"They shall have the right, equally with native subjects, to carry on their commerce and manufacture, and to trade in all kinds of merchandise of lawful commerce, either in person or by agents, singly or in partnerships with foreigners or native subjects.
"They shall in all that relates to the pursuit of their industries, callings, professions, and educational studies be placed in all respects on the same footing as the subjects or citizens of the most favoured nation."
But Article 26 makes this reservation:
"The stipulations of the present Treaty shall not be applicable to any of His Britannic Majesty's Dominions, Colonies, Possessions, or Protectorates beyond the seas, unless notice of adhesion shall have been given on behalf of any such Dominion, Colony, Possession, or Protectorate by His Britannic Majesty's Representative at Tokio before the expiration of two years from the date of the exchange of the ratifications of the present Treaty."
A few weeks after the conclusion of this Trade Treaty the British-Japanese Alliance was renewed on terms which practically "draw its sting" and abolish the contingency of a British-Japanese war against the United States, or against any Power with which Great Britain makes an Arbitration Treaty. The preamble of the British-Japanese Treaty now reads:
"The Government of Great Britain and the Government of Japan, having in view the important changes which have taken place in the situation since the conclusion of the Anglo-Japanese Agreement of the 12th August, 1905, and believing that a revision of that Agreement responding to such changes would contribute to the general stability and repose, have agreed upon the following stipulations to replace the Agreement above mentioned, such stipulations having the same object as the said Agreement, namely:
"(a) The consolidation and maintenance of the general peace in the regions of Eastern Asia and of India.
"(b) The preservation of the common interests of all Powers in China by insuring the independence and integrity of the Chinese Empire, and the principle of equal opportunities for the commerce and industry of all nations in China.
"(c) The maintenance of the territorial rights of the High Contracting Parties in the regions of Eastern Asia and of India and the defence of their special interests in the said regions."