The Tokio papers observe that the war has entered upon its third stage, but they insist that thoughts of ace cannot be indulged in yet, inasmuch as Russia is determined to pursue the campaign to its natural climax.
'The fact appears to be that Russia' is enveloped in more ways than General Kuropatkin was.
Russia is in the position of gamblers who have started a game of bluff and cannot throw up their cards.
She is now talking of making a new army which w li perhaps resemble the Baltic Fleet, a heterogeneous composition of uncertain execution. It will be awaited by the Japanese with keen anticipation.
Altogether, the Russian envelop~ ment both in Manchuria and at home, is bound to yield striking developments for the Jupanese cause.
The papers point out that the cause of the Russian defeat is la.gely to be found in the inferiority of her Intelligence service, combined with the invariable outgeneralling of Kuroparkin by Oyama.
It is "pelloved that the Russian losses will take half a year to replace,—Our own mubseribiog to the fourth "issue Many foreigners in Japan are
Exchequer bonds.—Our own correspondent.
Text read from the printed page and cleaned; old type leaves the occasional error.