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10 in by patriotic precaution. The promoters had no desire to share with outsiders the golden fruit which seemed to beckon from speculative boughs. Moreover, the Government, always paternal from sentiment and tradition, would often pledge its support in liberal subsidies. The defeat of China redoubled the victor's confidence in his capacity to develop his own possessions with his own resources. But events have not kept pace with his hopes. The greater portion of the indemnity was diverted, after all, into British pockets in return for unproductive ironclads: prices went up, dividends went down; the shining fruit was turned to ashes through inexpert gardening, for the art of industrial horticulture is not to be learned in a day, especially by amateurs, who sometimes drew an erratic line between private and public consumption of the crop. Whatever the causes, those very Chambers of Commerce, which had strongly opposed the introduction of foreign capital, passed in 1898-99 one resolution after another to the effect that aliens be permitted and solicited to contribute where the funds of indigenous subscribers required to be supplemented. It does not, however, seem probable that foreign investors will be in any hurry to unloose their purse-strings, unless and until the over-cautious patriot can be persuaded to modify the laws in such a way as will give his coadjutor the right to share in the management and responsibility of any scheme towards the success of which his money may be largely, even preponderantly, instrumental.

It must not be supposed that apprehension and mistrust are monopolised by one party to this subterranean war. For five years it has been impossible to open an English journal published in the