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The foreign trade of Corea exhibited a steady
a steady growth up
growth up to 1898, that portion of it coming under the cognisance of the Foreign Customs reached a value of $24,702.237 in 1898, as against $23,511,350 in 1897, and $7,986,840 in 1893; but in 1999 trade declined to the extent of 2,627,068 yen, one yen equal to 25. In 1900 the imports amounted to yen 20,380,327 and the exports to yen 24,013,377, and in 1901 imports yen 23,158,419 and exports yen 28,151,770, at 28. 0 to the yen.
The principal articles of import are cotton manufactures, and of export, rice, hides and bones, beans, and gold. There is a considerable paper making industry, which is entirely in the hands of the peasantry, its great drawback being lack of capital. The export of gold is yearly increasing, in 1897 amounting to £240,047, in 1800 £2,033,382, in 1900 £3,633,050 and in 1901 £4,993,351. There are several gold mines now being worked owned by British, American and German syndicates. The Pritchard Morgan Concession is now developing the Gwendoline mine, and the Unsan district, over the whole of which this Company possesses mining rights, has been shown to contain silver, copper and coal deposits. The German concession is at Tangokae (Kim-song).
In 1894, owing to a rebellion in the Southern provinces, application was made to China for assistance, and Chinese troops were sent to restore order. Japan also sent troops and invited China to co-operate in reforming the government of the country, but China declined, and war resulted, Japan driving the Chinese out of Corea and carrying the war into China itself.
Regarding the currency of Corea the British Consul-General in his report for 1901 said: The chief difficulty with which foreign trade has to contend is the disastrous condition of the currency throughout the Empire. The Corean Government, in defiance of the first principles of sound finance, is flooding the country with a nickel coinage whose intrinsic value is only one-eighteenth of its face value, without any gold or silver reserve with which to redeem it. The face value of these coins is 5 sen, and they now stand at a discount of 90 per cent., as against Japanese gold yen. The Government, caring only for the profit which they are making out of this transaction, and ignoring the permanent harm they are doing to the country, are bent upon continuing their present reckless course, and 40,000,000 more of these coins, contracted for with an American firm, are now almost due for delivery. The issue of these will bring the total face value of this coinage in circulation up to 14,000,000 yen, or more than £1,400,000. The number of counterfeit nickels is rapidly increasing. The Commissioner of Customs at Chemulpo in his annual report writes: "The $95,000 worth of nickel, against $42,000 in 1900 have, it is feared, been entirely employed in manufacturing counterfeit nickel coins." The largest of the copper cash continue to be exported to Japan, where they are melted down for the value of the copper they contain. No progress has been made by the Corean Government with their projected subsidiary silver coinage, although silver to the value of some £85,000 has been imported by the Imperial Mint for this purpose.
In 1896 work was commenced on a railway to connect Chemulpo with Seoul, and on September 18th, 1899, the railway was successfully opened. The statistics working of the Seoul-Chemulpo Railway for 1900 will show how ready the Coreans are to avail themselves of modern conveniences for travelling. The number of passengers carried amounted to 354,623, as compared with 215,722 during the previous 12 months, and the amount of freight carried during the same periods was 28,975 and 10,885 tons respectively. This large increase in the goods traffic is partly attributable to the quantities of Saigon rice sent up to Seoul by the railway, and to the carrying of materials for the construction of the Seoul-Fusan Railway. During the summer months six, and in the winter five, trains daily started from each terminus, and the third-class fare between Seoul and Chemulpo is 34 cents, about 14 cents or d. per mile. The net profits of the year's working are stated to be 95,379 yen 32 sen, equal to £9,736 12s. 9d. on a capital of 2,500,000 yen, or roughly £250,000. There seems to be every prospect of the enterprise eventually proving a remunerative investment.
A contract has been let for another line, from Seoul to Fusan, a distance of about 300 miles, and the British Consul-General in his report for 1901, said :—After protracted negotiations the project for the construction of a broad-gauge railway from Seoul to Fusan has at length taken definite shape. Early in the year the Japanese Government guaranteed € per cent. interest on the subscribed capital for a period of 15 years; a company was thereupon formed in Japan to carry out the enterprise, and on August 20th and September 21st work was begun at the Seoul and Fusan ends of the line respec- tively. The capital of the company is 25,000,000 yen, or about £2,500,000, each share being of the value of 50 yen, or £5. The 400,000 shares were readily subscribed for, and
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