It
should therefore be enacted that, in future, no sale of mines or of any
interest in mines to foreigners, and no loan from foreigners on the
security of mines, will be recognized as legally valid. In view of
extra-territoriality, it will be difficult to induce foreigners to
accept such legislation, and Consular Courts will not readily admit its
validity. But, as the example of extra-territoriality in Japan shows,
such matters depend upon the national strength; if the Powers fear
China, they will recognize the validity of Chinese legislation, but if
not, not. In view of the need of rapid development of mining by Chinese,
it would probably be unwise to nationalize all mines here and now. It
would be better to provide every possible encouragement to genuinely
Chinese private enterprise, and to offer the assistance of geological
and mining experts, etc. The Government should, however, retain the
right (_a_) to buy out any mining concern at a fair valuation; (_b_) to
work minerals itself in cases where the private owners fail to do so, in
spite of expert opinion in favour of their being worked. These powers
should be widely exercised, and as soon as mining has reached the point
compatible with national security, the mines should be all nationalized,
except where, as at Tayeh, diplomatic agreements stand in the way. It is
clear that the Tayeh mines must be recovered by China as soon as
opportunity offers, but when or how that will be it is as yet impossible
to say.
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