to obtain a big loan for the purpose of constructing the proposed
railway from Hankow to Canton. I endeavored to interest well-known
bankers and capitalists in New York City but none of them would
consider the proposals. They invariably said that their money could be
just as easily, and just as profitably, invested in their own country,
and with better security, than was obtainable in China. It was only
after nearly twelve months of hard work, of careful explanation and
much persuasion, that I succeeded in finding a capitalist who was
prepared to discuss the matter and make the loan. Conditions have now
changed. American bankers and others have found that investments in
China are quite safe. They have sent agents to China to represent them
in the matter of a big international loan, and they are now just as
ready to lend money in China as in Europe, and on the same terms. In
conjunction with the representatives of some large European capitalists
they even formed a powerful syndicate in China, for the purpose of
arranging loans to responsible Chinese investors. In the spring of
1913, however, they withdrew from the syndicate.

The opportunities to make money in America are great and a young man
with only fair ability, but an honest purpose, will always get
something to do; and if he is industrious and ready for hard work, if
he possess courage and perseverance, he will most surely go forward and
probably in time become independent. There are hundreds of
millionaires and multi-millionaires in America who, in their younger
days, were as poor as sparrows in a snowstorm, but through
perseverance, combined with industrious and economical habits they have
prospered far beyond their own expectations. The clever methods they
adopt in the carrying on of their business cannot but arouse our
admiration, and Chinese merchants would do well to send some of their
sons to America to study the various systems practised there. But no
nation or any class of people is perfect, and there is one money-making
device which seems to me not quite sound in principle. To increase the
capital of a corporation new shares are sometimes issued, without a
corresponding increase in the actual capital. These new shares may
represent half, or as much of the actual capital as has been already
subscribed. Such a course is usually defended by the claim that as the
property and franchises have increased in value since the formation of
the corpor