Our claim to a definite amount of naval strength is in no way influenced By such sentimental considerations. It is based upon the practical necessity of making our: defences secure against foreign vasion. We offer no menace to any nation and submit to. menace from none. On that fundamental wal arrangement satisfactory to:
parties concerned.
would adda few words regarding trend of economic the nations. In the days immediately following the Great War, various countries sought to heal the economic wounds sustained by them through the war by stimulating the growth of their domestic industries: fu the one hand and on the other, by seeking to heighten their tariff walls so as to prevent the import of foreign goods. If all-nations were adopt such a policy no foreign markets, would be open to their Drodiucts and there would soon ensue general. over-production and a universal economic depression.
In view of such tendencies, Japan should pursue no policy of economic exclusivners but should put forth her best efforts in the development of her trade with all nations on the basis of a reciprocal promotion of interests. It is partly' in pursuance of this policy that we have been endeavouring to conclude commercial arrangements ith countries with which we have Hitherto had no treaty. relations.
In any case the development of trade rests essentially om individual ative and the efforts of those ho are engaged in it. We must, therefore, lock for increased activities of our people in. that direction believing as we do that} tapen such "activities depends in a large measure the future of this nation—Rengo.
Text read from the printed page and cleaned; old type leaves the occasional error.