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business success. These are: Firstly, impulsiveness, which causes them to be enthusiastic during successful business and progressive even to rashness when filled with enthusiasm; secondly, lack of patience, which causes easy discouragement when business is not so successful; thirdly, disinclination for union; and fourthly, they do not honor credit as they should, which is so important a factor in financial success. These four peculiarities are to be met with in Japanese business men in a more or less marked degree.

"Although Japan, as a country, is old, yet her commercial and industrial career being new, there are necessarily many points of incompleteness. For example, although we have many railways, yet there is no close connection made between the railway station and the harbor. Again, although we have railways, yet we have no appropriate cars, etc. To complete such work and to open up the resources of the country, and to allow Japan to benefit from them, we need more capital. The capital we have in the country is not enough. So what is now wanted in Japan is foreign capital. A great proportion of the Japanese people, however, are opposed to the idea of sharing any profits equally with any other nation. Their exclusiveness in this respect is a distinct relic of the old era. They ignore altogether the fact that, with the assistance of foreign capital, the profits would be quadrupled. The very idea of sharing with an outside power is distasteful to them. For instance, I have been endeavoring for many years by word and deed to obtain a revision of the laws relative to the ownership of land in Japan by foreigners. I may say that Marquis Itō and other public men are of my opinion in the matter. Because, however, of this exclusive element in Japan, it has still been found impossible to allow foreigners to own Japanese land. Until this change is