Directory_and_Chronicle_1910 — Page 684

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COREA

The Japanese population, a constantly increasing one, is now nearly 80,000, but the figures do not include the military force in the country, which is probably 20,000 strong. The British residents in Corea, who number about 130, are mostly missionaries. One small English newspaper, the Seoul Press (conducted by Japanese), is published in the capital.

The industries of Corea are mainly agricultural. The foreign trade reached the high-water mark in 1907 both as regards imports and exports.

The value of the trade amounted to yen 57,052,639, of which yen 40,050,405 represented imports and yen 17,002,234 exports. The imports represented an increase of over one million pounds sterling and the exports more than three quarters of a million compared with the returns of 1906. The returns for 1908, however, show a decline, as great dulness of trade has followed a period of exceptional activity. Imports amounted to yen 41,025,849, and exports yen 14,114,510. Japan's share of the export trade was 76 per cent. and of the import trade 59 per cent. China is the second largest buyer of Korean products, her purchases representing 16 per cent. of the total. As regards imports, Great Britain with 16 per cent. ranks next to Japan, and China and the United States are bracketed third with 10 per cent.

The principal articles of import are cotton manufactures, and of export, rice, hides, beans and live stock. 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 1906 the export reached its lowest value since 1902, being only £476,334, and in 1907 it showed but small improve- ment, the value of the export being £447,438. 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 negotiated; 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 five 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 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 liad 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 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. The national debt of Corea amounts to yen 30,463,643, all incurred since 1904. 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 com 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