Chungking, May 23.
Commenting on Japan's decision not to join the Italo-German Militar Alliance, the "Chungking Daily Ne states editorially that Japan must think she is the only wise guy' in the world, while every other nation is a fool."
The paper drew attention to two reports, firstly, that Japan is not participating in the Alliance for fear that she may bring the Soviet and Britain closer together, and that this step might result in the extension st British, French and Soviet cooperation to the Far East, which would affect Japan's "aggressive" designs.
The second report to which the journal refers is that Japan is awaiting the outbreak of a European war. when she would seize an opportune moment to make the move most advantageous to her interests.
"But Britain and the Soviet are not fools," the paper concludes, In a separate article, the "Chungking Daily News" predicts the carly collapse of the Hua Hsiang Commercial Bank notes, pointing out the present slump in the yen, and in Federal Reserve Bank notes;—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.