Economic issues: (1) Japan’s side; transition from an agricultural to an industrial stage, pp. 1–10; community of interest between Japan and Korea and Manchuria, 10–32. (2) Russia’s side, 32–47; comparison, 47–48; political issues, 48–51; summary, 51–53; conclusion, 53–61. Supplementary Note 61 CHAPTER I. Retrocession of the Liao-tung Peninsula 65 Primorsk and Sakhalien, 65–67; intervention of 1895, 68–77; its historical significance, 77–78; its effects on Japan, 78–82. CHAPTER II. The “Cassini Convention” and the Railway Agreement 83 The Russo-French loan and the Russo-Chinese Bank, 83–85; the agreement of alliance, 85–87; the “Cassini Convention,” 87–95; the railway agreement of September 8, and statutes of December 23, 1896, 95–100. CHAPTER III. Kiao-chau 101 The seizure of Kiao-chau, and the Agreement of March 6, 1898, 101–105; the conduct of Great Britain, 106–109. CHAPTER IV. Port Arthur and Talien-wan 110 Russian warships at Port Arthur, 111–112; British demand for the opening of Talien-wan, 113–118; Port Arthur and Talien-wan, the British and Russian Governments, 118–125; Wei-hai-Wei, 125–129; the Agreement of March 27, 1898, and supplementary agreements, 129–132; the administration of the leased territory, and Dalny, 132–134. CHAPTER V. Secretary Hay’s Circular Note 135 The circular of September, 1899, 135; the Powers’ replies, 136–138. CHAPTER VI. The Occupation of Manchuria 139 Russia’s attitude toward the Boxer trouble in North China, 139–143; the Manchurian campaign, 143–146. CHAPTER VII. North China and Manchuria 147 Characteristics of Russia’s diplomacy regarding Manchuria, 147–148; the distinction made between North China and Manchuria; the circular note of August 25, 1900, 148–155. CHAPTER VIII. The Anglo-German Agreement 156 The Northern Railway affair, 156–157; the Anglo-German Agreement of October 16, 1900, 157–158; the Powers’ views, 158–160; Germany’s view, 160–161. CHAPTER IX. A _Modus Vivendi_: the Alexieff-Tsêng Agreement 162 Peace negotiations at Peking, and Russia’s Manchurian policy, 162–165; the Alexieff-Tsêng Agreement of November, 1900, 165–168; the protests of the Powers, 168–169; Count Lamsdorff’s explanation, 169–172. CHAPTER X. A “Starting-Point”—the Lamsdorff-Yang-yu Convention 173