The "Manchurian Convention" between Russia and China was sealed by
the Chinese Emperor on April 9th, and is already in force. Under its provisions Russia retires from Manchuria within eighteen months, the evacuation being accomplished by slow steps, and the idea of monopolising trade has been abandoned. Her control over the Trans-Asian Railway is, however, unimpaired, and will, as the railway is improved and its stations become more like fortresses, give her at any moment the means of organising the land attack on China which is ultimately inevitable. Russia will never give up her project of extending her dominion in an un- broken line to the Pacific, and thus making of " Russia in Asia" a gigantic populous and prosperous self-supporting colony. The real gain for the world from the diplomatic defeat evidently sustained by St. Petersburg, due to the Anglo-Japanese Treaty, is the postponement of the struggle, which may be beneficial or otherwise as events shall shape themselves. It is convenient to the British anyhow, who would greatly prefer an interval of peace, and to Russia, who, in spite of the success of her loan of twenty millions just issued in Berlin, is struggling with financial difficulties and with a need for a quiet time of which her military party takes no heed.
