deep, two fifths of that sum should be quite sufficient to finance the work that I have projected. While writing this, I came across an article in the _Chicago Railway Review_, May 17, 1919, dealing with the same subject, which states that steel skeleton is a better and cheaper substitute for stone or other materials for building dikes and jetties in a muddy river like ours. Thus, by this new method, we may be able to construct embankments, with cheaper material than I have hitherto known. So, although the estimate which I have made may be somewhat low, yet it is not so far from correct as it seems at first sight. PART III The Construction of River Ports The construction of river ports along the Yangtze between Hankow and the sea will be one of the most remunerative propositions in our development scheme. For this part of the Yangtze Valley is richest in agricultural and mineral products in China and is very densely populated. With the cheap water transportation provided by the completion of the regulating work both sides of this water highway will surely become industrial beehives. And with cheap labor near by, it will not be a surprise if in the near future both banks will become two continuous cities, as it were, right along the whole extent of the river from Hankow to the sea. In the meantime a few suitable spots should be chosen for profitable city development. For this purpose I will start from the lower part of the river as follows: a. Chinkiang and North Side. b. Nanking and Pukow. c. Wuhu. d. Anking and South Side. e. Poyang Port. f. Wuhan. a. Chinkiang and North Side Chinkiang is situated at the junction of the Grand Canal and the Yangtze. It was an important center of inland water traffic between the north and the south before the steam age. But it will resume its former grandeur and become more important when the old inland waterway is improved, and new ones are constructed. For it is the gateway between the Hoangho and Yangtze valleys. Besides, by the southern portion of the Grand Canal, Chinkiang is connected with the Tsientang valley--the richest part of China. Thus, this city is bound to grow into a great commercial center in the near future.