Single copies 50 cents Shanghai, China, Korea and Japan per annum $24 Hongkong and Macao. 28 Postal Union Countries imperatively necessary that the aggressor states shall be made to realize that the very act of isolated aggression will bring about defensive action on all fronts. The failure of collective security in the past is no reason why such a system should not operate successfully in the future. Its failure was in 2 large measure due to the fact that neither Germany nor Italy had offered such threats to the peace of the world as they are now doing. Nations subscribing to it had not then the object lesson which they have now before their very eyes. There was still some belief in the potentialities of a good faith which has been shown now not to exist, and from the study of what was hoped would be only an academic question the nations menaced
Text read from the printed page and cleaned; old type leaves the occasional error.