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xxxvi there are large sums lying idle in all the banks throughout the country, while an Ordinance has been issued which provides the Government with unlimited credit.

The more recent action of the Russians in Manchuria tends, of course, to support the view that war may be imminent. Nevertheless, bluff is a component part of Russian diplomacy, and there is ground for believing that the intentions of Russia in the Far East are by no means so warlike as the preparations now proceeding and the acts of the Russian administrative officials in Manchuria itself would imply. Russian diplomacy always covers the development of its plans by preparing to demonstrate in a contrary direction; and at the present time her occupation of Korean territory is little else than the screen, behind which she proposes to secure her hold upon Manchuria. Nothing short of war will cause her to retire from her position in Manchuria; but while Korean territory is of little value to the Russian protectorate, whatever the compromise which may be effected between Japan and Russia, she may be expected to make a determined effort to dominate the lower waters of the Yalu River. In fact, curious as it may seem, the estuary of the Yalu River is the very locale of the dispute between the two Powers, since, if Russia were ever permitted to dominate the Yalu River, she would gain at once that special position upon the frontiers of Korea which it is the desire of Japan to frustrate. In this Japan can rely only upon the makeshifts of diplomacy; and although the Russian occupation of Yong-an-po may be circumvented, the development of An-tung upon the opposite shore of the river cannot be prevented. It seems, therefore, as inevitable that some commanding position upon the Yalu River must ultimately fall to her lot. An-tung lies within Manchurian