The 'Japan Advertirer' that wore this war x struggle betwee two Western nations conclusion a8 to their fighting capacities would be confidently counted upon by this time. Not 60, however, in a contest beween a European Power and an nation." Russia as tine and heed of thereby losing her pr been humiliated by Euvope, bnt i
prestige has gown to ster col portions tht the whole Western been overawed h Bar nov it is tsined that yielding is absolutely impossible became she is fighting an Asixtic power. This position, and the argument hised it, would indeed be immensely strony not an entirely new meaning now been given by the Japanese i the word Asia Ge." Meanwhile, Japa", by her unbroken successes, has proved itself essentially non-Asistic, asserts the Yokohamn pape "Quite tre is it that Russ hay been shattered, but nothing can now do in the way of fighting can ever by any possibility it. The only hope for her lies in culti ing the friendship of the nation which has shattered it." The Kobe Chronide" is inclined to believe that Kuropatkin xs x prudent and exutious commander-took activ because he felt himself strong enough to do so. Pro'mbly be had in mind the possible effect of the winter inaction on his men without a single victory to be sot down to Russian credit, us well as the—politeal effect of a sible reversal of the Russian tide, bat eis scarcely the General to force an action, unless his preparations were complete, merely for the political effect it would ave. Unfortunately, there is no prospect that the victory of the Japanese, important as it 1s, wil have any effec on the duration of the war. If Japm was in " position to put the opposing force out of action st one stroke, as McMahon's army was destroyed at Sedan, there migist be some hope that the Gvernment at St. Petersburg would realise the hopelessness of defending Manchuria against a foe so much nearer to the scene of hostilities.
Port Arthur, reported on good authority that the Japan: se investing army captured on the 16th instant an important fort between Panlungs and Echlungshan. The Russ ans eft over 100 dead on the spot and the Japanese casualties in that affair are put st about 20. Thanks to the Japanese Bayan is very badly sunk xs reported by junk arrivals. The Peresviet is also severely damaged. The capture of the so-called 203-metre fort on the Eastern end of Port Arthur main defences will, it is believed, lead to a general collapse of the "impregnable stronghold." The Japanese hope that they will be able to celebrate the fall of Port Arthur in coincidence with the Emperor's birthday, Fund by the addition of $100,000 which will then stand at $1,400, C00, increasing the Re-Insurance Fund by $25,000, and carrying forward the balance of $150,494.84." Our premia income, you will have notice', shows an inc ease ever that of the previous year. This in some measure was owing to the rate of exchange at which the ster! the 3rd November. premia was converted, viz:—Is. 8d. a 1 Baron Nishi Into commander against Lod. la 1902." Sterling losses Gi the 2ad Sendai Division, who lias been were algo esleulated at the same rate. The ree-n'ly appointed commander of the present year's: working, to dale, 1 have panese! garrison in the Liactuny pen-pleasure in stating, continues satisfactory, insula, is returning te although in this quarter, owing to the existing war, business is somewhat restricted. War Bonds, As regards our mortgages, our surveyors It is believed "that the third issue of ex-report ample margins on the sums advan-chequer Bonds amounting to eighty milli ced. Befvre propising th adoption of Fen will be "mply covered by the Tokio sub-the report and accounts, I ahull be pleased geripers alone. The following ato subset to answer any questions appertaining bers for over one million yen. The Bani hereto which shareholders may risk, the 16th Bank, No questions were naked.
10.000, Bank, 5 000,000 Tie Chairman then Hy mov the yen; the Mitsu Bishi Bank, 5,000,000 yeu; ailoption of the report and accounts, tke Yokoliams Specie Bank, 5,000,000 yen The Hon, Gershom Stewart, in second-the Industrial Bank of Japan 3,000,000 ing, said: Lam sure I express the general yen; the First Bank, 3,000,'00 yen;'the ion of the shareholders in saying that One Hundredth Bank, 1,000,000 yen; the we are extremely contented with the very Inperial Commercial Bank 1,000,000 yen; satisfactory report which is put before us pother Bank of Japar for the period under review (hear, hest).
the Imperial Court will Tthink us long as we proceed on the 1,000,,00. yen and the Nippon Yusen very safe lines that we are going on of Kaisha 1,600,000 yen, distributing in dividends only half our earnings we shall continue to prosper. I Corean Finances. am very pleased to see the continual Mr. 'T. Megata, Japanese adviser, ncbuilding up of a strong reserve, and I ho, companied by Minister Hayashi, had an that policy will be long continued. Yt audience with the Emperor of Corea on might possibly come under the considera-the 18th inst. and presented a memorial tion of the directors at some not very on fivanci"l affairs, As for financial distant date as to whether some of that reform, the investigation is low going re erve should b: in gold. on and the result will be reported to The report and s: counts were unaui-His Majesty. The Government. Mint, mously adopted. ately closed, will be re-opened. The said The Chairman moved that the nomin authoriticatare satisfied that Mr. Mezata tion of Mr. HM. B. White to the vacancy will be successful in settling the iluancinl caused by the resignation of Mr, J. H. "questions.
Lewis be confirmed, and that the resigna-ion of Mr. J. H. Lewis be accepted. He
Text read from the printed page and cleaned; old type leaves the occasional error.