"I readily grant you that the information communicated to the Admiral by Hang-won seems to indicate that to-night, or the small hours of to-morrow morning, will afford a magnificent opportunity for such a _coup_; but--let us consider all the consequences which that _coup_ would entail. It may be that we should be able to take the Russians by surprise; it is exceedingly probable that some of the officers--perhaps a good many of them--will be ashore to-night; but, recognising the fact that Russia and Japan are at war, do you, gentlemen, as reasonable, sensible men, really believe for a moment that the Russian fleet will be left defenceless in an open roadstead, or that the vigilance of the lookouts will be relaxed? I do not. And, if not, the approach of such a formidable array as ours would assuredly be detected, and the alarm given, long before we could arrive within effective striking distance. Then what would be the ultimate result? I have not a doubt that we should be victorious, but at what cost? We must remember, gentlemen, that we should be not only engaging a fleet but slightly inferior in strength to our own, _but the batteries as well_; and it is in the batteries that our danger lies. I know not what the armament of those batteries may be, but I think we may safely assume that it will consist of weapons heavy enough to sink many of our ships while we are doing our best to sink theirs. With all submission, I think it would be the height of folly for us to assume that we could fight such a battle without serious loss to ourselves. And the point which I wish to emphasise is this: _How are we going to make good those losses_? The Russians can make good theirs by sending more ships out from Europe; but where are we to get more? I need not labour this question, gentlemen; I am sure you will all see what I mean, and therefore understand why I say that, altogether apart from the question of slavish obedience to orders, or otherwise, I think the Admiral is fully justified in his decision not to risk his ships in such an exceedingly hazardous enterprise." "Thank you, Mr Swinburne," said Togo, offering me his hand as I sat down. "You have spoken pretty much as I expected you would." Then, turning to one of the officers who had been busily writing all the time that I was speaking, he said: "Captain Matsumoto, am I correct in supposing that you have been taking down Mr Swinburne's remarks?" "Quite correct, sir," answered the skipper of the _Fuji_. "Then," said Togo, "do me the favour to read them over aloud, in Japanese, for the benefit of those officers who have been unable to closely follow Mr Swinburne's English." This was done; and when Matsumoto sat down there was silence for a few moments, succeeded by a faint murmur of applause. Then the Admiral rose.