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Rh into force on the 15th, with a view to deterring Japanese from making spurious coins or despatching such nickels of Japanese manufacture to Korea. The punishment to which offenders against the ordinance are liable is imprisonment for a period not exceeding one year or a fine of not more than 200 yen (£20 8s. 41d.). This enactment gave the Japanese customs officers power to prevent the counterfeit coins from being shipped abroad, and enabled the Korean customs authorities to institute proceedings against Japanese found guilty of importing nickels of this description. From January 22nd, 1902, when the first seizure of the year took place, until the close of December, 3,573,138 pieces (coins and blanks), the total face value being £18,191, were confiscated by the Chemulpo customs officers. The largest quantity taken at one time was 739,000 pieces, face value £3772, detected on August 19th aboard a Korean junk, the second largest haul was made on September 8th in a cargo-boat, and consisted of 530,090 pieces, with a face value of £2512.

With a view to provide a remedy against the deplorable condition of the Korean currency, a Japanese Bank, Dai Ichi Ginko (No. I. Bank), which is under direction of Baron Shibusawa, decided, with the support of the Japanese Government, to undertake the issue of notes by which a promise was made to pay the bearer on demand in Japanese currency at any of its branches in Korea. The Dai Ichi Ginko possesses branches at all the larger Treaty ports, as well as in Seoul, and is, perhaps, the most important commercial agent in the country. The Japanese Consular officers are authorised to supervise the issue and to receive statements of the circulation and reserves twice a month. They are also entrusted with certain discretionary powers