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dared to think of becoming a Minister of the Treasury; nor a farmer who dared to think of becoming a Minister of Commerce and Agriculture; nor a manufacturer who thought himself fit to become a Minister of Communications. They only thought of the favour of the officials, and wished their descendants to share the profit acquired by the act of subjugating themselves to the Bushi. These were the reasons why Japan developed her laws and military defences without the acquisition of economic politics. This is the record of the past; and now, though the affairs of the world have been brought nearer to us, although treaties have been made and accepted on an equal basis with other great nations, the Anglo-Japanese Alliance accomplished, and Japan included among the great Powers of the earth—though in the point of law or military science we do not fall behind any other Power, I do profoundly regret to say that, in an economical sense, our country falls short in comparison with European and American countries.

In the newspapers and periodicals, and in the development of foreign intercourse, the attention of the world of economy is directed to Asia, and the stage of the commercial play is the Pacific coast, which is becoming the centre of international trade. The small expanse of the Mediterranean, which has been the world’s commercial centre for several hundred years, is now gradually being abandoned. With the opening of the Suez Canal the trade centre moved out towards the Indian Ocean, and now it has reached the Pacific. The international trade on the Pacific is the question of the world to-day. Hence there was a good reason for England to throw off her usual policy of isolation and ally herself with Japan. And I believe that England had no other purpose in this act of hers than that based upon her economic policy. Thus the commerce of the Pacific will be carried on by four countries.

Japan, upon entering among the great Powers of the earth, has found a worthy ally in England, and now I think we are nearly prepared to face the really difficult problem. I mean no other than this, that our laws and military preparations are all made, and yet we cannot stand on an equal footing with other countries in the matter of economical condition. The question of how to create an economic Japan is one that demands solution, for I am convinced that without the solving of this question we cannot elevate our position.

What quality, then, does Japan possess which will enable her to compete with these four countries? We are far behind in point of agricultural products as compared with Russia and the United States, and in point of manufactures and commerce we are surpassed by England and the United States. Standing