Japan realizes thant her future is dependent largely upon industrial development and that any expansion must be in the direction of the mainland. She recognizes that there is no opportunity for her surplus population to secure lands in North America or in Australia. There is the island of Sakhalin lying to the north. and a part of which belongs to her. which is susceptible of developient and will be available for further eblonization. But Chosen and Manchuria and the Asiatic mainland will be the avenues into which the Japanese Will enter after Japan has reached the saturation point. Let us not. therefore. Mr.