States Ambassador, today decorated four British Naval officers in recognition of their assistance to the survivors of the American gunboat Panay which was sunk by Japanese planes in the Yangtze last December.
The officers were Vice-Admiral Lewis Gonne and Lieutenant-Commander Harold Douglas who received the Navy Cross, and Rear-Admiral Reginald Holt and Captain George Eric O'Donnel who received the Distinguished Service Medal.—Havas.
Moreover, Japan's industry and irade are in need of capital funds for their own subsistence, and if these resources are deflected there-om to the war, the war itself would have to rely more than ever on capital than income. And that capital, however ample originally, could not meet the requirements of continuous warfare, Here the point may be raised that China's war of resistance could very well cease from attrition before Japan's economic resources would give out. The time element is admittedly extremely difficult to reckon, and the last-named contingency cannot be assumed. Then, there is always the problem of the heavy cost of keeping the ground already won against the ill-will of a vast populace. has made the protraction of the war a supreme point of strategy.
In the opinion of, some leading authorities, who have devoted themselves to a study of the question, it is considered that though Japan has attained her main military objectives she will be drawn in deeper and deeper and the whole affair may turn Out a stalemate, in which situation, the exhaustion of the combatants may tempt foreign intervention.
From the angle of the independent observer, a long drawn-out conflict would spell the neutralization of the Chinese and Japanese post-Great War accelerated nationalisms.
The great difficulty for the businessmen always consists in having to be able to hold out and survive through the period of the present fever of
Text read from the printed page and cleaned; old type leaves the occasional error.