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152 tobacco, of cigarettes of three kinds. At the present time it possesses machinery capable of a daily output of one million cigarettes. In the days of its infancy, the company was reduced to a somewhat precarious existence—the early weeks of its career producing no returns whatsoever. Now, however, a brighter period has dawned, and an ultimate prosperity is not uncertain. Cash transactions, in the sales of the cigarettes manufactured by the company, began in July 1902, realising by the end of February 1903, £1515 sterling; to this must be added credit sales of £896 sterling—making a grand total for the first few months of its existence of £2411 sterling. A large staff of native workers is permanently employed.

Aside from this company and the mining corporation, British industrial activity is confined almost exclusively to the agency which Mr. Bennett so ably controls in Chemulpo, of which a branch is now established in the capital, and the Station Hotel which Mr. Emberley conducts at Seoul. Mr. Jordan, the British Minister in Korea, did request in June 1903, a concession for a gold mine five miles square in Hwang-hai Province. Apart from this, the apathy of the British merchant cannot be regarded as singular when business houses in London direct catalogues, intended for delivery at Chemulpo, to the British Vice-Consul, Korea, Africa. Nor, by the way, is Korea a part of China. Mr. Emberley has established a comfortable and very prosperous hotel in the capital, while at Chemulpo Mr. Bennett has opened out whatever British trade exists in Korea. British interests are safe enough in his hands, and if merchants will act in co-operation with him, it might still be possible to create good business, in spite of the competition and imitation of the Japanese. In this respect