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made, foreign investors will naturally feel that there is little safety for their investments.

"I am also anxious to introduce the idea of a system of trusteeship in order to encourage foreign nations to invest their money in Japanese enterprises. There are very many uncompleted works in Japan, which need outside money to finish them and which would return good profits. I feel assured that it would be possible for prominent Japanese bankers and capitalists to make themselves personally responsible for the money of the foreign investor. By such a system the security of the investment would be much increased, and the foreign investor would have the assurance that his money was safe, even if the business in which it had been invested may have ceased to exist. The entire loss caused by the failure of Japanese business enterprises would thus be borne by the Japanese.

"The day will come when Japan will compete with the powers already in the field on all lines of manufactured goods, but this time must necessarily be far distant. The trouble at present is that, while the Japanese can imitate everything, they cannot, at the same time, invent superior things. But the trade of the Oriental countries will come to be regarded as Japan's natural share, and she is already well capable of supplying it.

"The resources of Japan are very varied and very fair in quantity at present. Raw silk and tea are abundant, while coal is plentiful, as also copper and silver; gold is not so much so. I hope to see our plentiful water supply turned into good account and harnessed to produce electric energy. This would be a great saving of expense and would cheapen the cost of production very much. Oil has been found in several districts and will take the place of coal to a large extent, and it is possible that if fully developed its export trade may be made to