One of the greatest fields of potentiality in the immediate demands of the New China, is agriculture. The country depends in its final analysis upon the prosperity of its agriculture. At present probably as much as 80% of China's population is agricultural. China's greatest problem is the proper feeding and clothing of its vast population. Improved conditions in agriculture, opening of new lands to cultivation, irrigation and conservancy works, the encouragement of the cattle and sheep industries, the development of the cotton industry and the improvement of tea, silk and the seed crops of China, are timely subjects in any program of developments. There is a vast work to be done in agriculture in China, which will lead to prosperity generally, and make possible developments with native capital in other fields of activity, whereas if agricultural improvements are neglected, it will be difficult to insure prosperity in other directions. Thus for the present, I hope the main thought may be centered on improvements in transportation, in currency and tax administrations, in the development of coal and iron industries, and in agriculture. Many of the suggested activities included in your very extensive program will follow as a corollary to the above. In thinking of all these developments, I believe that we should always give thought to the fact that we are not dealing with a new country but with one in which social arrangements are exceedingly intricate and in which a long-tested system of agricultural and industrial organization exists. It is to my mind most important that the transition to new methods of industry and labor should not be sudden but that the old abilities and values should be gradually transmuted. It is important that the artistic ability existing in the silk and porcelain manufacture, etc. should be maintained and fostered, and not superseded by cheaper processes. It is also highly important that no export of food should be permitted, except as to clearly ascertained surpluses 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.