The Chinese full awareness of this dimeulty confronting the Japanese has made the protraction of the war supreme point of strategy.
In the opinion of some leading] authorities, who have devoted them [selves to a study of the question, it fs considered that though Japan has attained her main military objectives she will be drawn in deeper and deeper and the whole affair may tura out a stalemate, in which situation, the exhaustion of the combatants may tempt foreign intervention.
From the angle of the independent, observer, a long drawn-out conflict would spell the neutralization of the Chinese and Japanese post-Great War accelerated nationalisms.
The great ditieulty for the businessmen always consists in having to be able to hold out and survive through the period of the present fever of monopolism. The point is that the Tong view is not without bright possibilities, provided always that the intervening leanness can be bridged.
Text read from the printed page and cleaned; old type leaves the occasional error.