The chagrin felt at Tokio was by no means lessened during
the next few weeks, when the Okura concession and the
shipping purchase negotiations had to be abandoned,
and further the proposed conversion of the Hanyeh-
ping concern into a joint Sino- Japanese corporation was
vetoed by Yuan-shi-Kai. All in all, the first revolution
was a rather disastrous affair for Japan. She had made
enormous efforts and spent a lot of money and almost
risked the abrogation of the Anglo- Japanese Alliance.
She had got in return the establishment of a Republic
in China and a bundle of promissory notes accepted by
Sun-yat-Sen and Hoan-Hsin, which were all marked
"R.D."

The immediate result of the Chinese muddle was a sharp
fall in Japanese esteem of the value of the Anglo- Japanese
Alliance. It was argued at length in official and semi-
official journals that the Alliance was a burden retarding
the country's expansion. '

I The Alliance ended for all practical purposes last July, when it was
revised. It no longer furnishes any guarantee for the protection of
China's integrity. So far from Japan and Great Britain taking joint
action when their rights and interests are threatened, no measures are
taken at all. England is no longer faithful to the principles of the
Alliance, and the Japanese Government would be well advised to make
a definite declaration as to whether it is to be regarded as a live instrument
or not. — Osaka Mainichi, January i8, 1912.
