"Perhaps the most important thing about the proposals is their relative—the epithet is important—moderation. They hardly exceed the demands made in July of 1937. The emphasis is all on North China and the Mongolian corridor.
"At the same time, it would be idle to ignore the possibility that Prince Konoye, Japanese Premier, is only kite-flying.
"Possibly the proposals are put forward in a relatively attractive form with a view to sowing dissent tion between the Chiang Kai-shek communists and the right wing elements anxious for peace at any reasonable price.
Chinese unity, far stronger than it ever was before, would hardly survive an attempt to open peace negotiations on terms such as these, and the Chinese are a stubborn and far-sighted race and will not easily be persuaded that their sufferings have been in vain.
"Such attraction as the proposals might have for the Chinese, will be somewhat lessened by the British and American decision to extend financial aid to China.
"These credits may be taken as emblematic of a common determination to assert and defend, by legitimate means against illegitimate discrimination, the rights and interests of Britain and America in China.
Text read from the printed page and cleaned; old type leaves the occasional error.