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90 weapon by which unlimited concessions might be extorted. The manœuvre was not altogether successful. The Yunnan Syndicate, by the terms of the agreement, bound itself to lend the Korean Government five million yen in gold and silver bullion at 5½ per cent., the loan to be subject to a charge of 10 per cent. for commission, and to be repaid in instalments stretching over twenty-five years. In case the Korean Government were unable to repay the money out of the ordinary sources of revenue, the Customs revenue had been pledged as security. The agreement was signed by Pak, the Minister of Foreign Affairs, and Yi Yong-ik, the Minister of Finance, on the one hand, and by M. Cazalis, agent of the company, and M. Colin de Plancy, French Minister at Seoul, on the other. The document left many points open. It was particularly vague in that no date was fixed for the delivery of the gold and silver bullion at Chemulpo. It was therefore argued, with obvious reason, that the Syndicate might turn this oversight to account by simply refusing to deliver the money until certain concessions had been granted.

M. Cazalis, the agent of the Yunnan Syndicate, Limited, was indignant that he should find himself opposed both by Mr. Gubbins and Mr. McLeavy Brown, who, according to his view, followed the Japanese lead in suspecting Russian intrigue. There is no reason, however, to believe that the British chargé d'affaires based his objections upon any such grounds. The scheme of the Yunnan Syndicate was quite iniquitous enough to meet with opposition for primâ facie reasons. Here are the facts of the case as stated by the representative of the company. The Yunnan Syndicate, without consulting the Chief Commissioner of the Customs, the Japanese Minister, or the British Minister, secretly