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territory; the Yalu River is the border stream between Manchuria and Korea, and at Yong-an-po the nucleus of an important Russian settlement has been established. The future contains no promise of the immediate settlement of the present difficulty. At best the outlook is confused; while at the same time there is presented in a manner singularly clear and comprehensible the fact that Russia will neither evacuate Niu-chwang nor be driven out of Manchuria, while she will certainly not abandon her position on the Yalu River. The attitude of Russia at Niu-chwang has been indicated by past events, her occupation of Manchuria is an old story, and she is now engaged in the rapid development of her interests at An-tung. The position of this port endows it with unusual advantages, and the commercial potentialities of the place are very great. It lies about fifteen miles above Yong-an-po, on the opposite bank. At present the export trade is confined to millet and silk cocoons, the overproduction of the latter commodity requiring close technical supervision. Eight miles below An-tung, situated on the right bank of the river, is the likin station San-tao-lan-tao, where junks and rafts must report and pay the stipulated excise before they proceed onward. The river then bears away to the north-east, and after another stretch of seven miles there comes An-tung, upon the same bank, at a point where the stream divides, the eastern branch being the Yalu River. An-tung is of quite recent construction, and a few years ago millet fields occupied its site. Under the care of native merchants large, solid-looking houses have been built, broad streets have been opened out, and an air of unusual prosperity distinguishes the place. The anchorage is thronged with junks, while timber is stacked in vast quantities below the limits of the town. Sea-going steamers