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“... as a matter of experiment, he took up a mortgage on
two fields, the interest on which was paid in kind, and that he
found that the value of the crop, which was rice, with no pressure
or supervision on his part, amounted to 50 per cent, annually on
his outlay. This being the case, it is easy to see how such enter-
prising traders as the Japanese can make this class of business
pay. They go up-country in the spring to bespeak their crops,
and in the autumn to take them away, thereby evading the local
taxes at the various barriers en route, and securing full payment
of what is due to them. In good years their profits must be con-
siderable, and even in bad ones their losses are trivial, as their
advances are nothing approaching the actual value of the crops
mortgaged to them. The yield on a Corean field in a good year
is certainly 100 per cent, of the value of the land. Of this the
farmer has to pay 20 per cent, in taxes and squeezes, leaving a
substantial balance for personal consumption...”
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“...by Japanese merchants to tap this Russian frontier trade
by running two small steamers under the Corean flag from
Wonsan to the coast ports between that place and the Turnen
River. There are two places called Pok-chon and Kilchoo,
besides olher smaller ports, at which these steamers call periodi-
cally, doing the round trip in from 5 to 7 days. They take
foreign piece-goods which are consigned by Japanese agents
stationed at. these places, and bring back hempen cloth, copper,
hides, &c., the value of the cargo amounting to between 10,000
dol. and 12,000 dol. (about 1,500/.) a trip.
Here, as at Fusan, is an indication of the importance of
opening up points of contact by developing inter-port trade.
It is to be regretted that the Chinese Government have not
yet carried out their project of opening out the port of Gaskevitch
close to the Tumen River. There seems to be little doubt
that the opening of this port would be a commercial gain
to Corea, and the political advantages to the Chinese...”
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