New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-06-02
STATE OF TRADE IN COREA.
HEAVY FALLING OFF IN coUNrRY's IN
PORTS AND EXPORTS.
CAUSES OF THE DEcLrSE-CREDIToRs SUE FOR
pEBTs-FIRsT RAILROAD NEARING COMPILE

CAUSES OF THE DEcLINE-CRED1ToRS SUE FOR
pEBTs-FIRsT RAILROAD NEARING COMPILE
TIoN-AMERrcAN GOLD MINES.
Washington. June 1.-The state Department Is
in receipt of an interesting report from Consul
Allen. at Seoul detailing the trade conditions In
Corea and showing some curious facts in connec-
ton with the Land OF the Morning Calm. I'm
ports and exports for lSes have fallen of almost
third compared with 1897, owing to the scanty
rice crop which forced the natives to retain for
food much grain that otherwise would have gone
abroad in trade.
Manchester sheetings are largely being replaced
by Japanese cottons, this being remarkable In
stlnce Of hand labor underselling mGchine-made
goods.
Serious trade stagnatlon following the first rush
OF credit buying that came with the opening OF the
country. Chinese and japanese merchants were
lax In their extension OF credits to irresponsible
Corean merchants and the Coreans having little
trade instincts were chdishy ready to run into
debt, trusting TO luck TO pay their way out. The
creditors have begun 70 sue for tho debts due 10
them. and this Cts had depressing effect on the
Chemupo trade
Another effect OF this native indebtedness has
been to pass a great amount OF Corean real estate
into the hands Of the japanese on mortgage fore
closures This has been so general that the Corean
Government has begun 20 object to the recording OF
these deeds of transfer lest the whole of Seoul and
many other places should quietly slip into the hands
OF foreigners
The feeble commercial instinct Of the Corean
leads Consul Allen to the belief that the whole
trade Of the country is likely 10 pass sooner or later
into the hands OF the Chinese.
1t is difficult for foreigners 10 secure concessions
for any purpose. the Corean being uinld ana sts-
pcious. As price II named Tor any de-
sirable grant its value is Immediately enhanced ~
least twofold I'm the eyes OF its owner IL Is this
spirit that has prevented the development on
Corea's excellent coal fields.
II was announced that on May OF this year four
new ports would he opened TO foreign trade ana
residence They are kunson, on the west coast
Massampo, on the south end OF the Peninsula, ana
an obscure place called Sungchin. on the east
coast Peng Yang Is to be opened as trade mart
The regulations governing these places VIII ne me
same as are now in effect at Mokpo and chemanpo
The first Corean railroad. standard-ganse
American line twenty-five miles long, connecting
the capital Seoul, with It's chief port, Chemulpo
will be completed in the present year II was 10
cost 81 800, 90 in gold. Its protector Mr., Morse,
last year sod the concession outright 10 japanese
syndicate. The road will be almost wholly OF
American material
The FIRST overhead trolley road IN the country Is
nearing completion In Seoul 1t IS a street line. SIX
miles long built by tho contractor, n. Coll
bran as the steam road just mentioned. The ma
terlal for this is entirely American and japanese
American gold mines In the northern province or
Peng Yang are promising good results Tine com
pany employs forty Americans The mill IS at
present working only twenty stamps, but forty
more are in course OF construction.