He recognizes that it is a very delicate matter for non-belligerents to interfere when the terms of peace are being arranged, but he reinforces his argument for'a real stand by. pointing to the industrial development, of China which will follow the conclusion of peace, a development of which Japan must acquire control, in order fo make certain her effective control of the vast China market which has been the lure behind her mainland venture.
This latter aspect of the problem he considers to be imperfectly under-[stood in the West, where China "is still regarded as an agricultural country, whose unnumbered millions} fare little more than potential buyers! of cotton goods."—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.