RE-ADJUSTMENT IN MANCHURIA
[To the Editor of the SPECTATOR.] SIR,—Reports of the discussions at Geneva seem to indicate that if the Japanese. Government is prepared to modify the formula " Manchukuo and nothing but Manchukuo," the League will not insist on " The Report and nothing but the Report." Room for readjustment may lie in those proposals which are designed to safeguard and extend the interests of other Powers, as well as to settle the dispute between Japan and China. (Report pp. 125, 129.)- -
Japanese anxiety may be allayed if the suggestions relating to the amalgamation of the railway systems and to the control of the Central Bank are modified. So long as many parts of the world are closed to Japanese enterprise, we can hardly expect the Japanese Government to agree not only to Open the Door wider, but also to hand over the keys to foreign investors.
The banks which are members of the Financial Consortium will be the first to admit that ambitious projects, however desirable, are not of immediate importance. Sacrifices may be necessary to achieve the fourfold objective of international policy, namely, to restore order in Manchuria, to improve the relations between Japan and China, to preserve the peace machinery of the League, and to lay a secure foundation for future co-operation of the Asiatic and Western govern-
ments.—I am, Sir, &c., W. ALLEN YOUNG. Woodlands, nr. Maldon, Essex.
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