in fighting in such hilly country as Korea and Manchuria. Thus we had very little prospect of success in land fighting, it having been altogether impossible to assure ourselves of success in the way that the lay mind is apt to think. It was a critical and anxious time when hostilities were commenced, but the army was determined, we knew, to fight to a man in defence of the Empire. On the campaign being opened, however, we were able to obtain a success far beyond that which we had hoped for. This was to be ascribed to the virtue of the Emperor and to the valour of the officers and men, and the army and navy are to be congratulated thereon. From about the time of the great victory at Mukden a suggestion was made in Europe and America that for the sake of humanity peace should be restored, and shortly after the defeat of the Russian fleet in the battle of the Sea of Japan, President Roosevelt, acting from humanitarian motives, advised the two belligerents to make peace, with the result already known. Some of the people appear to be strongly opposed to the terms. Each man has a right to his own opinion, and it is only natural that opinion should be divided upon so momentous a question. In deciding to conclude peace the Government carefully investigated the present financial capacity of the Empire,—the plans made for its future development,—the general political situation of the world,—as well as the fact that Russia was constantly aggressive and warlike. After full consideration the Government then came to the conclusion that if hostilities were continued any longer it would hardly be possible to obtain compensation for the vast expenditure involved, and no better result could be secured than was to be obtained by concluding peace there and then. The continuation of the war, it was thought, would require a further heavy sacrifice and the only result would be to exhaust the funds required for the promotion of works in Korea and Manchuria. Thereupon the members of the Government agreed without a dissenting voice to conclude peace without delay. There was no difference, as alleged, among the members of the Government—no ‘strong party.’ If the peace be condemned by some people, I am for my part quite willing to accept the name of being a member of the ‘weak’ party, and all the other Elder Statesmen and Cabinet Ministers will share my view.”