The absolute secrecy of the Japanese as to the terms
they will demand is still noteworthy. Many observers believe that they will grant no peace until they have entered Pekin, while others believe that the difficulty is the amount of the pecu- niary indemnity. There are hints that the Mikado will keep Port Arthur and the peninsula on which it stands, and whispers that he may demand certain powers of " advice," such as he has obtained in Corea. The Japanese statesmen are pro- bably not so much carried away as their people, but they must be aware of the possibility of united British and Russian action, and may be moderate, or they may be suggesting an armed alliance of all Mongolians, with themselves as its brains and nerves. Almost anything is possible ; but we adhere to our belief that the keynote of any arrangement will be some guarantee for the future. If not, and China learns anything from her awful lesson, Japan will have to remain armed for the next half-century. That will suit Europe, but hardly the taxpayers of the island Empire.
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