'The result of the Peace Envoys' meeting at Portsmouth on Tuesday is awaited here with keen interest. "The genoralconsus of opinion is now that the tangled skein has considerably diminished. - In this context, what the "Japan Gazette says seems to be to the point. It says that in the present state of Russia's nary there is no need to limit Russia's naval strength in the Pacific for some time to come, and that fora similar reason the restoration or not of the interned vessels does not constitute a vital present factor in Japan's policy. Forthat reason it has been suggested that Japan use these two lesser terms as a means for making a compromise and obtaining Russian acquiescence with her terms requiring reimbursement of her extraordinary war expenditure and formal cession of Saghalion already in Japanese possession. As to these two latter terms we do not hear a dissentient voice, except of course from Russia; and even Russia gives no reason for not complying with these two terms except historical precedent that she has jover hitherto ceded territory or paid indemnity to auyou course would min her politically. might point out that France's payment of an indemnity to Prussia after the war of 1870 did not ruin or practically diminish her prestige, politically, and also that Russia has perhaps never ceded territory or an indemnity before, though we ye she did something very like it in her ancient wars with Sweden, but that in any case she must have been never before obliged to do 80."
Be that as it may, the terms of peace, consisting of twelve articles, may be classified in three sets, namely, the first four articles, relating to Japan's suzerainty in Corea, mutual evacuation of Manchuria, conditional restoration of Manchuria to China and the integrity open door of Manchuria refer to the of the war; the middle five articles ing to the cession of Saghalien, the surrender of the Lisotung leases,' the surrender of the Chinese Eustern Railway, Russia's commercial retention of the Trans-Manchurian Railway, and the reim bursement of war expenses refer to what came to Japan's hands in consequence of the war; and the last three articles rel ing to the surrender of the interned vessels, the limitation of Russia's naval strength and fishing privileges, refer to what Japan proposes to acquire after the war.
The British Alliance, Rumours are now abroad to the effect that thenew Treaty of the Anglo-Japan Alliance has been already signed, bnt nothing definite has yet been given out officially. The new Treaty will be accompanied by a military convention, which is to be kept secret in toto. The text of the new alliance agreement will public for some time to for granted that the new provides for the joint contingent operations of the British and Japanese squadrons in the Far East. Viadivostock its present fortified form and shattered navy do not mean much to th 0 of this part of the world. The intrusion of India into the scope of the alliance will have also a salutary effect on the central Asian States, including Afghanistan,
Text read from the printed page and cleaned; old type leaves the occasional error.