Directory_and_Chronicle_1911 — Page 747

CHOSEN-SEOUL

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receipts were 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 amounted at the end of 1909 to yen 36,146,543, 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 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 The old nickel coins have been gradually withdrawn, and it is hoped in time to rid the country of fractional cash.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. The revenue of the country increased from yen 7,480,287 in 1905-6, to yen 29,228,011 in 1909, and the expenditure shows a corresponding increase.

A railway connecting Chemulpo with Seoul was opened on September 18th, 1899, and the Coreans have not been slow to avail themselves of modern conveniences for !travelling. There are now more than 600 miles of railway in operation in Corea, and several new lines are projected. The Seoul-Fusan railway, 275 miles in length, opened in May, 1995, was acquired by the Japanese Government in 1908 as a State railway. This line connects Yong-dong-po with the railway to Chemulpo, and the journey from Seoul to Tokyo can now be accomplished in 53 hours. 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 railway now connects Fusan and Masampo, and the distance in covered by a through train in a little over three hours. A line running from Pyong-yang to Chinnampo, 343 miles length, was opened in October, 191o.

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 Kiung-kei, on the north side of and about three miles from the river Han, about thirty- five 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 is enclosed by crenelated walls of varying height, averaging about twenty feet, with arched stone bridges spanning the watercourses. It is in the form of an irregular oblong, and stretches lengthwise in a valley that runs from north-east to south-west. The houses are about eight or nine feet high, built of stone or mud, and mostly roofed with tiles. Internally they are clean, for the Corcans, like the Japanese, take off their shoes before entering their