But what must have been the most serious source of anxiety to Japan was the indifference which Europe and America were beginning to show to her successes. At first it had seemed profitable to Great Britain and Germany that Russia and Japan should be drawn into war, for when they were exhausted the hands of both would be tied—ours in Europe, and Japan’s in Asia. Nevertheless, it was not to the interest of Europe generally to allow the triumph of the Japanese in the battlefields of Manchuria to become absolute. A victorious Japan might join with China, and raise the standard of “Asia for the Asiatics.” The extinction of all European and American enterprises in Asia would be the first object of this new great Power, and the expulsion of Europeans from Asia would be the end. There is already little enough room on the Continent of Europe. Without the markets of the wide world she could not exist, and the cries of “America for the Americans,” “Asia for the Asiatics,” “Africa for the Africans,” are of serious import for her. But the danger is approaching, and is so imminent that the Powers of Europe will be forced to sink their differences and unite in order to withstand the attempt of the young nations[58] to drive old Europe home into the narrow shell which she has long since outgrown. We might have taken advantage of this change in international feeling, and have tried to close the money markets of the world to Japan. Only one decisive victory on our part was wanted to bring about a very serious reaction both in Japan and in the army in the field. If we had exhausted her financial resources, and had continued the war, we might soon have compelled her to seek an honourable peace, which would have been advantageous to us.