The ability of a nation as of an individual to discharge its debts depends of course upon its resources. No man possessing even a perfunctory knowledge of the resources of Japan would surely venture to express alarm at the increase in her debt and scepticism as to her being able to meet the annual interest on that debt as well as the constantly increasing expenses of administration. The resources of the country have, in my opinion, as yet scarcely been realised, and certainly have not been anything like fully developed. And when I use the word resources I do not employ it as it is so often employed in respect of minerals, although the mineral wealth of Japan is considerable. Her resources, as I estimate them, are to be found in her large and rapidly increasing population--a population perhaps the most industrious in the world, persevering, enterprising, methodical, and performing, whatever be its appointed task, that task with all its might as a labour of love, in fact, not as the irksome toil of the worker who is a worker simply because he can be nothing else. It is this great industrial hive which in the near future will supply China and other Eastern countries with all, or nearly all, those articles they now obtain elsewhere. What I may term the European industries of Japan have of recent years been largely developed or evolved. Take, for example, an item, insignificant in one way--that of matches. In 1904 matches to the value of 9,763,860 yen, or, roughly, one million sterling, were exported, and, strange to relate, European clothing to the value of 287,464 yen.