Japanese have made concessions, the value of which only time can show. The Four Powers—America, Great Britain, France, and Japan—have agreed to exploit China in combination, not competitively. There is a consortium as regards loans, which will have the power of the purse and will therefore be the real Government of China. As the Americans are the only people who have much spare capital, they will control the consortium. As they consider their civilization the finest in the world, they will set to work to turn the Chinese into muscular Christians. As the financiers are the most splendid feature of the American civilization, China must be so governed as to enrich the financiers, who will in return establish colleges and hospitals and Y.M.C.A.'s throughout the length and breadth of the land, and employ agents to buy up the artistic treasures of China for sepulture in their mansions. Chinese intellect, like that of America, will be, directly or indirectly, in the pay of the Trust magnates, and therefore no effective voice will be, raised in favour of radical reform. The inauguration of this system will be welcomed even by some Socialists in the West as a great victory for peace and freedom.
But it is impossible to make a silk purse out of a sow's ear, or peace and freedom out of capitalism. The fourfold agreement between England, France, America and Japan is, perhaps, a safeguard of peace, but in so far as it brings peace nearer it puts freedom further off. It is the peace obtained when competing firms join in a combine, which is by no means always advantageous to those who have profited by the previous competition. It is quite possible to dominate China without infringing the principle of the Open Door. This principle merely ensures that the
