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experience in China that the Chinese are not good at managing large joint-stock companies, such as modern industry requires. As everyone knows, they are proverbially honest in business, in spite of the corruption of their politics. But their successful businesses—so one gathers—do not usually extend beyond a single family; and even they are apt to come to grief sooner or later through nepotism. This is what Europeans say; I cannot speak from my own knowledge. But I am convinced that modern education is very quickly changing this state of affairs, which was connected with Confucianism and the family ethic. Many Chinese have been trained in business methods in America; there are Colleges of Commerce at Woosung and other places; and the patriotism of Young China has led men of the highest education to devote themselves to industrial development. The Chinese are no doubt, by temperament and tradition, more suited to commerce than to industry, but contact with the West is rapidly introducing new aptitudes and a new mentality. There is, therefore, every reason to expect, if political conditions are not too adverse, that the industrial development of China will proceed rapidly throughout the next few decades. It is of vital importance that that development should be controlled by the Chinese rather than by foreign nations. But that is part of the larger problem of the recovery of Chinese independence, with which I shall deal in my last chapter.