The first Prime Ministers' Conference of the Asian Coal and Steel Community was scheduled to convene in Pyongyang on April 4th. The President of the Republic of Korea, Kim Koo, very much wanted to attend in person, but was emphasized by the Korean Ministry of Foreign Affairs that the Prime Ministers' Conference could only be attended by the Prime Minister of the Republic of Korea, Park Yeong-hyo.

Thinking that the traitor Park Yeong-hyo would represent Korea at such an important meeting, Kim Koo felt truly disgusted. Of course, what Kim Koo considered a "traitor" was merely the view of the Korean government-in-exile at the time regarding the local Korean elite. In order to maintain stability in Korea, China and Japan had tried their best to retain local Korean officials from the Japanese occupation era. Park Yeong-hyo had been retained and, due to his consistent pro-Japanese stance, was appointed as Prime Minister in the transitional government.

Park Yeong-hyo was naturally aware of the disgust that restorationists like Kim Koo held for him, so he prepared the Korean side's content for this meeting with great care. However, on April 1st, Park Yeong-hyo received a letter from President Kim Koo, in which Kim Koo proposed to give a speech at the beginning of the conference. Park Yeong-hyo rubbed his somewhat swollen eyes, feeling a needle-like pain in his eyelids. As the host, the relentless work over the past half-month had become unbearable for the 61-year-old Park Yeong-hyo, who had to ask his secretary to bring him a wet towel for a cold compress.

The secretary helped cover Park Yeong-hyo's eyes with the towel and then asked, "Prime Minister, how should we reply to the President?"

Park Yeong-hyo was a man of insight. with Korea as the host, it would actually be quite appropriate for President Kim Koo to give a speech at the opening. East Asia placed great importance on hierarchy and status; there was absolutely no reason for President Kim Koo to treat the Prime Ministers of China and Japan as subordinates. Moreover, Japan still operated under a cabinet-parliamentary system, and the current Prime Minister, Ishiwara Kanji, was the actual wielder of power in Japan for this century. He said, "Inform the President that we will arrange it. However, it would be best if the speech is not too lengthy."

Hearing this, the secretary felt that Kim Koo probably wouldn't be that cooperative and sighed, "Prime Minister, I believe the President intends to show off in front of the Chinese and Japanese Prime Ministers no matter what."

"Hehe, if the President wishes to do so, what can we do? We can only let him be," Park Yeong-hyo laughed with apparent open-mindedness. Although there was truth to that, Park Yeong-hyo's real thoughts were quite different. The restoration of Korea meant that the Japan-Korea Annexation had been completely overturned, and the pro-Japanese factions had fallen into a disadvantageous political position.

Furthermore, the Yi Dynasty had not been restored; instead, a Republic of Korea had been established, with the National Assembly as its highest authority. This was even more unfavorable for the pro-Japanese faction. Members of the National Assembly had to rely on votes to get elected, and the broad masses of the Korean people were not pro-Japanese. Given the rule of Japan and Korean landlords over Korea, the domestic populace deeply hated the old upper class. The pro-Japanese faction feared they would not get any votes.

Therefore, Park Yeong-hyo was actually looking forward to Kim Koo making a fool of himself at this first Prime Ministers' Conference of the Coal and Steel Community, causing the Prime Ministers of China and Japan to lose confidence in him. Among the Chinese and Japanese Prime Ministers, Park Yeong-hyo especially hoped that China would lose confidence in Kim Koo. The reason the Korean people could still tolerate the current Korean government was largely because the Korean transitional government had completed land reform, solving Korea's land issue. The Korean people were well aware that this land reform was inevitably driven by the Chinese government. Moreover, Korea had always acknowledged China as its suzerain state, so as long as the Chinese government considered Kim Koo unfit for great responsibility, and Park Yeong-hyo could demonstrate his ability to govern the country at this meeting, there was still hope.

After all, the so-called pro-Japanese faction in Korea didn't care at all about becoming a pro-Chinese faction. What they really cared about was the power in their hands. If China could grant them power, the Korean pro-Japanese faction would embrace China with ten or a hundred times the enthusiasm.

Soon, April 4th arrived. Inside the venue, Korean President Kim Koo walked onto the podium. Kim Koo no longer looked like the man living in exile in the Shanghai French Concession; he wore a Chinese Sun Yat-sen suit, his short hair was trimmed neatly, and his beard was shaved clean. Walking onto the stage, Kim Koo nodded to the Prime Ministers of China and Japan, and then began to read his speech: "As East Asian relations return to the harmonious old times, Korea is also entering a new era of industrialization together with China and Japan. The entire citizenry of the Republic of Korea feels deeply honored to be the host country for this Coal and Steel Community conference. The respected Chairman of the Republic of China, He Rui, has expounded on the significance of the Asian Coal and Steel Community: under a supranational organization, the domestic steel demands of each country can be met, and in order to satisfy these steel demands, the resources of China, Japan, and Korea will be utilized most rationally, allowing the people of all three countries to receive reasonable benefits.

"I have noted that Chairman He Rui emphasized the unique status of steel in a modern industrial nation. The Coal and Steel Community promotes mutual military trust among China, Japan, and Korea, avoiding the recurrence of tragic wars between the three countries. Therefore, on behalf of the government of the Republic of Korea, I welcome the first Prime Ministers' Conference of the Coal and Steel Community and wish the conference the greatest success. Thank you all."

The Chinese and Japanese Prime Ministers offstage, as well as the gathered ministers and delegation officials, applauded Kim Koo's opening remarks. Korean Prime Minister Park Yeong-hyo also clapped along, but was truly disappointed in his heart. There was nothing brilliant about Kim Koo's speech, but there were also no problems with it. As the President of the Republic of Korea, this was exactly what he should say, and the only thing he could say. However, since Kim Koo had presented the proper demeanor of a President, if Park Yeong-hyo failed to do his job as Prime Minister well, the pressure on him would be immense.

Park Yeong-hyo looked at the Prime Ministers of China and Japan. He saw that both Wu Youping and Ishiwara Kanji looked calm, but they were obviously pondering some issues and were not truly focusing on the opening ceremony. This reassured Park Yeong-hyo a little. Just then, Park Yeong-hyo saw Wu Youping and Ishiwara Kanji turn their heads and exchange a glance. Wu Youping then turned to Park Yeong-hyo, "Prime Minister Park, as the host, please preside over the meeting."

Park Yeong-hyo hurriedly replied, "Please rest assured, I will do my best."

Wu Youping didn't say much more, simply nodding. The reason this meeting was held in Korea was to show the world that the Korean model following colonial independence could operate very well. Therefore, China and Japan had already sent quite a few advisers to Korea to help with preparations. Wu Youping was not worried about the meeting itself.

What Wu Youping really cared about were affairs within China. Before his departure, He Rui had emphasized to him, "Currently, the industrial supply chains in the world are short, very short. Since Europe and America are suffering from the Great Depression, and our country allows foreign capital to establish wholly-owned enterprises in China to gain profits from China's development, we will not face a joint technological blockade from Europe and America. In particular, it is impossible for France to implement technological barriers against China at this stage. Our military industry does not rely on foreign countries, so in at most ten years, China will generate a large batch of enterprises possessing world-class standards."

In He Rui's strategic design, China had to first master large-scale, or even super-large-scale, industrial production capabilities. As the foundation of industrial production, the significance of steel was paramount. According to the assessment of the Coal and Steel Community Liaison Group, the steel production capacity of the United States was approximately 80 million tons. Since this liaison group consisted of as many as 1,100 people, all excellent talents from China and Japan, Wu Youping did not doubt this staggering figure.

In 1932, the steel output of the United States was roughly 25 million tons, while East Asia's steel output was about 12 million tons, roughly the same as France. However, East Asia and France were currently experiencing economic prosperity with robust demand, whereas the United States was still deeply mired in economic crisis, with half of its blast furnaces shut down. Compared to the world's number one industrial power, the United States, the gap for East Asia remained enormous.

Thinking of this, the pressure in Wu Youping's heart grew heavier. Fortunately, although it was a Prime Ministers' level conference, the ones really doing the work were the ministers and their teams. The Prime Ministers didn't actually have to do too much; at least the responsibility for running the meeting was borne by the Korean Prime Minister. Wu Youping still had time to think.

Ishiwara was likewise considering a great many issues. On the evening of the first day of the conference, after attending the banquet, he held a meeting with Lieutenant General Nagumo Chūichi, the Chief of the Defense Agency who had come to attend the conference, as well as Yamamoto Isoroku, who had rushed over from Qingdao, and Lieutenant General Yamaguchi Tamon.

"Yamamoto-kun, did He-kun ask you to discuss the future development of the Chinese Navy?"

Yamamoto Isoroku looked grim. Seeing that the attendees were all core members, he spoke somewhat indignantly: "He-kun asked me to convey that China has given the order for four 35,000-ton battleships to France."

At this, the expressions of both Nagumo Chūichi and Yamaguchi Tamon turned ugly. It wasn't that giving the order for four 35,000-ton battleships to France was completely inappropriate; what the two cared more about was that this matter had not been discussed with Japan beforehand. Although Nagumo Chūichi was a scholar-type naval admiral, he couldn't help but say at this moment, "For He-kun to do this is truly improper!"

Yamaguchi Tamon had a much more fiery temperament than Nagumo Chūichi, but since even Nagumo Chūichi had actively voiced dissatisfaction, Yamaguchi Tamon actually didn't know what else he could say. He couldn't very well jump up and curse He Rui for being disloyal to the Sino-Japanese Alliance.

Ishiwara was not as agitated. He asked Yamamoto Isoroku, "Please explain in detail, Yamamoto-kun."

Yamamoto Isoroku then relayed He Rui's reasons for this Sino-French cooperation, and that the four 35,000-ton battleships were entirely a concession to France in exchange for deepening Sino-French economic cooperation. Hearing this, Ishiwara nodded slightly and continued to ask, "Did He-kun have any other message for Yamamoto-kun to convey?"

"He-kun would like Japan to send a delegation to China," Yamamoto Isoroku replied. After saying this, he sighed, "I think the lion's share has already been given to France. China only has 35,000 tons of tonnage left; Japan won't get a share of anything. He-kun probably wants to appease us a bit by giving us some more merchant ship orders."

Yamaguchi Tamon, who hadn't had a turn to speak all this while, couldn't help interjecting, "Based on my view of He-kun, he is not such a petty person. To compensate only after owing a favor—He-kun would absolutely not do such a thing in major matters!"

Nagumo Chūichi's eyes lit up, while Yamamoto Isoroku fell silent. Ishiwara spoke up at this point: "Yamaguchi-kun is right. He-kun is not a man who likes to play tricks. Gentlemen, you should all know that the domestic political situation in Spain is turbulent. I have a thought: perhaps the moment the Spanish Civil War breaks out will be the prelude to the outbreak of a great European war."

The group of Japanese officers, especially the naval officers, were stunned by such a judgment. Spain was a major European power, at least its territorial area was not small. Although the Strait of Gibraltar was controlled by the British and Spain probably couldn't get it back, Spain's geographical location remained extremely important.

But Ishiwara Kanji's judgment was too abrupt, so much so that the generals didn't know how to interpret it. Out of respect for Ishiwara, Japan's only current strategist, the few generals continued to listen silently.

Ishiwara smiled, "Spain is located in a corner of Europe. Even if a civil war breaks out, the direct impact would merely be on neighboring Portugal and France. Portugal is a tiny, insignificant country. France has strong national power and a formidable army; it can completely withstand the impact of a Spanish Civil War. However, once a civil war breaks out in a major country like Spain, it means that the European nations are already powerless to solve the economic collapse of a major power within their region. It represents that the European nations are already powerless to prevent war. Judging by the current global economic situation, war in Europe can no longer be stopped."

Even though Yamamoto Isoroku, Nagumo Chūichi, and Yamaguchi Tamon were all top Japanese generals, it took them some time to digest Ishiwara's analysis. With this, the atmosphere of the meeting immediately became active. Nagumo Chūichi was the first to speak, "Could it be that He-kun already made the same judgment, which is why he wants to curry favor with France?"

Ishiwara nodded, "France has already obtained the maximum benefit it could get. Through Sino-French cooperation, the Franc has become a strong international currency. By acquiring another four battleships, France will naturally be considered a force stabilizing the European continent. Moreover, with China giving France so much naval tonnage, the European and American nations will all believe that France will receive China's firmest support. But strategically speaking, does France really have such great value? I believe not necessarily. The *I Ching* says: 'If virtue does not match one's position, disaster is inevitable; if virtue is meager but the position is high, if wisdom is small but the plans are grand, if strength is small but the burden is heavy, few escape without calamity.' How could He-kun not know France's true strength?"

Yamamoto and the others savored the phrase "'If virtue does not match one's position, disaster is inevitable; if virtue is meager but the position is high, if wisdom is small but the plans are grand, if strength is small but the burden is heavy, few escape without calamity.'" The more they thought about it, the more profound it seemed. Nagumo Chūichi, who had always been sensitive to such theoretical content, sighed, "France is indeed in such a situation. However, I believe that if He-kun is as Ishiwara-kun says, then he should have communicated with us first, or at least proposed the establishment of a Sino-Japanese Naval Liaison Group."

Ishiwara saw that both Yamamoto and Yamaguchi were nodding in agreement with Nagumo Chūichi's view, so he laughed, "We can naturally blame He-kun for this. However, I feel that looking at the problem from He-kun's perspective, before communicating with France about these battleships, less trouble is better than more. 'If the ruler is not secretive, he loses his state; if the minister is not secretive, he loses his body.' For such a major event, one cannot be hasty. Moreover, public opinion in China is currently surging, similar to Japan at the end of the Russo-Japanese War. What if someone wanted to use public opinion for their own ends?"

Yamamoto Isoroku didn't want to empathize with He Rui's difficulties at all. At the Qingdao Naval Academy, Yamamoto had placed great emphasis on inciting the offensive spirit of China's future naval officers. Compared to the Army, the Navy was definitely not a watchdog, but true claws and teeth, the vanguard for projecting military power outwards.

So Yamamoto deliberately kept a straight face and said, "I feel He-kun lacks his former straightforwardness. This is not good."

Yamaguchi Tamon had a friendship of over a decade with He Rui and didn't want to fiercely attack He Rui right now. He asked Nagumo Chūichi, "Nagumo-kun, if it is as you say, has He-kun already prepared a naval development plan?"

Nagumo Chūichi did not answer immediately. After thinking for a while, he replied, "Combining Ishiwara-kun's judgment, I believe that should be the case."

Everyone thought Yamaguchi Tamon was just asking, but they didn't expect that after hearing Nagumo Chūichi's judgment, Yamaguchi Tamon would slap the armrest of the sofa, "Then that's it. Recently, a Chinese naval officer discussed aircraft carrier operations with me. From what he said, he already has quite a comprehensive line of thinking regarding aircraft carrier operations. Most importantly, that person discussed with me how to conduct operations carrying a full air group, as well as the concept of the carrier itself."

The group of Japanese generals were all stunned. Yamaguchi Tamon had a boisterous and rough personality and was considered a typical straight-talker. As a staunch radical carrier proponent in the Japanese Navy, no one expected Yamaguchi Tamon to be able to keep a secret so well. Nagumo Chūichi felt he might have to look at Yamaguchi Tamon with new eyes, but still didn't quite dare to believe it, so he asked, "Then, Yamaguchi-kun, have you conceived of the tonnage for that type of aircraft carrier?"

Yamaguchi Tamon sighed, "Since that discussion, I have been calculating with all my might. The conclusion I reached is that the tonnage for this type of aircraft carrier would require approximately 40,000 tons. So I spent nearly another month adjusting this, and only in the last two days did I barely reach a conclusion: it must be at least 37,000 tons."

Nagumo Chūichi was also startled upon hearing this number. Even the Washington Naval Treaty stipulated a maximum tonnage of 35,000 tons for aircraft carriers. By the recently concluded London Naval Treaty, Article 3 redefined aircraft carriers: aircraft carriers are warships designed for the purpose of carrying aircraft and allowing aircraft to take off and land therefrom, and their tonnage was no longer considered [in the same restricted way/or context implied].

The three naval experts all had their judgments. The Navy was inherently more radical than the Army, and among naval equipment, aircraft carriers were tools more inclined towards offense than battleships. China's thinking on aircraft carriers was extremely radical, even more radical than Yamaguchi Tamon, the most radical radical in the Japanese Navy.

Yamamoto Isoroku couldn't help but ask, "Yamaguchi-kun, you only reached this conclusion in the last two days?"

"Precisely. I haven't even had time to tell anyone else," Yamaguchi Tamon replied immediately.

The other generals felt that this made sense; it seemed Yamaguchi Tamon hadn't changed his personality.

Seeing the discussion reach this point, Ishiwara said, "Since that is the case, I ask Yamamoto-kun to return to China and request a meeting with He-kun."

"What should I say?" Yamamoto asked.

Ishiwara smiled, "You only need to say one sentence. As for other matters, He-kun will naturally be very clear."