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beginning to be systematically worked in connection with the Standard Oil Trust. The iron deposits are also considerable, but largely undeveloped as yet, Japan relying on foreign countries for the greater portion of her present supply of iron ore. Copper, a metal of which the importance becomes yearly greater, is found and worked in very considerable quantities.

Japan’s financial position is by no means so bad as often depicted, thanks to the growing material prosperity of the empire. When the effects of the economic depression of 1900–01 shall have passed away, Japan will advance still more rapidly than at present.

But whatever causes may have helped Japan in her progress, and however much we may have been instrumental in the achievements of the past years, they become insignificant when compared to what the country owes to His Majesty the Emperor. The Imperial will has ever been the guiding star of the nation. Whatever may have been the work done by those who, like myself, tried to assist him in his enlightened government, it could not have achieved such wonderful results had it not been for the great, progressive, and wise influence of His Majesty the Emperor, ever behind each new measure or reform. From the Emperor, Japan has learned that lesson which has made her what she is at present. In connection with the growth of Japan I cannot do better than quote some extracts from a speech which I made in 1899, just before the coming into force of the revised treaties.

It is true that the readjustment of the State finance and the completion of the military preparations are very important questions of the day; but there is another question scarcely less important than those above referred to, namely, the enforcement of the revised treaties, for the concluding of which both the Government and the people have made steady efforts in every way since the Restoration, and which have at last been crowned with brilliant success. Now, the time of the enforcement of the revised treaties coming near, what we have to consider is how the revised treaties can be effectively put into force. Is there any country in the Orient, except Japan, which preserves the full right of an independent State? A country cannot be said to have preserved the full right of independence unless it is able to exercise its own jurisdiction freely, and conduct its own administration without restriction in the interior. Then, what is the case with Japan? Preserving the full right of independence, she has now brought all the foreigners residing within her empire under her own jurisdiction and administration, and is protecting them like the subjects of the empire. Such being the case, it is not exaggeration to say that Japan far surpasses all the rest of the Orient. To enforce the revised