sage which has this morning
arrived from the blockading squadron off Port Arthur, entirely confirms
the news of yesterday, to the effect that the Russian fleet is about to
put to sea, probably with the intention of making for Vladivostock. I
imagine Vladivostock to be its destination for the simple reason that
there is no other port open to it; moreover, as we are fully aware,
there is a dry dock at Vladivostock large enough to receive a
battleship; and I conjecture the intention of the enemy to be to take
his damaged ships there for the purpose of repairing them, so that they
may be in condition to reinforce and assist the Baltic fleet upon its
arrival in these waters.

"Gentlemen, if that be the enemy's intention, it must never be carried
out; we must prevent it at all costs--short of the loss of our own
battleships, which we _must_ preserve in order that we may be able to
meet the Baltic fleet upon something like equal terms, when it arrives.
Now, the question of how best to meet the Port Arthur fleet without
unduly risking our own battleships is one that has greatly exercised my
mind ever since the moment when it first became apparent that the
Russians were meditating a sortie, and I have formed a plan which I will
now lay before you, and upon which I shall be very grateful to receive
your frankly expressed criticism and opinion.

"Taking it for granted that the purpose of the Russian Admiral is to
make for Vladivostock, I propose to proceed to Encounter Rock, which, as
you are all aware, lies directly in the track of ships bound from Port
Arthur southward past the Shan-tung promontory,"--the Admiral pointed
out upon the chart the positions of the three places mentioned as he
spoke--"and there await the arrival of the Russians, who will by that
time be so far from Port Arthur that I trust the measures which I
propose to take to prevent them from returning may be effective.

"I need not remind you that my instructions are, and have been
throughout the war, to risk our battleships as little as possible, since
upon them depends the safety of Japan--a fact which I believe we all
fully realise; I therefore intend to fight the forthcoming battle at
long-range, trusting to our superior gunnery to enable us to inflict the
maximum amount of injury upon the enemy with the minimum amount of
injury to ourselves.

"I purpose to proceed in the following manner. The _Yakumo_ will lead
the fleet to sea, followed by the _Kasag