原文
二十閱月ノ征戰已ニ往事ト過ギ、我ガ聯合艦隊ハ今ヤ其ノ隊務ヲ結了シテ茲ニ解散スル事トナレリ。
然レドモ我等海軍々人ノ責務ハ決シテ之ガ為ニ輕減セルモノニアラズ。
此ノ戰役ノ收果ヲ永遠ニ全ウシ、尚益々國運ノ隆昌ヲ扶持センニハ、時ノ平戰ヲ問ハズ、先ヅ外衞ニ立ツベキ海軍ガ常ニ其ノ武力ヲ海洋ニ保全シ、一朝緩急応ズルノ覺悟アルヲ要ス。
而シテ武力ナル物ハ艦船兵器等ノミニアラズシテ、之ヲ活用スル無形ノ實力ニアリ、百發百中ノ一炮能ク百發一中ノ敵炮百門ニ對抗シ得ルヲ覺ラバ、我等軍人ハ主トシテ武力ヲ形而上ニ求メザルベカラズ。
聯合艦隊解散之辭近ク我ガ海軍ノ勝利ヲ得タル所以モ、至尊ノ靈徳ニ頼ル所多シト雖モ、抑亦平素ノ錬磨其ノ因ヲ成シ、果ヲ戰役ニ結ビタルモノニシテ、若シ既往ヲ以ツテ將來ヲ推ストキハ、征戰息ムト雖モ安ンジテ休憩ス可カラザルモノアルヲ覺ユ。
惟フニ武人ノ一生ハ連綿不斷ノ戰爭ニシテ、時ノ平戰ニ由リ其ノ責務ニ輕重アルノ理ナシ。
事有レバ武力ヲ發揮シ、事無ケレバ之ヲ修養シ、終始一貫其ノ本分ヲ盡サンノミ。
過去ノ一年有半彼ノ風濤ト戰ヒ、寒暑ニ抗シ、屢々頑敵ト對シテ生死ノ間ニ出入セシコト固ヨリ容易ノ業ナラザリシモ、觀ズレバ是レ亦長期ノ一大演習ニシテ之ニ參加シ幾多啟發スルヲ得タル武人ノ幸福比スルニ物無シ。
豈之ヲ征戰ノ勞苦トスルニ足ランヤ。
苟モ武人ニシテ治平ニ偸安センカ、兵備ノ外觀毅然タルモ宛モ沙上ノ樓閣ノ如ク、暴風一過忽チ崩倒スルニ至ラン。
洵ニ戒ムベキナリ。
昔者、神功皇后三韓ヲ征服シ給ヒシ以來、韓國ハ四百餘年間、我ガ統理ノ下ニアリシモ、一タビ海軍ノ廢頻スルヤ忽チ之ヲ失ヒ、又近世ニ入リ、徳川幕府治平ニ狃レテ、兵備ヲ懈レバ、舉國米艦數隻ノ應對ニ苦シミ、露艦亦千島樺太ヲ覬覦スルモ、之ト抗爭スルコト能ハザルニ至レリ。
飜ツテ之ヲ西史ニ見ルニ、十九世紀ノ初メニ當リ、ナイル及ビトラファルガー等ニ勝チタル英國海軍ハ、祖國ヲ泰山ノ安キニ置キタルノミナラズ爾來後進相襲ツテ能ク其ノ武力ヲ保有シ世運ノ進歩ニ後レザリシカハ、今ニ至ル迄永ク其ノ國利ヲ擁護シ國權ヲ伸張スルヲ得タリ。
蓋シ此ノ如キ古今東西ノ殷鑑ハ為政ノ然シカラシムルモノアリト雖モ主トシテ武人ガ治ニ居テ亂ヲ忘レザルト否イナトニ基ケル自然ノ結果タラザルハ無シ。
我等戰後ノ軍人ハ、深ク此等ノ實例ニ鑒ミ、既有ノ錬磨ニ加フルニ戰役ノ實驗ヲ以ツテ、更ニ將來ノ進歩ヲ圖リテ時勢ノ發展ニ後レザルヲ期セザル可カラズ。
若シ夫レ常ニ、聖諭ヲ奉體シテ、孜々奮勵シ實力ノ滿ヲ持シテ放ツベキ時節ヲ待タバ、庶幾バ以テ永遠ニ護國ノ大任ヲ全ウスル事ヲ得ン。
神明ハ唯平素ノ鍛錬ニ力メ戰ハヅシテ既ニ勝テル者ニ勝利ノ榮冠ヲ授クルト同時ニ、一勝ニ滿足シ治平ニ安ンズル者ヨリ直ニ之ヲ褫フ。
古人曰ク勝ツテ兜ノ緒ヲ締メヨト。
明治三十八年十二月二十一日
聯合艦隊司令長官東鄉平八郎
原文復文
二十閱月之徵戰往事已過、我聯合艦隊今其隊務結了、茲為解散（事）。
然我等海軍軍人之責務決非為之輕減者。
全此戰役之收果於永遠、尚益扶持國運之隆昌、不問時之平戰、應先立於外衛，海軍其武力保全海洋、要有應一朝緩急之覺悟！而武力物者但非艦船兵器等、在於活用之於無形之實力也。覺百發百中之一炮得能對抗百發一中之敵炮百門、我等軍人不可不主求武力於形而上也！
近所以得我海軍之勝利、雖多所頼至尊之靈德、抑亦平素之錬磨成其因、於戰役結果者、若以既往推將來、可覺征戰雖息而不可安於休憩矣。
惟武人一生連綿不斷之戰爭、其責務無由時之平戰而有輕重之理。有事發揮武力、無事修養之、終始一貫盡其本分耳。過去一年有半、彼風濤與戰、抗於寒暑、屢屢對與頑敵、出入生死之間者、固非容易之業，觀焉是亦於長期之一大演習而參加之、而得幾多啟發耳。
武人之幸福無物於比、豈之足征戰之勞苦哉？
苟乎武人治平偷安、兵備外觀毅然而宛沙上樓閣之如、暴風一過而忽至崩倒者。洵可戒也！
昔者、神功皇后征服三韓以來、韓國四百餘年間、在我統理之下。一夕海軍之廢頻哉！忽焉失之。又入近世、德川幕府狃於治平、懈於兵備、舉國苦於米艦數隻之應對、而露艦亦覬覦千島樺太、至乎不能與之抗爭矣。
翻西史而見之、當十九世紀之初、英國海軍勝於nile （尼羅）及Trafalgar （特拉法爾加）等、非但置祖國於泰山之安、爾來後進相襲、能保有其武力、而不後於世運之進步、至今迄得永擁護其國利伸張國權矣。
蓋此之如古今東西之殷鑑者、雖在為政之然、而無不主基於武人居於治不忘於亂否、自然之結果也。
我等戰後之軍人、深鑒此等之實例、於既有之錬磨加以戰役之實驗、更圖將來之進步、而不可不期不後於時勢之發展也！
若夫常奉體聖諭、孜孜奮勵、持實力之滿、而待於應放時節者、庶幾得以永遠全護國之大任（事）矣。
神明唯於力於平素之鍛錬、戰而既勝者、同時授與勝利之榮冠、於滿足於一勝安於治平者、因直焉褫之！
古人曰:勝而締兜之緒者！
明治三十八年十二月二十一日
聯合艦隊司令長官東鄉平八郎
現代文譯本
二十月余征戰已作為往事而過去，如今我聯合艦隊的使命已經完成，由此解散。
但是我們海軍軍人的責任和義務卻絕不會因此而減輕的！
為了保護這次戰爭的勝利果實到永遠，更為了帶給國家一個繁榮昌盛的未來，不論是戰是和，我們必須守衛在帝國與外來衝擊的一線。海軍常以其武力保全海洋，一定要有面對突來外敵的覺悟。
然而所謂武力者，不僅僅在於軍艦與裝備的強大與否，更在於將這些武器運用得嫻熟無形的實力。要知道百發百中的一門炮可以對抗百發一中的敵炮百門，我們便不得不求武力於形而上了。
近期（日俄）戰爭中，我們之所以能在海軍方面取得完全勝利，不僅有賴於皇上至尊靈徳的庇佑，更也是我們平日加緊的操練成就了勝利的原因，才得能在戰爭中解出完美碩果。所以如果以此戰繼往開來，就可以知道儘管戰爭雖然暫歇，我們卻不能放縱於輕鬆了。
想來武人的一生本就是應對連綿不斷的戰爭，其身上的責任和義務從不會因一時的停戰，而有分輕重的道理。有事， 就發揮武力；無事，則提高武力。不過是始終一貫地盡其本分而已。
過去的一年半時間裡，像與風濤搏鬥、忍寒抗暑地戰鬥和訓練，屢屢和頑敵死戰而出入生死之間，這些本來就不是容易輕鬆的任務；而今回顧起來，這只是總戰略里的一次演習而已，我們於此獲得的啟髮帶來的快樂，戰爭的一點勞苦難道足以超過它的意義嗎？
如果自稱軍人卻只願享受和平時的愉悅，那么不論軍隊戰鬥力外表如何強毅，也不過像沙上之樓閣，風暴一來只會轟然倒塌。往昔，神功皇后征服三韓以來，四百多年間韓國曾在我國統治下，可海軍一時廢弛衰弱，這些就一朝皆失。時間回到近世，又有德川幕府，自持國內太平，導致武備鬆懈，美國僅幾艘戰艦便讓舉國上下苦於應對，這時俄國也窺伺千島群島和樺太島（庫頁島），我方竟至於無法和俄艦抗爭的地步。
當我們回顧西洋的歷史，可以看到19世紀初英國海軍通過在尼羅河河口海戰與特拉法加海戰中獲得的勝利不但使得國家安全穩如泰山，在此之後還能保持實力，隨著世界的進步而提升，至今還能夠永擁護其國家利益並擴張勢力。
大概無論古代今世、不分西洋東洋的一些歷史殷鑑，儘管有在於政治作為的正確，結果自然都無不主要取決於武人是否有居安思危的操持。我們這些倖存的軍人應牢記戰例，並在既有的訓練中加入戰時將獲得的經驗來實踐運用，更為此可以顧盼將來迎來進步，不可以不期求不落後於時勢的發展也。
那些平時遵照聖諭，孜孜奮勵、保持飽滿的實力、時刻備戰時一站雄姿的人、就差不多可以永全護國的大任了。
神明，僅向那些平素勤加鍛鍊，戰而既勝的人同時授予勝利的桂冠，對於那些滿足於一時的勝利，安於太平的人，將立即予以剝奪。
古訓曰：勝者尤須系盔之緒。
明治三十八年十二月二十一日
聯合艦隊司令東鄉平八郎
英文譯本
The war of twenty months' duration is now a thing of the past, and our United Squadron, having completed its function, is to be herewith dispersed. But our duties as naval men are not at all lightened for that reason. To preserve in perpetuity the fruits of this war; to promote to an ever greater height of prosperity the fortunes of the country, the navy, which, irrespective of peace or war, has to stand between the Empire and shock from abroad, must always maintain its strength at sea and must be prepared to meet emergency.
This strength does not consist solely in ships and armament; it consist also in immaterial ability to utilize such agents. When we understand that one gun which scores a hundred per cent. of hits is a match for a hundred of the enemy's guns each of which scores only one per cent. it becomes evident that we sailors must have recourse before everything to the strength which is over and above externals. The triumphs recently won by our Navy are largely to be attributed to the habitual training which enable us to garner the fruits of the fighting.
If then we infer the future from the past, we recognize that though war may ceases we can not abandon ourselves to ease and rest. A soldier's whole life is one continuous and unseasing battle, and there is no reason why his responsibilities should vary with the state of the times. In days of crisis he has to display his strength; in days of peace to accumulate it, thus perpetually and uniquely discharging his duties to the full. It was no light task that during the past year and a half we fought with wind and waves, encountered heat and cold, and kept the sea while frequently engaging a stubborn enemy in a death or life struggle; yet, when we reflect, this is seen to have been only one in a long series of general maneuvers, wherein we had the happiness to make some discoveries; happiness which throws into comparative insignificance the hardships of war.
If men calling themselves sailors grasp at the pleasure of peace, they will learn the lesson that however fine in appearance their engines of war, these, like a house built on the sand, will fall at the first approach of the storm. From the day when in ancient times we conquered Korea, that country remained for over 400 years under our control, to be lost immediately as soon as our navy declined. Again when under the sway of the Tokugawa in modern days our armaments were neglected, the coming of a few American ships threw us into distress, and we were unable to offer any resistance to attempts against the Kuriles and Saghalien.
On the other hand, if we turn to the annals of the Occident, we see that at the beginning of the 19th century the British Navy which won the battles of the Nile and of Trafalgar, not only made England as secure as a great mountain but also by thenceforth carefully maintaining its strength and keeping it on a level with the world's progress, has throughout the long interval between that era and the present day safe-guarded the country's interests and promoted its fortunes.
For such lessons, whether ancient or modern, Occidental or Oriental, though to some extent they are the outcome of political happenings, must be regarded as in the main the natural result of whether the soldier remembers war in the day of peace. We naval men who have survived the war must take these examples deeply to heart, and adding to the training which we have already received our actual experiences in the war, must plan future developments and seek not to fall behind the progress of the time.
If, keeping the instructions of our Sovereign ever graven on our hearts, we serve earnestly and diligently, and putting forth our full strength, await what the hour may bring forth, we shall then have discharged our great duty of perpetually guarding our country. Heaven gives the crown of victory to those only who by habitual preparation win without fighting, and at the same time forthwith deprives of that crown those who, content with one success, give themselves up to the ease of peace. The ancients well said:
"Tighten your helmet strings in the hour of victory."
(Dated) 21st December, 1905.
TOGO HEIHACHIRO, Commander-in-Chief of the United Squadron
