There is much talk of a " new " Japan. not militaristic but industrial. But it must not be forgotten that an industrialized Japan will cast as covetous an eye upon China as ever did militarized Japan. On this point Baron Shidehara was entirely explicit : It is indeed to the Asiatic mainland that we must look primarily for raw materials and for the markets where our manufactured articles may be sold. Neither raw materials nor the markets can be had unless order. happiness. and prosperity reign in China. Under good and stable government. with hundreds of thousands of our nationals resident in China. with enormous amounts of our capital invested there. and with our own national existence largely dependent on that of our neighbor. we are naturally interested in that country to a greater extent than any of the countries remotely situated." That can scarcely be mistaken. whether regarded as a statement of fact or a declaration of intention.