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Japan last year before coming to America -
the best chances for peace seem to me
that Russia's fleet out there should be
put out of action, for then Japan will
have to operate on the main land which
I doubt if they can do with much ef-
fect as I do not believe they have any
cavalry worth speaking of; so the position
will be Japan supreme at sea & Russia
invulnerable (with present Japanese resources) inland,
whence a deadlock & possibly peace.

Then there is our fiscal policy;
I want the British Empire to be free trade
absolutely, for which a great victory for
free trade in England would be a good

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