NEWS OF THE WEEK.
TRE most important foreign news of the week is the announcement that Japan is about to annex Korea. Thus Japan ceases to be an island kingdom, and turns her provisional undertakings on the continent of Asia into per- manent responsibilities. It is a serious step, even though it has appeared inevitable for some time. The British Foreign Office has issued a statement that no objection has been taken "on political grounds" to Japan's decision. The commercial effect of annexation has been "receiving consideration," but no statement can be made till the conditions of annexation are published. It would, of course, be a grave matter for our trade if the severe Japanese tariff were imposed against us in Korea. Hitherto trade in Korea has been governed by the pledge of Japan under Treaty to grant equal commercial opportunities to all nations. She will not attempt, we .imagine, to change that stipulation without the consent of those principally affected by it.
