Research in Japan on the problem of determining the historical nature of the Russo-Japanese War has been conducted as a part of the larger problem : the establishment of Japanese imperialism. In the post-War period a far-reaching reexamination from the above standpoint has been conducted. However, it must also be kept in mind that for Russia too this war was an inevitable event in the process of formation of its own imperialistic regime. In order to evaluate accurately the significance of the war within the framework of the formation of imperialistic regimes in the international enviornment it is necessary that this problem be equally pursued from the Russian side. Thus, the first problem considered is the structure of the Russian Far Eastern policy. According to Romanov, a highly respected Soviet historian in this field, there existed among the various classes represented in the Russian Government two groups which were interested in the Manchurian enterprises and which actively encouraged their development. Romanov pointed out that these two groups were "the haute bourgeoisie who sought new markets" and "the extreemly reactionary landowning class." The author, however, questioned the method of Romanov's handling of this problem from the following two points: firstly, these two classes took opposite paths of activity in the development of capitalism; secondly, in the process of establishment of foreign policy they were not in a mutually complmentary relationship but in opposing positions. A reexamination of this class-structure has been attempted from the standpoint of determining the position of Witte's early Manchurian colonial enterprises policy within Witte's larger structure for Russian internal development. The results of such an investigation show the following: the Manchurian colonial enterprises had the significance of being a method of capital outflow for monopolistic state capital; this in particular centering upon the Chinese Eastern Railroad. As an extension of the plan for the growth of the state railroad system within Russia and in conjunction with the policy for exploitation of markets for heavy industrial products, which was a part of Witte's policy for promotion of heavy industries, these enterprises served the interests of Russian heavy industries. However, since Russian heavy industries were dominated by foreign capital, especially French capital, profits derived from them fell directly into the hands of foreign entrepreneural capitarists. The profits of the landowning class, on the contrary, were sacrificed to these foreign capitalists. Thus, it is proposed that Romanov's thesis has room for revision in the sense that the class-foundation of Witte's Far Eastern policy was foreign capital, in particular French enterpreneural capital.