The arrangement is based very largely on racial conditions.

China is a self-centered country.

We have not the power of fusion of the Japanese.

You will observe further, as an interesting circumstance, that the American foothold in Asia disappears as completely as the British." "But tell me," she demanded, "how are these things to be brought about, and where does Immelan come in ?" Prince Shan smiled.
"Immelan's position," he explained, "is largely a sentimental one, yet on the other hand he saves his country from what might be a grave calamity.

The commercial advantages he gains under this treaty might seem to be inadequate, although in effect they are very considerable.
The point is this.