T HE war between Russia and Japan draws ever nearer, and
it is even stated that January 10th, to-morrow week, is the date fixed beyond which negotiations will not be prolonged. It is just possible that at the last moment the Czar, who passionately desires general peace, though, he is said to underrate the strength of Japan, may exert his legally absolute authority, and insist on offering fresh terms which it may be possible for Tokio to accept. This, however, is im- probable, as his Majesty cannot recede from Manchuria with- out loss of prestige, and as he shrinks from a struggle with the whole party of action, who are determined to humble what they think the arrogance of the Japanese. The commercial classes of Russia evidently expect war. The 'Japanese Government, again, has taken at least three forward steps in its preparations for immediate action. It has allowed its Ministers abroad to abandon their smooth assurances of peace and admit that the situation is most grave; it has purchased the two battleships now finishing in Genoa for the Argentine Republic ; and it has by decree enabled itself to spend all its spare resources in Europe and at home on war, and if neces- sary to issue Exchequer bills to an undefined amount. Things are serious, once wrote Lord Beaconsfield, when the Sovereigns ask for treasure.
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