nan, where iron and coal are found side by side. The iron deposits in Sinkiang, Kansu, Mongolia, etc., must also be developed one after the other, according to the needs of the locality. Iron and Steel Works must be put up in each of these regions to supply the local demand for manufactured iron. What amount of capital should be invested in these additional iron and steel works must be thoroughly investigated by experts. But I should say that a sum equal to or double the amount to be invested in the Chili and Shansi iron and steel works will not be too much, because of the great demand which will result in the development of China.
PART II
The Mining of Coal
China is known to be the country most rich in coal deposits, yet her coal fields are scarcely scratched. The output of coal in the United States is about six hundred million tons a year. If China is equally developed she should, according to the proportion of her population, have an output of four times as much coal as the United States. This will be the possibility of coal mining in China which the International Development Organization is to undertake. As coal deposits are found in great quantities in certain areas so its output can be estimated quite accurately beforehand. Thus, the risk is of no consideration and the profit is sure. But as coal is a necessity of civilized community and the sinews of modern industries, the principal ob-
