total imports slightly larger. It is better, however, to consider such statistics in taels, because currency fluctuations make the results deceptive when reckoned in sterling. The tael is not a coin, but a certain weight of silver, and therefore its value fluctuates with the value of silver. The China Year Book gives imports and exports of Chinese produce for 1902 as 325 million taels and 214 million taels respectively; for 1911, as 482 and 377; for 1917, as 577 and 462; for 1920, as 762 and 541. (The corresponding figures in pounds sterling for 1911 are 64 millions and 50 millions; for 1917, 124 millions and 99,900,000.) It will thus be seen that, although the foreign trade of China is still small in proportion to population, it is increasing very fast. To a European it is always surprising to find how little the economic life of China is affected by such incidents as revolutions and civil wars.
Certain principles seem to emerge from a study of the Chinese railways and mines as needing to be adopted by the Chinese Government if national independence is to be preserved. As regards railways, nationalization is obviously desirable, even if it somewhat retards the building of new lines. Railways not in the hands of the Government will be controlled, in the end if not in the beginning, by foreigners, who will thus acquire a power over China which will be fatal to freedom. I think we may hope that the Chinese authorities now realize this, and will henceforth act upon it.
In regard to mines, development by the Chinese themselves is urgent, since undeveloped resources tempt the greed of the Great Powers, and development by foreigners makes it possible to keep China enslaved. It should therefore be enacted that, in
