While Japan's Asiatic policy was, of course, primarily formulated to further her own interests, it has also been inspired with the laudable ambition of rendering a good record of stewardship over the people who have come within the orbit of its influence. No one who knows the work undertaken in Korea and South Manchuria will grudge a word of praise for the record. It has bestowed untold benefits on the inhabitants. Theodore Roosevelt, in reviewing the enterprise of Japan in Korea, grew enthusiastic over it. The same story is repeated in South Manchuria, where the South Manchurian Railroad Company, acting as a civilizing agent, has wrought marvels. We should like to dwell here with patriotic pride on these reforms and undertakings in some detail, were they not out of place in this book. Commendable as are these civilizing measures adopted by Japan, the fact remains that she has signally failed in one great essential, namely, in winning the good will and friendship of her neighbors. This is the weakest spot in the armor of her Asiatic policy. She is thereby jeopardizing her future. The sentiment of good will is as much a fact, though imponderable, as any other fact, and is a force of immense consequence. How vital this moral asset is to Japan can easily be gauged when we consider that in her neighboring lands are found the indispensable materials for her industrial expansion and the best market for her commerce. Japanese leaders are thoroughly aware of the importance of this moral asset, and have done all that they could to secure it.