NEWS OF THE WEEK.
THERE is no fresh news from Japan ; but it is evident, as we have all along maintained, that the readiness of Japan to " surrender " to Europe has been greatly exaggerated. The -Japanese Government have not yet settled their price for evacuating the Liau-tung Peninsula, and will not evacuate it until that price is paid; and they have rejected peremptorily a proposal to reconsider the cession of Formosa. The Chinese have been compelled to hand over that island at once, a Viceroy has been appointed, and in a little while we shall hear that the Japanese are coming to terms with the native Malayan population. It is a curious incident of the cession, that it directly affects every druggist and every manufacturer of projectiles in Europe. Camphor is produced only in Japan and Formosa, and camphor is wanted for a variety of prescriptions and for the making of all the new explosives. The Japanese, knowing that, have limited and taxed its export, and the price of the article is going up by leaps and bounds. Like all drugs that are greatly wanted, camphor will bear a high price and great fluctuations in its value ; but if the Japanese push their advantage too far, science will avenge herself and provide a substitute. There is a substitute for everything somewhere, even for quinine, and greediness in selling, if pushed beyond a certain point, always ensures its production. Otherwise, there would be no limit to "corners," or to the fortunes of the great capitalists, who might, for example, possess themselves of all sugar.
