CHOSEN
579
wide, and run between the provincial governments and the ports and prefectural magistracies. The total length of the roads in the peninsula is over six thousand miles, the old native roads included, these being now repaired and improved. Water- works have been provided by the Government at Chemulpo and Pyeng-yang, while at Seoul, and at all other provincial capitals, the Government has established hospitals for the sick.
The initiation of all these undertakings involved the expenditure of a large sum of money, which the depleted Corean exchequer could not provide, and recourse was had to a loan from the Japan Industrial Bank for 10,000,000 yen, but accepted at 90 yen per 100 yen, with interest at the rate of 63 per cent., and the Corean Customs receipts were pledged as security for repayment. The total of the public loans or debts outstanding at the end of October, 1918, was yen 91,688,000. The first loans were for the reform of the currency. The currency in the country had long been in a scandalous state. There was no reserve of precious metals, and reliance was placed on a nickel coin of small intrinsic value. Not only were permits issued without stint to private persons enabling them to undertake the work of coining, but the country was inundated with spurious coin. It was possible before Japan took the reform of Corea's currency in hand to obtain 245 cents for a Japanese yen. Japan's control of the country's finances was signalised by the adoption of the gold standard, the prohibition of private minting, the issue of a new currency, supplemented by a note issue by the Dai Ichi Ginko (First Bank). The old nickel coins have been gradually withdrawn, and it is hoped in time to rid the country of fractional cash. No attempt is being made to withdraw cash, but a limit was put upon its use in October, 1906, and it is expected that cash will ultimately be driven out of circulation by the increasing popularity of the new currency. The Customs statistics have shown a considerable export of these coins. Included in the scheme of financial reform is the establishment of Agricultural and Industrial Banks to assist trade by giving the necessary financial accommodation. A Notes Association has also been formed to popularise the circulation of reliable negotiable bills, and warehouses have been established as wholly official or government subsidised enterprises for the purpose of easing the money market in agricultural districts, by making loans on the security of rice, or lending money without security for the purchase of rice.
A railway connecting Chemulpo with Seoul was opened on September 18th, 1899. The Seoul-Fusan railway, 275 miles in length, was opened in May, 1905, and acquired by the Japanese Government in 1908 as a State railway. The railway between Seoul and Wiju, 310 miles, hurriedly constructed for military purposes in 1904-1905, has been reconstructed at a cost of 44,500,000 yen. A line running from Pyong-yang to Chinnampo, 343 miles in length, was opened in October, 1910. There are now more than 1,100 miles of railway in operation in Corea, consisting of: (1) The trans- Peninsular line extending from Fusan to Antung (585 m.), connecting, on the one hand, with the Fusan-Shimonoseki ferry service of the Imperial Government Rail- ways, and, on the other hand, with the Antung-Mukden line of the South Manchuria Railway; (2) Seoul-Wonsan line (138 in.), connecting the capital with the northern port of Wonsan (Genzan); (3) Honam line (176 m.), consisting of the Taichow-Chyongenp section, Kunsan branch, Mokpo-Chyongenp section; (4) Wonsan-Hoiryong line (91 m.), recently completed. The bridge across the Yalu, 3,098 ft. long, was completed in October, 1911, at a cost of yen 1,500,000.
The carrying trade of the country is practically in the hands of the Japanese.