pation for the larger development in China, naturally assuming that the inalienable rights of the Chinese people are to be amply safeguarded, meets this demand admirably.
We are hopeful that conditions in China may become such that the Chinese people themselves may be encouraged to put their money into productive enterprise and participate in the larger developments. We are hopeful that the day is not far distant when the Chinese Government may be able actively to interest itself in the encouragement of native industry to the end that native capital of which there is a very considerable quantity, may be induced to lend itself to productive enterprises, because of a confidence in constructive policy on the part of the government.
If you will permit a suggestion, I would be inclined to reduce your admirable program to one which would be in closer keeping with the limits of the present world's resources in capital. As we all know devastated Europe is calling for capital for rehabilitation and other nations want capital for development programs of considerable proportions. Thus it would seem that China's program of development must of necessity take cognizance of her most immediate and most pressing needs. We are all united in that transportation occupies a prominent place in such a program. 50,000 miles of railway and 100,000 miles of good roads would seem to be sufficient to engage our attention for any plans for the immediate future. This would allow ample opportunity to penetrate the great
