of production. It would produce enormous suffering were the food prices in China suddenly to be raised to the world market level. The one factor in modern organization which the Chinese must learn better to understand is the corporation, and the fiduciary relationship which the officers of the corporation ought to occupy with respect to the stockholders. If the Chinese cannot learn to use the corporation properly, the organization of the national credit cannot be effected. Here, too, it is necessary that the capital of personal honesty which was accumulated under the old system should not be lost but transferred to the new methods of doing business. So at every point where we are planning for a better and more efficient organization, it seems necessary to hold on to the values created in the past and not to disturb the entire balance of society by too sudden changes.
I wish again to congratulate you upon the statesmanlike view with which you consider the whole question of the development of your country, and the very timely suggestions you have to make in regard to a united policy of international participation in these developments. I am glad to note that the minds of the leaders among the Chinese people today are being centered more and more upon the constructive needs of the country and efforts are being made to meet these needs, in full appreciation of China's relations with the people of other nations, to the end that China's developments in the future may work in harmony with the world developments generally.
