"In the event of imports being stopped owing to the aggravated situation, Japan is not likely to suffer so much as some Occidentals may think. I hope they have a fairly good idea of the present state of industrial development in Japan. The situation today is quite different from what it was a decade or two ago.
"Years ago Japan had to depend, to a large measure, on foreign supply ior arms and munitions, as well as for machinery and raw materials required for peaceful industries. The condition has changed remarkably—io such an extent that except for a few specialties, Japan is self-sufficient today. I would, therefore, warn against the hasty conclusion that Japan will break down if imports from Europe and America are completely interrupted.
"Of the articles imported heretofore by Japan from the three countries, raw cotton and wool are among the most important. Iron, copper. aluminum, lead, nickel, zinc, tin and various lines of machinery also may be mentioned. Except for cotton and wool, Japan's industries have reached a stage of self-sufficiency, thanks to the untiring efforts of our industrialists and scientists. Even if cotton and wool should cease to be imported, Japan has her silk to rely on, and there are numerous substitutes highly developed lately.
Text read from the printed page and cleaned; old type leaves the occasional error.