Europe has already absorbed all the iron and coal that the industrial world could supply. Therefore, new resources must be opened up to meet the extraordinary demand of the development of China.
The unlimited iron and coal fields of Shansi and Chili should be developed on a large scale. Let us say a capital of from five hundred to a thousand million dollars Mex. should be invested in this project. For as soon as the general development of China is started we would have created a vast market for iron and steel which the present industrial world will be unable to supply. Think of our railway construction, city building, harbor works, and various kinds of machineries and implements that will be needed! In fact, the development of China means the creation of a new need of various kinds of goods, for which, we must undertake to create the supply also, by utilizing the raw materials near by. Thus a great iron and steel works is an urgent necessity as well as a greatly profitable project.
In this First Program, we have followed the four principles set forth at the outset pretty closely. As needs create new needs and profits promote more profits, so our first program will be the forerunner of the other great developments, which we will deal with shortly.
