more extraordinary. Until there was a popular outcry among the Entente Allies, German merchants were allowed to trade more or less as usual. They were not denied the use of Japanese steamers, shipping companies being simply "advised" not to deal with them, the two German banks in Yokohama and Kobe being closed only in the Autumn of 1916. It was not until April, 1917, that Enemy Trading Regulations were formally promulgated and enforced,--that is when the war was very far advanced--the action of China against Germany being no doubt largely responsible for this step. That the Japanese nation greatly admires the German system of government and is in the main indifferent to the results of the war has long been evident to observers on the spot.] Necessarily guardian of the principles on which intercourse in Asia is based, because she framed those principles and fought for them and has built up great edifices under their sanction, British sea-power--now allied forever, let us hope, with American power--nevertheless remains and will continue to remain, in spite of what may be half- surreptitiously done to-day, the dominant factor in the Far East as it is in the Far West. Withdrawn from view for the time being, because of the exigencies of the hour, and because the Anglo- Japanese Alliance is still counted a binding agreement, Western sea-power nevertheless stands there, a heavy cloud in the offing, full of questionings regarding what is going on in the Orient, and fully determined, let us pray, one day to receive frank answers. For the right of every race, no matter how small or weak, to enjoy the inestimable benefits of self-government and independence may be held to have been so absolutely established that it is a mere question of time for the doctrine not only to be universally accepted but to be universally applied. In many cases, it is true, the claims of certain races are as yet incapable of being expressed in practical state-forms; but where nationalities have long been well-defined, there can be no question whatsoever that a properly articulated autonomy must be secured in such a way as to preclude the possibility of annexations.