'The negotiations for the renewal and extension of the Anglo-Japanese Alliance are stated to have been virtually settled in the main points, though final touches remain to be given. But the announce-mont of the new' treaty. will not, take place yet, according to, what is now whispered in well-informed circle Corea is now a protectorate of Japa and this \fact is recognised by Great Britain, It is pointed out that this is the first instance that Japan's relations with Corea are' to be recognised by a third power. The conclusion of an offensive and defensive alliatice between Groat Britain and Japan: will make Russia's reappearance in Far Eastern waters as a naval power tremely difficult. It will also'considerably fect Russia's post-bellum naval programme, Well-informed circles_in Tokio uro well aware of the real motive of the reorganisation of the British floot and do not believe in the rumour abroad in some sections that Groat Britain is to curtail hor navy.
Text read from the printed page and cleaned; old type leaves the occasional error.