'a, naval limitation agreement on ples, that Japan cannot consent the lines of that at present in force because she is committed to the Protection of Manchoukuo from possible troubles from Soviet Russia Jand China has a curious ring about The policy of the Government. now in power in Nanking makes improbable any immediate effort on China's part to reclaim the provinces which have been shor away; while itis the general opinion that relations between the Soviet and Japan are as Jeood now as at any time during the last three years. Agreement over the sale of the Chinese Eastern Railway waits only the completion of a few minor details. The bellicose attitude lof the Japanese militarists Maritime Provinces seems to have been toned down, though not before the Russians have fortiged their frontier and prepared for eventually ties. Russia is as concerned over possible developments on her Europ can frontiers as she is about the Far East; and above everything else, anxious for peace In order to pt through her plans of industrial and agricultural development. Tt seems unlikely that she will take. the aggressive in any but the most exceptional circumstances, but. there can be no doubt that she will resist fan aggressor to the utmost, The threat from the north to Japanese-protected Manchovkuo seems. to be Ino more substantial than an echo of Jo threat from. the south to' the [Soviet Maritime Provinces. The argument for a stronger. propor~ Yonate naval force seems "hardly worthy of serious consideration.
Text read from the printed page and cleaned; old type leaves the occasional error.