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domestic loans thus far issued have been over-subscribed three or four times.

Moreover, on the last day of March, the fiftieth anniversary of Commodore Perry's treaty with Japan, a memorable meeting to celebrate the event was held in the Y. M. C. A. Hall, Tōkyō. It was attended by a large number of both Japanese and foreigners, and, after listening to eloquent speeches, unanimously adopted a resolution to raise a Perry Memorial Relief Fund for the destitute families of Japanese soldiers and sailors. The subscription of over 60,000 yen on the spot has since been increased to about 100,000 yen.

The events off Port Arthur were colored still more tragically on April 13, when the Russian flagship "Petropavlovsk" of Admiral Makaroff was sunk, and almost all on board, including the admiral and the famous painter Verestchagin, perished. In May, the Japanese suffered their first heavy losses in the sinking of the "Hatsuse" and the "Yoshino."

In April the Russian Vladivostok squadron had taken the offensive and sunk a Japanese transport with a few troops on board. After that it made occasional sorties toward the Korean Straits in the hope of creating a diversion from Port Arthur, and in one instance sunk the "Hitachi Maru" with a large number of Japanese troops on board. Moreover, in July this squadron succeeded in getting through the Tsugaru Straits to the eastern coast of Japan, where it committed depredations, even just off the entrance of Tōkyō Bay. But later it was met in the Korean Straits by Admiral Kamimura's squadron and defeated with the loss of the "Rurik."

By the early part of August the army investing Port Arthur had made such progress, in spite of severe opposition, that it became extremely dangerous for the Russian fleet to remain there longer. Therefore, on August 10,