The more recent action of the Russians in Manchuria tends, of course, to support the view that war may be imminent. Nevertheless, bluff is a component part of Russian diplomacy, and there is ground for believing that the intentions of Russia in the Far East are by no means so warlike as the preparations now proceeding and the acts of the Russian administrative officials in Manchuria itself would imply. Russian diplomacy always covers the development of its plans by preparing to demonstrate in a contrary direction; and at the present time her occupation of Korean territory is little else than the screen, behind which she proposes to secure her hold upon Manchuria. Nothing short of war will cause her to retire from her position in Manchuria; but while Korean territory is of little value to the Russian protectorate, whatever the compromise which may be effected between Japan and Russia, she may be expected to make a determined effort to dominate the lower waters of the Yalu River. In fact, curious as it may seem, the estuary of the Yalu River is the very locale of the dispute between the two Powers, since, if Russia were ever permitted to dominate the Yalu River, she would gain at once that special position upon the frontiers of Korea which it is the desire of Japan to frustrate. In this Japan can rely only upon the shortshifts of diplomacy; and although the Russian occupation of Yong-an-po may be circumvented, the development of An-tung upon the opposite shore of the river cannot be prevented. It seems, therefore, as inevitable that some commanding position upon the Yalu River must ultimately fall to her lot. An-tung lies within Manchurian territory; the Yalu River is the border stream between Manchuria and Korea, and at Yong-an-po the nucleus of an important Russian settlement has been established. The future contains no promise of the immediate settlement of the present difficulty. At best the outlook is confused; while at the same time there is presented in a manner singularly clear and comprehensible the fact that Russia neither will evacuate New-chang, be driven out of Manchuria, nor abandon her position on the Yalu River. The position of Russia at New-chang has been indicated by past events, her occupation of Manchuria is an old story, and she is now engaged in the rapid development of her interests at An-tung. The position of this port endows it with unusual advantages, and the commercial potentialities of the place are very great. It lies about fifteen miles above Yong-an-po, on the opposite bank. At present the export trade is confined to millet and silk cocoons, the over-production of the latter commodity requiring close technical supervision. Eight miles below An-tung, situated on the right bank of the river, is the likin station San-tao-lan-tao, where junks and rafts must report and pay the stipulated excise before they proceed onward. The river then bears away to the north-east, and after