It may be possible for us to prevent a British
 
collapse by military intervention.
 
     Our interests in the Far East are very important.
 
The economic effect of a complete Japanese hegemony in that region
 
is conjectural. But regardless of economic considerations, we
 
have heretofore strongly opposed the further expansion of Japan.
 
     We might temporarily check Japanese expansion by
 
defeating her in a war in the Far East, but to check her perman-
 
ently would require that we retain possession of, and militarily
 
develop, an extensive and strategically located Asiatic base
 
area having reasonably secure lines of communication with the
 
United States. Retaining, and adequately developing, an Asiatic
 
base area would mean the reversal of long-standing American
 
policy.
 
     Whether we could ensure the continued existence of
 
a strong British Empire by soundly defeating Japan in the Far
 
East is questionable, though continuing to hold on there for 
 
the present is a definite contribution to British strength.
 
     Lacking possession of an Asiatic base area of our
 
own, continued British strength in the Far East would doubtless
 
prove advantageous to us in checking Japan permanently.
 
     The military matters discussed in this memorandum
 
may properly receive consideration in arriving at a decision
 
on the course that we should adopt in the diplomatic field.
 
An early decision in this field will facilitate a naval preparation
 
                              -20-