The Washington Conference has not yet arrived at any definite
conclusions, but the private negotiations appear to be conducted in a friendly spirit.• The Japanese and Chinese delegates are discussing the Shantung question. On Saturday, Mr. Balfour expressed our willingness to give up the lease of Weihaiwei, but not of Kowloon, as part of a general restoration of leased territory to China. France and Japan professed an equal readiness to give up Kwang-chow-wan and Shantung. The proposed " naval holiday " of ten years will, it is said, be modified, as our naval representatives have pointed out that we should have a great superiority in modern capital ships for the next few years. It is rumoured, from Japanese sources, that the Anglo-Japanese Treaty will be replaced by a quadruple agreement, relating to the Pacific, between Great Britain, America, Japan and France. But the report, gratifying as it would be, lacks confirmation.
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