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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 6 per cent., and the Corean Customs receipts were pledged as security for repayment. The first loans were for the reformi 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 The old nickel coins have been gradually withdrawn, and it is hoped in time to rid the country of fractional cash.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.
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A railway connecting Chemulpo with Seoul was opened on September 18th, 1899. The Seoul-Fusan railway, 280 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 1,150 miles of railway in operation in Corea, consisting of: (1) The trans- Peninsular line extending from Fusan to Antung (693.4 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 (138.4 m.), 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, with branches (149.5 m.) recently completed. The bridge across the Yalu, 3,098ft. 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.
SEOUL
The old city of Han-yang, better known to foreigners as Seoul (which is merely the native term for capital), is situated almost in the centre of the province of Kyong-kyoi, on the north side of and about three iniles from the river Han, about 35 miles from its mouth. It lies in 37 deg. 30 min. N. lat. and 127 deg. 4 min. E. long. Han-yang means "the fortress on the Han." The city was formerly enclosed by crenelated walls of varying height, averaging about 20 feet, with arched stone bridges spanning the water-courses, but these walls have now all been removed except in the hills, where there are no roads. The city is in the form of an irregular oblong, and stretches lengthwise in a valley that runs from north-east to south-west. The Corean houses are about eight or nine feet high, built of stone or mud, and mostly roofed with tiles. Internally they are clean, for the Coreans, like the Japanese, take off their shoes before entering their houses. A long main street, about 100 feet wide, running east and west, divides the city into two nearly equal portions. In the northern half are the walled enclosures con-
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