Mar. 1.
Trade is the lifeblood of China, of Japan and of all in Shanghai, It is more: it is a solvent of internationa] misunderstandings. Trade has been given a shattd ing blow during the last four weeks. Its revival would be. welcome on practical grounds. Tt would help to set on foot the relations whereby alone amity and harmony can be given their chance to heal and to mend. For this reason it is incumbent on everyone to do all that can be. done to reinforce the efforts now. being made to arrive tion of the present crisis with-lout the intervention of further hostilities with all their incalculable havoc. It is satisfactory to learn that, from the Japanese side, proposals of more definitely conciliatory character are in process of emerging. Nor does it seem unlikely that realities are beginning impress themselves more rigidly on Chinese leaders. they lead to a clear recognition of the need for business-like directness in negotiation, for recise assignment of respon:
lity hopefulness may developed. Neither of the two contestants can ignore the fact that continuance of the struggle on the basis of physical force must destroy resources and secure advantages which can be more certainly and more readily obtained by friendly discussion If either can claim advantage it may be described on the Chinese! side as assertion of the couraizeous qualities of Chinese troops and proof of the difficulty of applying the "gunboat" argument without the' display of armed force totally incommenlsurate with the solid results accruing in the long run and ruinously expensive to boot. The Japanese can tightly affirm that [the demonstrations which they have made have proved how dangerous it is for China to treat international goodwill with frivolous negligence. Can it be soundly argued "that these advantages, for either party, be enhanced by further
Text read from the printed page and cleaned; old type leaves the occasional error.