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Rh ever based on mutual and sincere confidence and co-operation, which are a guarantee of the pacific settlement of any eventual conflict.

Turning our eyes to the Far East, the agreements signed in 1907 and 1910 with Japan have borne fruit during the present war, for Japan is with us. She has driven the Germans from the Pacific Ocean and has seized the German base of Kiao-chau. Although Japan did not sign the Agreement of August 23, yet, since the Anglo-Japanese Alliance contains an understanding that a separate peace shall not be concluded, therefore the German Government cannot hope for peace with Japan before she has concluded peace with Great Britain, Russia, and France. Consequently our relations with Japan give us a firm friend.

The demands addressed by Japan to China contain nothing contrary to our interests. As for Russo-Chinese interests, I can state their constant improvement. The pourparlers in regard to Mongolia, though slow, are friendly, and I hope to be able to announce to you shortly their happy conclusion and the signature of a triple Russo-Chinese-Mongolian treaty which, while safeguarding the interests of Russia, will not injure those of China.