Tokio-Peking-New York Axis

Mr. Sefton Delmer, a much troubled man, probably knows as much as anyone about the superficial aspects of International affairs, but if he has any knowledge of subterranean politices he takes food care to keep it to himself. Thus he expressed naive surprise when Japan's Prime Minister told him that, if returned to power at the recent elections, one of his first actions would be to recognise the Government of Communist China and establish official relations with it.

The innocent Mr. Delmer likened this to the dropping on him of a minor atom-bomb. Why? Does he realty suppose that that attitudes of the American people towards Communism is also the attitude of Wall Street? If so, he is a very credulous gentleman. The fact is that the International lending houses of New York seized the first opportunity after V-J Day to finance the reconstruction of Japan's industry, and so here is a direct interest in restoring Japan's spheres of economic influence.

When president Eisenhower proclaimed that the American interest in Indo-China was to secure markets for Japanese goods, he gave the whole game away. Because of the prevailing climate of opinion In the United States, at the present time, no American Government would dare openly urge Japanese trade with Red China, but there is no reason why the Japanese Government should not do so on Washington's behalf. Such tactics are very old. There is already a substantial Sino-Japanse trade, which Wall Street undoubtedly wishes to see increased at Britain's expense. Nor can it be supposed that Wall Street is solely concerned with Japanese exports. If it was the progenitor and protector of the Bolshevist Revolution, might not it now possess some sort of secret agreement with Mao's China?