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trade returns for 1900 exceeded every previous year. During the period covered by the Boxer disturbances, however, the Korean exports to China decreased, and the importation of foreign goods likewise fell off. The stimulus given to the cereal trade, by the interruption of the Manchurian export bean trade from Niu-chwang, and by the demand for food-supplies for the troops in China, more than counterbalanced this temporary decline in direct native exports and direct foreign imports. Cotton goods, however, show an increase of £14,297 over the figures of previous years; but there is a specific falling off in imports of British manufacture and origin, and a specific advance m the more important lines of Japanese goods. I append a small table revealing the comparative prosperity of British and Japanese trade at this date:

In time, the markets of Japan will produce everything