Sir Louis Beale said:
"We are witnessing in China to-day a progress in. the building of com-Mmunieations and the establishment of ublic utilities and major industrial enterprises of a character and size suitable for. the foundations of a Great industrial and trading nation.
"These developments—because they are often scattered as individual terprises here and there over so great en" area at first sight—may not strike some people as the very denite beginning of plans for great achievement, But, enllemen, "can we doubt the economic ability and capacity of China, If well directed?
"IE we look around we sco for example almost 2,000 kilometres of new commenced last year as part metres, In highways 13,500 additional kilometres were opened to traffic last year and 60,000 additional kilometres are now under construction and planned.
"Three new lines of alr travel were added last year and no less than 500 towns and cities in China are now inked by telephones. 1 cite these as examples of what China is doing in communications.
"China's economic strength in the past has rested mainly on her Surieulture to which must now be added hor expanding secondary industries. If these latter are natural to the resources of the country and to the abilities of her people, China can bulld up an economic structure of great size and strength, But, if the Structure is to endure, the pace must not be too rapid. For a lucid and lear picture of China's present position and progress, I. commend to your study the very able report of the Chairman of the Bank of China, Issued a few days 2¢0."
Continuing, Sir Louis intimated, "But our interest in China is not confined to direct trading with her. 'We have immense investments in shipping, banking, real estate, in-ustness, railways, insuranee—in fact almost every' eld of economic development, 'The total of our vestment in' China is greater than that of any other foreign country. This is a most important fact which should not be overlooked, It shows that for years we have been putting our falth—and our monoy—in China.
Text read from the printed page and cleaned; old type leaves the occasional error.