As the Great Northern Port is the center of our first program, so the Great Eastern Port will be the center of our second program. I shall formulate this program as follows: I. The Great Eastern Port. II. The regulating of the Yangtze Channel and embankments. III. The Construction of River Ports. IV. The Improvement of Existing Waterways and Canals in connection with the Yangtze. V. The Establishment of large Cement Works. PART I The Great Eastern Port Although Shanghai is already the largest port in all China, as it stands it will not meet the future needs and demands of a world harbor. Therefore there is a movement at present among the foreign merchants in China to construct a world port in Shanghai. Several plans have been proposed such as to improve the existing arrangement, to build a wet dock by closing the Whangpoo, to construct a closed harbor on the right bank of the Yangtze outside of Whangpoo, and to excavate a new basin just east of Shanghai with a shipping canal to Hangchow Bay. It is estimated that a cost of over one hundred million dollars Mex. must be spent before Shanghai can be made a first-class port. According to the four principles I set forth in Program I, Shanghai as a world port for Eastern China is not in an ideal position. The best position for a port of that kind is at a point just south of Chapu on the Hangchow Bay. This locality is far superior to Shanghai as an eastern port for China from the standpoint of our four principles as set forth in our first program. Henceforth, in our course of discussion, we shall call this the "Projected Port" so as to distinguish it from Shanghai, the existing port of Eastern China. The Projected Port