British Hongkong, like China, holds that all land is crown or state land, and therefore leases are granted instead of fee-simple deeds, American style. The British government has gone extensively into the land business at Hongkong, leveling many terraces, filling many valleys in the mountains, and reclaiming from the sea vast areas at West Point and East Point, Hongkong, and at Yaumati, Kowloon and Hunghom on the mainland section of the hilly colony. Leases for these valuable sites are then put up at auction, bringing about twice the rental that obtains in Brooklyn or Jersey City, or the outlying districts of London. In the same way the foreign concession municipalities of Shanghai, Tientsin, Fuchau, Amoy, Hankau, Newchwang, Harbin, etc., prepare land for long leases. These will in time all be strenuous questions with the new republican government of China. When the foreigner gave up the extraterritorial right in Japan, the Japanese never again permitted him to own land, unless he became a Japanese citizen. Many land companies, subletting long leaseholds, have been formed in all the treaty ports where there are foreign concessions. I do not believe that republican China desires to acquire these leaseholds for many years, and if she did she would purchase them. The foreign navies would see to that. VI RAILWAYS IN CHINA In the third book of _Paradise Lost_, Milton humorously discussed transportation in China as follows: “On the barren plains Of Sericana, where Chineses drive With sails and wind their cany waggons light,” but the matter has now reached a development worthy of being discussed seriously.