'A whole year of explosive and flaming contention between two great Oriental neighbours, no doubt, serves us with real material to go by, but it is in the large sweep of historic trend that we derive a safer guidance.
Here again history is the true philosophy.
The impression of neutral observers 4s that Japanese military victories contain "the their own ul ware defeat and that Chinese present defeats bear within them the makings of future triumphs. It is admitted on all hands that the protraction of the hostilities and the: behaviour of the Japanese soldiery at the fall of Nanking and elsewhere are big diseredits—bad minus quantiliesin the summation of their account, The present policy, on the part of the Nipponese militarists of having insumelent regard for the weight and influence of the demotratic Powers, at whom they seem to flaunt, is, of a truth, ill-conceived, and may bring down upon them Gnal Nemesis it they do not right themselves in time.
Be that as it may, the business observer must not form his opinion Jas to the outcome of the struggle using these present features as sole factors. But integrating the brief present to the long past, and viewing the whole in an historic perspective, Wwe may come at a truer conception lof what-is and what-will-be.
If we can only obtain a revealing Jslimpse as to the nature of that future, how useful it could be to the businessman {0 set his courses by.
Text read from the printed page and cleaned; old type leaves the occasional error.