$500,000,000 is
$25,000,000 income annually." In other words for the privilege of
gaining twenty years from now $25,000,000 a year from an investment
which if made at home or in the Argentine or in Russia would bring us
in little less, Mr. Millard would have us put Japan in her place and if
necessary join with England and perhaps France to fight both Japan and
Russia. Even if we add the trade profits to this interest on
investment, the total result is pitiably small. At our present rate of
increase in wealth we may add about one hundred and fifty billions of
dollars in the next twenty years. Whether or not one-half billion is
invested in China is, nationally speaking, superlatively unimportant.
If we intervene in China let us not do it for a few million dollars
annually. (See Millard, _op. cit._, p. 383.)

[6] The significant question has been raised whether Manchuria should
be included in the China, whose integrity is to be secured. While
China is very densely populated, Manchuria prior to 1904 had only
8,500,000 people on an area of 376,800 square miles, a density of
population considerably less than that of Minnesota. With immense
natural resources, its development has, says Dr. James Francis Abbott
in "Japanese Expansion and American Policies," p. 222, been prevented
by "the existence of wandering brigands 'Hunghuntzies,' who terrorised
the country." Dr. Abbott distinguishes between the Japanese occupation
of Shantung, which is filled with Chinese, and of South Manchuria which
"was a sparsely settled province of which China was merely the nominal
owner. The Russians, and after them the Japanese, occupied it as
Americans occupied California and annexed it for the same reason."
Korea and Manchuria are absolutely necessary to Japan. "Japan's needs
for expansion are real and obvious. Manchuria and Korea could hold the
double of the Japanese population" (p. 233). In other words Dr. Abbott
advises a policy of maintaining the integrity of a China, excluding
however both Korea and Manchuria.

[7] If China does develop an industrial civilisation it may be quite
capable before many generations of maintaining its own integrity and
independence. The weaknesses under which China now suffers would tend
to disappear once it became industrially organised. That this
impending industrial progress of China would mean ultimate economic
danger to Western Europe is probable, but this remote danger would not
prevent those