, Mr. Hay, "te get the Powers interested to unite in guaranteeing the neutrality or integrity of China for all time.' There must be," Mr. Wilson. says, "some dread underlying this proposal, unless we are to regard it as one more example. of the fussy imperialism to which the United States Government has committed itself... We do not quite see what practical advantage is to be gained by any such united declaration, Does Mr. Hay imagine that Germany will give up her' hold on Shantung, that France will cease to bore her way north from her empire of Tongking into the Southern province (sic) of China, that England will surrender Weihaiwei and all her pretensions over the great valley of the Yangtzekiang?" Well-informed as Mr. Wilson generally is, we could wish he were a little better-informed as to conditions in China, Germany, apart from her forcible seizure of Tsingtao, has been scrupulens in her regard for Chinese sovereignty in Shantung, and Mr, Wilson probably does not understand that Weihaiwei is in that very province, which he evidently considers has become a German appaige. Our lease of Weihaiwei as 8 wateringplace and sanitarium for our fleet does not really impair the integrity of China, an-l it is obvious that the agreement engineered by Mr. Hay will check the earth-hunger of the Colonia! Party in France, "As to our claims on the Yangiz: Valley, they will not, become" operative until the partition of China becomes, as we hope it will never become, a question of practical polities.
Text read from the printed page and cleaned; old type leaves the occasional error.