Directory_and_Chronicle_1921 — Page 632

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CHOSEN-SEOUL

wide, and run between the provincial governments and the ports and prefectural magistracies. The total length of the roads in the peninsula is over six thousand miles, the old native roads included, these being now repaired and improved. Water- works have been provided by the Government at Chemulpo and Pyeng-yang, while at Seoul, and at all other provincial capitals, the Government has established 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 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 Čustoms receipts were pledged as security for repayment. The total of the public loans or debts outstanding at the end of October, 1918, was yen 91,688,000. 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 The old nickel coins have been gradually withdrawn, and it is hoped in time to rid the country of fractional cash.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 witlidraw 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.

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 1,000 miles of railway in operation in Corea. The Seoul-Fusan railway, 275 miles in length, opened in May, 1905, 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 accom- plished in 53 hours. The railway between Seoul and Wiju, 310 miles, hurriedly con- structed for military purposes in 1904-1905, has been reconstructed at a cost of 44,500,000 yen. A railway now connects Fugan and Masampo, and the distance is covered by a through train in a little over three hours. A line running from Pyong-yang to Chin- nampo, 343 miles in length, was opened in October, 1910, and there is now also a line between the capital and Gensan on the east coast, 134 miles in length. A more ambitious project is the line extending north from Gensan to the Chinese boundary, a distance of 373 miles. It will, of course, take some years to complete this, but the opening up of the northern provinces by railways should have a most beneficial effect upon the development of these regions, which are almost a terra incognita, known only to the hunter of big game.

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 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.