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144 in Korea, close and high-class technical supervision is the necessary accompaniment.

The British merchant in the Far East is the first to condemn his own Minister and to abuse his own Consul, and he is the very last to help himself. It may be, however, that the follies of the Imperial Government, the unreasoning prejudices and foolish blundering of the Foreign Office, have created this apathy. The drifting and vacuous policy of Lord Salisbury made it impossible to avert the decay of our prestige and trade which has set in throughout the Far East. Official returns establish only too completely the unhappy predicament in which trade and merchants alike are placed. There is a general decrease in the volume of the one, and there has been no sympathetic activity among those engaged in commercial interests elsewhere to set against it. The deficiency is almost without solution, so long as bounty-fed manufactures, carried in subsidised bottoms, are set against the products of an unassisted trade. Competition is increasing, and foreign manufacturers are themselves now meeting the requirements of the markets of China. There is little prospect in the future of the restoration of our former commercial superiority. Much might be attempted, although it seems almost as if the British merchant were so bent upon his own damnation, that little could be done.

The decline of British trade cannot be attributed in any way to the late disturbances in North China, to the decline in the purchasing power of the dollar, or to the temporary rise in the market prices. Japan has become our most formidable competitor. The decrease in our trade is due entirely to the commercial development and rise of Japan, who, together with America, has successfully taken from us markets in which, prior to their appearance, British