Directory_and_Chronicle_1908 — Page 699

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COREA

The Japanese population, a constantly increasing one, is now nearly 80,000, but the figure does not include the military force in the country, which is probably 20,000 strong. Two small foreign papers, Koreu Daily News and Seoul Press, are now published in the capital.

The industries of Corea are mainly agricultural. The Foreign trade in 1905 reached the highest figures yet attained, both as regards imports and exports The value of the trade amounted to £3,967,355 of which £3,262,541 represented imports and £704,814 exports. To this must be added the gold export amounting to £531,528, making a grand total of £4,498,883. The imports represented an increase of over one million pounds sterling since 1903. The trade in 1906 showed a decline of £124,727. The imports were valued at £3,013,682, and the exports at £828,946.

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. Gold mining has in recent years become an important industry. In 1897 the value of the export was £240,047, in 1902, £516,961, in 1904 £511,396 but in 1905, the export reached the highest figure yet attained, £531,528. In 1906 the export reached its lowest value since 1902, being only £176,334. There are several gold mines now being worked owned by British, American and German syndicates. The Pritchard-Morgan Con- cession is 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). An Italian syndicate was granted a concession in 1905.

A brighter era dawned for trade and commerce and much else in Corea when the agreement of 1904 was negociated giving to Japan virtual control of the administration, Japan lost no time in exercising the power she had acquired. The reform of the effete, incompetent and corrupt administration which has for centuries been in vogue in Corea is a task of no little magnitude. The old order of things cannot be changed in a day, or a decade, but a most promising commencement has been made during the three years Japan has had the direction of the country's internal affairs. She has set to work organising, as among the first essentials of good government, a judicial system which will guarantee the honest and impartial administration of justice by trained judges. A beginning has also been made with the codification of the laws of the country. Gradually the system of local administration is being reformed in a manner which will eliminate old political abuses and lead up ultimately to a system of local autonomy. Reform of the financial administration has received a great deal of attention with excellent results, and among other branches of administration which have been already inoculated with the leaven of reform are the Educational and the Police systems. Public Works undertaken by the Government under Japanese direction include the construc- tion of four main roads traversing some of the most productive regions of the country; waterworks are being provided by the Government at Chemulpo and Pyeng-yang, while at Seoul, and one or two other centres the Government is establishing hospitals for the sick.

The initation 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 64 per cent, and the Corean Customs receipts are pledged as security for repayment. Half the amount (Yen 4,500,000) was provided immediately, and the remaining half is payable as the need for the money arises. The loan is redeemable in ten years, but no part of it is to be redeemed within the first five years. It may here be mentioned that apart from this loan the national debt of Corea does not amount to more than 6,500,000 Yen, representing three loans raised in 1905. Two-thirds of this money was required 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

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