Baron Ivasaki, one of Japan's principal financiers, and the leader of many social enterprises, after his return from a voyage of investigation round the world, wrote a most interesting paper, not only dealing with his personal experiences but pointing out possibilities, both of financial and moral crises that might occur if the country did not unite to promote, not only commercial and financial endeavour, but a high moral tone. All good patriots and friends of Japan agree with the author in this respect. Unquestionably, there is always a great danger when a nation's ideals become merely material. It is even more disastrous if its spiritual life threatens to become extinct. One of the causes of Japan's strength has been her firm belief in her religious, national, and domestic codes. The great rapidity with which she has adopted Western civilization might easily have resulted in her acceptance, not only of our good points, but also of our bad ones. Considering her marvellous gift of adaptation, the question arises whether this does not happen sometimes, to the detriment of better judgment. In her great zeal to advance and to use all Western means, some of her deeper thinkers begin to realize the dangers which might beset her. The rapid transformation of the old social order must develop by gradation to avoid fresh revolutions, and to spread over the whole country. It is not enough for her to accept merely the technical side of Western civilization, she must understand and be fully convinced by its moral and spiritual principles. The nations of Europe may belong to different denominations, but their mind and soul are imbued by the higher laws of Christianity. Baron Ivasaki, in his articles, points out with great foresight that it is not enough for his countrymen's future greatness and happiness to improve materially, if there is not a corresponding moral elevation. It becomes evident that the most important question of the day is that of education. During my prolonged stay in the capital I visited a great many schools and colleges. Besides the well-equipped Government Primary Schools I saw many Grammar and High Schools, Public and Private Colleges, and Missionary Establishments. Public instruction, as a rule, is very satisfactory. The teaching of foreign languages, and especially of technical knowledge, is quite surprising, and the examinations in these subjects have the best results. Education, as such, is less successfully carried out; the chief defect of our Western system of devoting itself exclusively to the imparting of knowledge, to the detriment of the formation of character and the arming of the child for the battle of life, more from a moral than from a material standpoint, is also the drawback of this country. Among Tokio's scholastic foundations the University is the most important. To give an epitome of its history:--