Constitutional Monarchy, shall we, in the selection of a new ruler, restore the Emperor Hsuan T'ung to his throne or choose the most capable man from the Monarchists or select the most worthy member from among the revolutionists? We think, however, that it is advisable at present to leave this question to the exigency of the future when the matter is brought up for decision. But we must not lose sight of the fact that to actually put into execution this policy of a Chino-Japanese Alliance and the transformation of the Republic of China into a Constitutional Monarchy, is, in reality, the fundamental principle to be adopted for the reconstruction of China. We shall now consider the bearing of this Defensive Alliance on the other Powers. Needless to say, Japan and China will in no way impair the rights and interests already acquired by the Powers. At this moment it is of paramount importance for Japan to come to a special understanding with Russia to define our respective spheres in Manchuria and Mongolia so that the two countries may co-operate with each other in the future. This means that Japan after the acquisition of sovereign rights in South Manchuria and Inner Mongolia will work together with Russia after her acquisition of sovereign rights in North Manchuria and Outer Mongolia to maintain the status quo, and endeavour by every effort to protect the peace of the Far East. Russia, since the outbreak of the European War, has not only laid aside all ill-feelings against Japan, but has adopted the same attitude as her Allies and shown warm friendship for us. No matter how we regard the Manchurian and Mongolian Questions in the future she is anxious that we find some way of settlement. Therefore we need not doubt but that Russia, in her attitude towards this Chinese Question, will be able to come to an understanding with us for mutual co-operation. The British sphere of influence and interest in China is centred in Tibet and the Yangtsze Valley. Therefore if Japan can come to some satisfactory arrangement with China in regard to Tibet and also give certain privileges to Great Britain in the Yangtsze Valley, with an assurance to protect those privileges, no matter how powerful Great Britain might be, she will surely not oppose Japan's policy in regard to this Chinese Question. While this present European War is going on Great Britain has never asked Japan to render her assistance. That her strength will certainly not enable her to oppose us in the future need not be doubted in the least.