The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-08-05
.Iapan's ERYpt.

China and Japan in 1894 Corea wac 4
hereditary monarchy where the ruler
exercised a power which was practically
absolute. China claimed, Corea ac-
knowledged and Japan denied a Chinese
suzerainty. By the treaty of Shimono-
seki China renounced this claim and
Japan became an active influence in
Coresn affairs, lending money and aiding
in the Introduction of reforms. The war
with Russia gave Japan a new and
stronger grip on Cores and she now
stands toward her neighbor somewhat
as England stands toward Egypt. The
main difference between the two cases
is perhaps that Japan expects q larger
and more direct gain from her interior
ence in Corea than England can hope
for in her control of Egypt.
Corea is a distinctly agricultural coun-
try with a highly fruitful soil. and Japan
needs a convenient outlet for a part Of
her population. A Japanese emigration
To Corea would aid materially in feeding
Japan. and the 81 900 square miles Of that
country are capable Of producing a large
amount Of foodstufs, principally rice,
wheat, beans, barley, millet and oats.
One Of the principal drawbacks in this
project has been the disorderlv system
NJ Coresn national finance. Statistics
report the and expenditures as
estimated" From 10 to Is per cent. NJ
the revenues was used for the upkeep
of the Emperor's court. While there
has been a theoretical system Of venue
raising, the fact appears to be that if
money was wanted money was obtained
somehow. The result was poverty and
general decentralization. a condition Of
which Japan does not approve for her
emigrant people. She therefore essays
the regeneration Of Corea along lines not
unlike those followed by England in
Egypt.
The relations between national welfare
and national bookkeeping are exceed
ingly close. Just as Lord CRoMER began
his work in Egypt by a regulation Of
the fiscal system, so has Marquis lTO
given careful attention 10 the finances
Of Corea. A notable improvement has
already been made. The entire cur
rency system has been revised and new
coins are replacing the old. This is a
marked benefit to the business COM
munity and the change is being made
with no disturbance Of business con-
ditions. The improved condition and
increased issue Of coined money has
made possible and safe an increase in the
issue Of bank notes. BY the end Of Feb
ruary OF this year a little more than
5000, 900 in bank notes had been issued
with 30 per cent. specie and 60 per cent.
security reserve.
Until last year Corea had no banking
system or bank regulations. A system
modelled on that Of Japan has now been
established. This should and doubtless
will facilitate and stimulate both do
mestic trade and foreign
Under the old system a curious custom
prevailed in the matter of promissory
notes. When a note was drawn it was
cut in two pieces, the drawee holding
one piece and the payee the other. When
the note was 10 be paid its gcnuineness
was determined by a matching up of
WIG tWo IiCNVs' II hidhilS ~ pay lHS
of such notes has now been modernized.
The foreign trade Of Cores is as yet
insignificant. The imports of 1905 were
SIS, OOO. 900 and exports $4,000. 900. Two
thirds Of the foreign business is done
with Japan. More than half the re-
mainder is done with China. The United
States has a modest foothold with ST.
30O,OOo in sales and SIP in purchases.
Our imports Of Corean products for
1907 will show a handsome increase and
will probably exceed si,20O. The indi-
cations are that exports will show about
a 10 per cent. increase.
Japan will not reorganize Corea. She
will organize il. She will get the cream
Of the new Corea, but there will be a
little something left for the rest of the
world. England holds about as per cent.
Of the Of Egypt. II is doubt
full if Japan will be content with 80 small
a share of the Corean trade.