Such a development, it is stated, will not have any vital military consequences, for it is believed that future Japanese military operations will be carried out purely for the purpose of strengthening forthcoming political moves, "What character these moves are likely to assume will be a subject of the greatest interest here.
The outcome of the present hostilities, Chinese circles emphasized, depended largely on future developments in Europe. If war breaks out in Europe, with Great Britain and France emerging as the victors, it is most likely that China will take the offensive, and try to prosecute her own war to a victorious conclusion.
On the other hand, it is felt here that if peace by compromise and concession continues in Europe, international pressure may be brought to bear on both China and Japan to end the war by negotiations.
Present international developments, Reuter's informants went on, have destroyed all academic theories of international trade. Despite strenuous objections on the part of financial circles in London, who are still in favour of free trade, China, they pointed out, could at present only do business with foreign countries on a barter arrangement. This was because China could only obtain arms and ammunition by giving Chinese products in exchange.
Text read from the printed page and cleaned; old type leaves the occasional error.