e users of the
waterway under Britain's red flag are yearly less numerous, while the
number of German ships is steadily growing.

[Illustration: TYPICAL BUSINESS STREET IN A CHINESE CITY]

Then why not Trade-Lord, for this is what the German Emperor is? It is
the better appellation, and more truthfully descriptive. It surely is
creditable to the German people that their national progress is due to
habits of industry and thrift, rather than to military display: the
artisan, not the drill-master, is making Germany great.

And could Trade-Lord William be honestly called "astute" if he
overlooked the fact, obvious as a mountain, that one of the stakes in
the Russo-Japanese conflict would be the privilege amounting almost to
right, to commercially exploit the most populous country on God's
footstool--China? More than one fourth of the people of the earth are
Chinese, and their country at the present time is more primitive, in the
scarcity of railways, telegraphs, public utilities, and every provision
conducing to comfort and common-sense living, than any other land
pretending to civilization. It is a fact that outside of Shanghai,
Canton, Pekin and Tientsin, the people do not want many of the products
of the outer world; but it is a truism that much profit accrues from
teaching Asiatics to "want" modern products.

The German Emperor foresaw that China could not much longer resist the
invasion of outside enterprise and trade; and to his mind there could
have been no suspicion of doubt that the victor in the awful contest
could and would dictate trade terms and privileges everywhere in the
Celestial Empire. If Japan won, the Japanese would surely exploit
commercially their great neighbor, whose written language is nearly
identical with their own--this would be but natural to the Mikado's
people, teeming with aptitude as manufacturers and traders, and
recognizing the necessity for recouping outlay in the war.

If Russia were successful, her reward would be the validating of her
hold upon Manchuria, the bundling of the Japs out of Korea, and the
attainment to a position of controlling influence in China's political
affairs. The supplying of articles of general manufacture and commerce
to the 400,000,000 people of China could have been no part of Russia's
aspiration, for the reason that Russia is not a manufacturing country
and has but little to sell. Her enormous tea bill to China is paid
yearly in money, even. A nation see