From an international point of view it was desired that the situation, at any rate as far as appearances went, should remain unchanged. What was aimed at was equilibrium, not preponderance. Opinions which made themselves heard, not only in Central Europe, but also in the English and American newspapers, showed more and more plainly how critical the situation would be if Japan alone possessed undisputed paramount power in Eastern Asia. The leading papers, which at first had been so enthusiastic and described with such unbounded admiration Japan's gallant battles and unexpected victories, grew gradually reserved as the question of how far Japan's ambitions might one day extend, became doubtful. Economic acquisitions were feared even more than the actual strategic conquests. Already a portion of the commerce of the Far East has left European hands and fallen to the share of Japan, and evidently this will more and more be the case. The vicinity of the country, the cheap rate of wages, the simplicity of social conditions and those of labour, even at the present day, all contribute to give Japan the advantage in the competition. What their Government chiefly covet, at any rate just now, are new commercial spheres--safe markets--to profit by the great wealth of neighbouring states. By adroit commercial treaties with China, exploitation of the mineral riches of Manchuria and the Korean mines, Japan may, in a very short time, not only make good her war expenditure, but consolidate the economical condition of the empire and increase the general well-being. From a political point of view, it can no longer be denied that the Pacific Ocean will be, at least on the eastern half, dominated by the Japanese fleet. In short, it is this point which is the essential one. As I have already stated, Japan's schemes of conquest, if she had any, would be directed less towards the north than towards the south. Siberia never seems to have had a great attraction for her, and I believe that even Manchuria, together with the Amur Provinces, leaves her indifferent. She intends to let the original possessor, China, reconquer it one day. Her far-seeing policy seems to be governed by the assumption that the Eastern Asiatic continent belongs to her neighbours, the Chinese. For herself, she wants to secure the position of a great Sea Power. Her island home, and more especially her sea-faring population, tend to guide her in this direction. As factors to this end they have not only subjective competency, but the greatest objective possibilities. The Island Empire of the Pacific is still, to a great extent, with all her wealth, a _terra incognita_. We may say the same of the South Sea Islands, which are mostly only under the nominal dominion of the white races. Honolulu and the Philippines might one day be included in the dominions of this newly-arisen great Power; and her sphere of action will possibly create a yet larger circle.