In September 1904, after the outbreak of the war, the Japanese won successive victories, but at this time, the Japanese Prime Minister Katsura Taro did not have the slightest excitement, but a worried look!

Not only him, but also people of insight in Japan know that if this war continues, the gains will outweigh the losses for Japan!

It is true that at the beginning of the war, the Japanese army made smooth progress, and both the naval and army armies achieved remarkable results, and aside from the price paid, there was now a stalemate in the Russo-Japanese War.

Apparently the Japanese government has realized that the cost of war is too high and may not be able to achieve its goal!

History has once again turned a corner, due to the impact of the Balkan War, the Russians realized the importance of firepower, and the Russian army is equipped with a large number of machine guns and rapid-fire artillery.

The Russian army in the Far East was less affected, its equipment was still very backward, and at the beginning of the war, it was pressed and beaten by the Japanese army.

But by June, the situation had improved, and the Russians had increased their forces in the Far East with a large amount of weaponry.

Machine guns and rapid-fire guns have arrived in the Far East with reinforcements, and of course, the arrival of these new weapons has also increased the logistical pressure on the Russian army.

If it weren't for the logistics, the current Northeast Battlefield would probably not be a stalemate, but a counterattack by the Russian army!

"Find a way to make peace with the Russians!" Hirobumi Ito said with a wry smile

What he was most worried about still happened, the tsarist government was not the Manchu government, and a few victories would not scare people!

Even if you lose Siberia, you can't shake the foundation of the Russians, let alone a mere Port Arthur?

Besides, they have only encircled Port Arthur now, and they haven't had time to conquer it?

Oh, the Russians still have hundreds of machine guns in Port Arthur, which are distributed and deployed in various fortresses, and before they run out of ammunition, they must take the fortress of Arthur, unless the Japanese are willing to learn from Ferdinand's attack on Constantinople and directly wash the ground with shells!

But this is unrealistic, in this era, Japan's industry is scumbag, and heavy industry is a fighter jet for scum! Weapons and ammunition still have to be imported, and if they are asked to spend millions of pounds for a Port Arthur, doesn't it cost them their lives?

From the outbreak of the war to the present, the Russian Pacific Fleet has been disabled, and the army has lost 40,000 or 50,000 people, but can't stand the gray cattle of others?

Ito Hirobumi's words were supported by Yamada Aritomo, in fact, the top of the Japanese government are not fools, and fighting a war of attrition with the Russians, isn't that tired?

Although everyone's finances were not rich, and the Russians still went on labor expeditions, and their military spending was larger, but with the victory of the Japanese Army on the battlefield, their battle line was also stretched.

Since the Trans-Siberian Railway was not opened, the Russians had to manually transport hundreds of miles of materials, and now the transportation in the northeast is not much better, and the logistics pressure on the Japanese is not small!

It's all small problems, but money is the big problem! Since the beginning of the war, the Japanese government's military expenditure has exceeded 25 million pounds, which has exceeded the First Sino-Japanese War and the same period in history.

This is all caused by the Ferdinand butterfly effect, whether it is a heavy machine gun or a rapid-fire cannon, it is a gold-swallowing beast, not suitable for the poor to play!

Moreover, the victory of the Japanese army also has a price, as the attacking side, the losses of the Japanese army are actually above the Russians, especially when winter is coming!

Although the arrival of winter will drag down the transportation of the Russians, the winter in the Northeast is not so easy, fighting in temperatures of tens of degrees below zero, no army in the world dares to compete with Mao Xiong!

The Russo-Japanese War is also a strange event in military history, the Japanese who have the upper hand are anxious to ask for peace, and the Russians who have been defeated all the way seem very calm!

Now that the tsarist government had just sent an expeditionary fleet to the Far East, Ferdinand knew that Nicholas II intended to solve the Japanese problem once and for all.

Just now he also sent away the Black Sea Fleet, which is a huge fleet consisting of eight battleships and thirty-six ships, with a total tonnage of 280,000 tons, which is the entire family of the expanded Black Sea Fleet!

Ferdinand's butterfly effect was at work again, as the Russians mastered the Dardanelles and in recent years expanded the Black Sea Fleet at a rapid pace, at this time the British hegemony in the Mediterranean was already facing a serious challenge!

Combined, the Franco-Russian fleets in the Mediterranean region already surpassed the British Mediterranean fleet by a quarter in total tonnage.

The Royal Navy is also empty, if France and Russia unite to give them a look, then the world hegemony of the British will be in danger!

Historically, in order to help the Japanese, they prevented the Black Sea Fleet from entering the Far East, but this time after Ferdinand's trip to London, the British changed their minds.

The London government decided to let the Black Sea Fleet go, but now it is possible to leave from the Suez Canal, don't think about coming back!

Of course, if the Black Sea Fleet moves, the Russian Navy in the Baltic Sea will stay, and it is not necessary for the Russian Navy to come out of the nest to deal with a Japan!

"Your Majesty, the Black Sea Fleet has passed through the Suez Canal, and it seems that the London government has abandoned the Japanese!" Foreign Minister Metev said excitedly

After all, the more power the Russians have invested in the Far East, the less power they have in Europe, and the greater the importance of Bulgaria will be able to be highlighted!

Ferdinand smiled and said, "Don't worry, I'm waiting to see!" ”

He knew that the deal with the British was made, and although the Second Pacific Fleet of the Russians had just entered the Red Sea, the fate of the Russian Navy was already sealed!

Don't look at the fact that Britain is very cooperative now, once the Suez Canal is crossed, it will be difficult for the Russians to get supplies.

If it weren't for the presence of the French allies, Ferdinand doubted that the Russians would have been able to go to the Far East, after all, there were not many companies in the world that wanted the Russians to win!

This also included the allies of the Russians, both the French and Ferdinand wanted them to lose, but not to lose their spirits.

For this reason, the French were not enthusiastic about the support of the Russians, and showed themselves very coldly except for loans!

On the contrary, Bulgaria helped them even more, and Ferdinand even allowed the Russians to pay for strategic goods on credit!

Oh, at the time of the Balkan War, the Russians also allowed Bulgaria to owe on credit, and now Ferdinand has to change this favor!

And now the Bulgarian government still owes the Russians loans? It can be used to offset it, Ferdinand said it's all the same!

Now half of the heavy machine guns and a third of the artillery on the Far Eastern battlefield are second-hand goods supplied by Ferdinand! Anyway, after the Balkan War, the Bulgarian military sealed a lot, so it should be destocked.

Not to mention ammunition, the Bulgarian arsenal is like the arsenal of the Russians, what is lacking at the front is produced!

I have to say that this time the Russians made the right choice, and instead of blindly increasing troops, they gave priority to ensuring logistics and transportation.

This also sounded the alarm bell in Ferdinand's heart, the great powers are good at learning, and the Russian army in history admired white-knuckle warfare, and the Japanese were opponents in chess!

Now stimulated by the Balkan War, the concept in the Russian army has actually changed, and then the Japanese are miserable.

Originally, their army still had the advantage, but now the tragedy has been discovered, it's okay not to attack, and once it attacks, it's machine guns + trenches + barbed wire, how can this battle be fought?

At least the self-proclaimed Japanese god of war, General Nogi Noshinori, was confused, and he launched an attack on Port Arthur with a total of 56,000 troops and 386 artillery pieces in 3 divisions, 2 reserve regiments, and 2 field artillery brigades.

Even if the unprecedented "suicide tactics of meat bullets" were adopted, it was still in vain, and they had to ask for help from home, after all, it was not easy to rush to the machine guns!

Not to Ferdinand's expectations, Nicholas II directly rejected the Japanese request for peace talks, and even if the British intervened, it would not be enough for him to save face!

Oh, the British don't want an immediate truce now, they also hope that the Japanese Navy can continue to work hard and inflict heavy damage on the Russians' Second Pacific Fleet, so they have to come out to cheer up the Japanese government!

The British government came forward to guarantee the Japanese and issue 100 million pounds of war bonds, while the United States issued a loan of 20 million pounds to the Japanese government, so that the Japanese temporarily survived the financial crisis!

Since the outside world was not optimistic that the Japanese would win, especially after the passage of the Russian Second Pacific Fleet through the Suez Canal.

Therefore, the Japanese bonds are cold in the international market, and they are falling again and again, even if the British government comes forward to guarantee, but everyone still doubts the Japanese government's ability to repay!

Investing is meant to pay off, and who wants to put their money into it if it's just to preserve their capital? Besides, this repayment date can be up to 10 years!

Unless the British government can promise to pay in full, which is obviously impossible, and London and the government are not stupid, but the risk of the principal guarantee is already very high. If you add the interest, the members of Congress are probably going crazy!

From the initial annual interest rate of 8 percent, it has risen to 27 percent now, and Ferdinand is extremely hot, so when will he wait if he doesn't take advantage of the fire to rob?

Immediately found the unscrupulous friend Edward, the two sides hit it off, and then a group of London capitalists were co-opted, and a temporary consortium appeared.

Go straight to the market to scan the goods? Such means are too low-level!

After the formation of the consortium was completed, it directly approached the Japanese government for negotiations, and wanted to act as an agent for the issuance right, and a one-time package was folded out, and there was no more eldest son, and 3 points of issuance fees were charged!

If it's too expensive, you don't!

Anyway, Japanese Prime Minister Katsura Wolf was angry and vomited blood, issued 100 million pounds of bonds, and was pulled out by these vampires, and only got more than 78 million, and counting the high interest, he finally understood what international usury is!

And he has no choice, the consortium also has to consider the risk, in case the Japanese government can't pay it back, they have to go to the London government to ask for money, which also has a public relations cost!

If the Japanese government refuses, it is estimated that there will be no second consortium in the world that dares to promise to do so, after all, everyone is not optimistic about the Japanese now.

If Japan loses the war, if you ask the London government for money, not everyone has the ability!

If the Japanese issue their own bonds, who knows which year of the monkey they will sell? Is there still a war on the front line? Without this huge amount of money, what will the Japanese government use to fight a bloody war with Russia?