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本计划所举诸业，如筑北方大港，建铁路统系由北方大港以达中国西北极端，殖民蒙古、新疆，与夫开浚运河、改良水道以联络北方大港，之四者所需物料当极浩大。夫煤铁矿源，在各实业国中累岁锐减，而各国亟思所以保存天惠，以遗子孙。如使为开发中国故，凡夫物料所需，取给各国，则将竭彼自为之富源，贻彼后代患。且以欧洲战后，各国再造所费，于实业界能供给之煤铁，行将吸收以尽。故开发新富源，以应中国之特别需求者，势则然也。
The unlimited iron and coal fields of Shansi and Chihli should be developed on a large scale. Let us say a capital of from five hundred to a thousand million dollars Mex. should be invested in this project. For as soon as the general development of China is started we would have created a vast market for iron and steel which the present industrial world will be unable to supply. Think of our railway construction, city building, harbor works, and various kinds of machineries and implements that will be needed! In fact, the development of China means the creation of a new need of various kinds of goods, for which, we must undertake to create the supply also, by utilizing the raw materials near by. Thus a great iron and steel works is an urgent necessity as well as a greatly profitable project.
In this F IRST P ROGRAM , we have followed the four principles set forth at the outset pretty closely. As needs create new needs and profits promote more profits, so our first program will be the forerunner of the other great developments, which we will deal with shortly.
直隶、山西无尽藏之煤铁，应以大规模采取之。今假以五万万或十万万元资本，投诸此事业。当中国一般的开发计划进行之始，钢铁销场立即扩大，殊非现时实业界所能供给。试思铁路、都市、商港等之建筑，与夫各种机械器具之应用，所需果当何若。质而言之，则中国开发，即所以起各种物品之新需要，而同时不得不就附近原料，谋相当之供给。故制铁、炼钢工厂者，实国家之急需，亦厚利之实业也。
此第一计划，皆依据前此所述之四原则而成。果如世论所云，“一需要即以发生更新之需要，一利益即以增进较多之利益”，则此第一计划，可视为其他更大发展中国计划之先导，后当继续论之。
[1] Chinese Turkestan：指今新疆地区。——编者注
[2] 母财、子利：资本、利息。
[3] 直隶湾：即渤海湾。在渤海西部，北起河北省乐亭县大清河口，南到山东省黄河口。
[4] 宿昔：向来，往日。
[5] 浚渫：疏浚、疏通。
[6] 咪：英里，mile的英译，现已极少使用。——编者注
[7] 襟带：如襟如带，指山川环绕，地势险要。
[8] 生齿：语出《周礼·秋官·司民》，后借指人口、家口。
[9] 费府：即费城，美国东北部大城。
[10] As soon as this first program reached the American Legation in Peking, the former Minister, Dr. Paul S. Reinsch, immediately sent an expert to survey the site which the writer indicated, and found that it is really the best site on the Chihli Coast for a world harbor, excepting that the entrance of the port should be at the west side instead of the east side as the writer proposed. Detailed plans have been made as figures 1 and 2.
[11] 奉天：指今辽宁省。其辖境古今略有不同。
[12] 芮恩诗：今译芮恩施，1869—1923年。美国外交官，1913年任美国驻华公使，1919年辞职后，受聘为北洋政府法律顾问。
[13] 迪化城：指今新疆维吾尔自治区首府乌鲁木齐市。
[14] 伯达：旧多译为报达，今译巴格达，今伊拉克首都。
[15] 达马斯加斯：今译大马士革，叙利亚首都。
[16] 海楼：今译开罗。
[17] Mukden：沈阳，满语音为“穆克敦和屯（mukden hoton）”，意为“兴盛之京”，故称“盛京”，又名奉天。——编者注
[18] 中国本部（China Proper）：指以汉文化为主导、汉族占人口绝大多数的地区，在本书中指清朝的“十八行省”行政区域，不包括东北、新疆、蒙古、青海、西藏等地区。此英文名词为当时的传统用法，今日主要用于历史或地理研究，现代中文已绝少使用。十八行省范围历经元、明两代变迁，最后在清康熙朝时，定为冀、苏、皖、鲁、晋、豫、陕、甘、闽、浙、赣、鄂、湘、川、粤、桂、滇、黔。——编者注
[19] 麕聚：群聚。
[20] 阿尔然丁：今译阿根廷。
[21] 子偿其母：指获利甚多，利息即可偿还所投入资本。
[22] 饿莩：亦作“饿殍”，指饿死的人。
[23] 密西悉比河：今通译为密西西比河。