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the same promise of paying to bearer on demand? The promise is the same, it for gets, whether written on paper or struck on the face of a copper coin. Certain of these -coins were issued bearing the inscription, "equivalent to ten cash," and had certain very obvious precautions been taken to pre- vent over-issue, and did the provincial officers really fulfil the implied obligation of being ready to exchange them on demand, they would in the market to-day have been freely exchangeable for that amount. Un- fortunately there were no precautions taken that the issue should be restricted in any way, so it naturally came about that at the moment they are exchangeable for little above their actual value as a copper alloy. Now is there any practical difference between this and the bank note? The Provincial Treasury agrees to give for every note on presentation its face equivalent, but no one knows whether it has issued five, or five millions of these notes; so, while no doubts the intention, they fear that the Treasury would not be equal to the strain, and would not be able to redeem its prom se, in which case the note would be in even harder case than the coin, inasmuch as it has absolutely no intrinsic value whatever. Some years ago under the auspices of the Government of China was started the Im. perial Bank of China; foreigners saw that it was honestly and properly managed, so when on one occasion the ignorant crowd made a run on its notes, the other banks, on being shown that it was properly managed, and had the assets, did not hesitat- to come to its help, without questioning whether it was Chinese or foreign. But strangely, though it is really a Chinese bank, and was given the right to name itself the Imperial Bank of China, it has never been made the repository of Imperial Chinese money, but has been left out in the cold to make what money it could by ordinary privat banking, Lately, the Chinese Government itself has been complaining that the Bank was not able to make money like the other banks, because it did not have branches all over the world; and so could not do exchange business, and the proposition has been made that such branches should be opened under the authority of the Chinese Government, and that it should hold the Government funds abroad. Now there is nothing to be said in principle against this; and it certain ly would be a considerable saving to the Government at Peking did it have such a bank in London, so as to gain itself from remittances the profit now passing to the foreign bank. This is quite correct reason. ing; and such a bank would be welcomed as an indication that China really wished to place herself in finance, as in other things, alongside the rest of the world. But we have seen that China long ago promised the same thing with regard to funds nearer home, but has never kept the promise, prin- cipally, it is believed because the Imperial Bank was too strict for the loose financial
JAPAN AND KOREA.
"The Insurrection
31
[February 1, 1909.
THỂ HONGKONG WEEKLY PRESS AND
Emperor, despite his feeble health and his there was n country which cherished the misfortunes, was always popular with the secret desire of possessing itself of one of nation at large, who felt that he had always the countries adjacent to it, and disguised the best interests of his people at heart, so its real policy by an apparent friendship that bis brother, who has shown a similar for, and assistance towards, its future vie disposition, starts with this prestige in his tim, would it be possible that such country favour and will find his progress towards would take measures calculated to promote reform vastly smoothed. After all the the education of its doomed neighbours, to Chinese, who, when roused, are very consis-encourage their industry and, above all, to tent, are by no means disposed to attempt cultivate their ruler's virtues and goodness the impossible; and will be found ready to so that they might live in peace? It all support all conservative reforms, not aimed amounts to thus: that Japan's policy in at subversion.
Korea is similar to that of the United States: in the Philippines. It is not a policy of permanent conquest; it is a policy of ns- similation. The Prince flattered his audience by telling them that neither physically nor in mental capacity were they (Daily Press, 27th January.)
inferior to the Japanese, and if he had A notable speech of more than passing thought the regeneration of the country interest was delivered the other day to a beyond his power he would never have at- Korean audience by the Resident-General, tempted the task, and would never have tried Prince ITO. Its purpose
was evidently to protect her or to secure her well-being. to attract the sympathy and co-operation of The speech, the report says, produced au the literati of whom the speaker's "udience impression so profound as to move many in of over four hundred percons was mainly the audience to tears of gratitude. It will composed. There is still among the Koreans be admitted that it was a speech admirably a considerable body of opposition to Japan's calculated to serve the purpose for which it intervention in the affairs of the country. was intended, but it is hardly suited to is still standing foreign consumption. That Japan is doing headline in the Japanese-owned daily paper splendid work in Korea is obvious to all. published at Seoul in English, and that observers, but for any one to entertain the Prince Iro has found it necessary to argue id a that her aim is entirely unselfish and before an audience of educated Koreans, as purely philanthropic would be the height of he did in the speech we have alluded to folly. In setting her hand to the gigantic indicates that passive resistance in influen- task of reforming the entire administration tial circles is a force which has yet to be of a nation, and imbuing a populat ou of reckoned with. It would appear from the ten million souls with ideas and aims similar opening of the speech that the recent to her own, Jap n quite l-gitimately calu- journey undertaken by the Emperor of lates not only upon the greater security of Korea, accompanied by the Resident her interests from the military point of view, General, in the depth of winter, in order to but upon the comm roial advantages which view the conditions under which the people may confidently be expected to accrue from live had given rise to a suspicion that the alt-red conditions promoting the progress journey was undertaken "for other motives and wealth of the nation. In many of the at present concealed." The Prince doubt-books which have been written since Japan less knew the men he was addressing, and he took up her task in Korea the impression impressively declared that men who were so
is given that, in spite of the fact that the presumptious as to think thus of His Majesty basic principles of her policy are declared must he regarded as "extreme examples of to be the " op-n door" and "equal oppor- men unreasonably suspecting their ruler." tunity forall"" she is relentlessly pursuing a We cau only form an idea of the nature of policy of exclusion. In one of Mr. PUTNAM that suspicion from thefact that the eminent WEALE's books he supports a statement of speaker plunged at once inton statement of this nature by quoting statistics with regard Japan's objects in Korea, and a striking to British trade with Korea in 1906, when disavowal of any idea of usurpation. The it sank to about £5,000. He did not stop primary object of ancient heroes, he remind to inquire into the reason for this, but left ed his audience, seemed to have b en almost his reader with the impression that a decline invariably, invasion and usurpation of the of something like £35,000 in one year had land of others; but this, he told them, was een due 10 a sensational advance in not the idea of modern statesmanship. T. Japanese influence, commerce and industry. an intelligent Easteru audience such a state- As a matter of fact, Japan's trade with ment cannot appear convincing. When Korea showed no advance in 1906; on the they recall the history which has been made contrary there was a slight decline Imports in Asia during the last ten or fifteen years from Great Britain, which are mainly in the they will have some difficulty in perceiving piece-goods line, were exceptionally heavy any marked dissimilari y between the in the two preceding years, and the heavy results of modern statesmanship and the drop in 1906 was attributable to the glut acts of ancient adventurers. However, it in the market due to over-speculation on was the object of the Prince to justify the part of the importers. Hail the reasons methods which have grown up about Japan's presence in Korea, and he told assigned by Mr. WEALE been the true Imperial as well as Provincial finance. In his audience that the guiding princ ple cause of the decline, we
would have case of the Imperial Bank opening such of a modern State was co-operation been justified in expecting to find that brauches, to obtain standing amongst the and harmony with its neighbours, that British trade with Korea had by now en- other foreign banks it would be essential it is the duty of a strong country to help tirely ceased. We find on the contrary that "that it should, as it has done hitherto, sub- the weak, to guide it along the paths for the year 1907 the value of the British mit to equally stringent regulations. The of progress to wealth and strength, so that trade with Korea was £420,000. This is a very chiefest of these would have to be that it may contribute to the common defence. sufficient reply to the criticism enshrined in its exchange operations should exclude the Japan's only aim and desire in Kores, he Mr. WELLE's book. Japan's proximity to possibility of gambling, for which for ign emphatically said, is to have the situation the Korean market ensures for her the lar exchanges might offer a likely field,, and changed for the better, to guide her people gest share in the trade, but as the last should be as rigorous in its requirement for to enlightenment and industry, to assist British consular report shows a substantial *** cover'
as the best of the foreign banks. her to the enjoyment of the blessings of a advance in every liue of British imports In this as in other things the new Regency, civilisation similar to that enjoyed by during the last five years, the British manu- starting as it does with the best auspices, Japan, and thus prepare her for co-opera- facturer and merchant have not inuch cause and dise cumbered by the bad traditions of tion with her Japanese guides. Suppos yet to regret that Korea has virtually the past, has a clear field before it. The late-ing, for argument's sake," he said, "that become a province of Japan.
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