Directory_and_Chronicle_1901 — Page 555

SEOUL

101

that portion of it coming under the cognisance of the Foreign Customs reached & value of $24,702,237 in 1898, as against $23,511,350, in 1897, and $7,986,840 in 1893; but in 1899 trade declined to the extent of 2,627,068 yen, one yen equal to 2s. The principal deficit was in imports, which showed a deficit of 1,517,439 yen compared with 1898, and exports also showed a decrease of 711,644. These figures do not prove a declining trade, but were chiefly due to a heavy fall in the rice export to Japan. The principal articles of import are cotton manufactures, and of export, rice, hides and bones, beans, and gold. There is 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 £210,047, and in 1899 the import increased by £55,765. No less a sum than £100,000 is said to have been invested in one gold-mining under- taking alone.

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 financial position of Corea the British Consul in his report for 1896 said: With careful management and retrenchment of expenditure a financial equilibrium has been established and maintained during the past year, and there is a surplus in the Treasury sufficient to cover the greater portion of the national indebtedness. The principal items of revenue are the land tax, the house tax, ginseng tax, and gold dues, which altogether make up a budget of about $1,000,000. The provincial income and expenditure is, however, left to a certain extent to local management, and there can be little doubt that with stricter supervision, and the establishment of a regular system of accounts, the revenue of the Central Government is capable of considerable expansion." In his report for 1897 the Consul said: "The financial position of the country continues to be satisfactory, 2,000,000 yen of the 3,000,000 yen borrowed from Japan have been repaid, and the year closed with a sufficient balance in the Treasury to cover the remainder of the national indebtedness.' The report for 1898 was however not so satisfactory, the Consul remarking :-"The finances of Corea are no longer in the satisfactory condition they were a year or two ago. The treasury is virtually empty, and the end of each mouth brings with it the recurring difficulty about the payment of the troops and the discharge of other obligations. So far the Government have not actually fallen into arrears, but they have been living not on their income but on the surplus of past years, and there is an unmistakable downward tendency in theirfinancial arrangements which augurs badly for the future." The dull trade in 1899 was responisble for a further decrease in the customs revenue of nearly 100,000 yen as compared with 1898. The currency is now Japanese gold (paper) and silver yen, corean nickel S-sen and copper S-sen pices and cash.

In 1896 work was commenced on a railway to connect Chemulpo with Seoul, but financial difficulties have been experienced by the Japanese syndicate who agreed to take over the line from the original American concessionnaire, and the work made slow progress. On September 18, 1899 the railway was successfully opened. The line is single and is open for passenger traffic as far as Nodol, a distance of 22 miles from Chemulpo, thence a small Decauville track to the river some 24 miles, and, after crossing the river, there is the journey into Seoul by ricksha or the electric tramway, the entire journey taking between 2 and 3 hours, a long enough time for 29 or 30 miles, but still a great improvement on the old journey by launch or chair taking 7 or 8 hours. A contract has been let for another line, from Seoul to Fusan, a distance of about 300 miles, but work has not yet commenced, the question of capital being the cause of delay. The new electric tramway in Seoul has been extended to the aiver post of Riong-san.

The British Consul, in his report for 1899, said:-The figures for the shipping during 1899 are certainly the most encouraging part of the Customs returns, showing as they do a total excess of 502 steamers and an increased tonnage of 159,128 tons as compared with the preceding year, which in its turn showed an advance on the figures for 1898. The total number of steamers entered at Korean ports during the year under review was 1,666, with an aggregate tonnage of 746,020 tons. Of these, 1,159 steamers and 602,227 tons were Japanese; four vessels, representing 3.341 tons, German; 61 vessels, with a tonnage of 51,863 tons, Russian; and the remainder Korean. The carrying trade of the country is practically in the hands of the Japanese, the four German wessels being also under charter to them.

*