"The inflative was taken by America, which, in the past few months, has pursued a more vigorous line than any other foreign Power on the Pacific.
"It is questionable whether our Far Eastern policy in the past eighteen months need have been as consistently long-suffering as in fact it has been. It is to the credit of America that she has given the world a lead.
"Japan has nòt concealed her uneasiness at he first concrete sign of the two great Powers embarking on just the kind of parallel action which she had hoped, by manceuvre ing, to forestall.
"The credits will be as welcome in China as their implications are unwelcome in Japan.
"It looks as if Japan, whose relations with Russia are strained by the fisheries dispute, is awakening to the delicacy of the position to which her extremists have brought he Route:
Text read from the printed page and cleaned; old type leaves the occasional error.