T HE negotiations at Portsmouth, New Hampshire, cannot be said to
drag, because during the week three points of importance have been settled. The Russians have conceded to Japan a protectorate over Korea, veiling it, however, in an acknowledgment that Japan has preponderant interests there, and that the kingdom is outside the sphere of Russian influence. Secondly, it has been agreed that both nations shall evacuate Manchuria, which is thus restored to the actual, as well as legal, sovereignty of China. Thirdly, the leases of the Liao-tung Peninsula, including Port Arthur and Dalny, have been surrendered to Japan. A stiff fight is going on over the main line of railway through Manchuria, possession of which is complicated by certain rights of property ; but as the line secures to its owner predominance in Manchuria, it will, of course, if peace is to be made, be transferred to Tokio. Although, however, these stipulations are important, nothing has yet been accomplished, for the two crucial points, the cession of Saghalien and the payment of an indemnity by Russia, have been postponed; and both parties declare that on these points they can make neither surrender nor compromise. Either or both may, of course, be talking for effect, but it is more probable that both are telling the truth, and that the negotiations will, after many wasted days, come to nothing. In that event Marshal Oyama will at once commence the final battle or series of battles against General Linevitch, who sends reports full of confidence, but who, by the best accounts, is in danger of a Sedan.
