smallest part in the world war and expended the least in men and money, yet the fruit of her victory was Shantung, a territory as large as Roumania before the war, with a population as numerous as that of France. With such crowning results in every war during the last thirty years no wonder the Japanese militarists think that the most profitable business in this world is War.
The effect of the last war in Europe proves, however, just the contrary. An aggresive Germany lost entirely her capital and interests, plus something more, while victorious France gained practically nothing. Since China is awake now, the next aggression from Japan will surely be met by a resolute resistance from the Chinese people. Even granted that Japan could conquer China, it would be an impossibility for Japan to govern China profitably for any period of time. The Japanese financiers possess better foresight than their militarists as was proved during the dispute of the Manchurian and the Mongolian reservations when the former prevailed over the latter thus causing the Japanese Government to give up her monopoly of these territories to the new Consortium, in order to coöperate with the other powers. We, the Chinese people, who desire to organize China for peace will welcome heartily this new Consortium provided it will carry out the principles which are outlined in these programs. Thus, coöperation of various nations can be secured and the military struggle for individual and national gain will cease forever.
Commercial war, or competition, is a struggle be-
