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Rh to believe that facilities will be given to its development. The Emperor has lately sanctioned the grant of one million yen from the Customs revenue for the provision of aids to navigation. Thirty-one lighthouses are to be built; the two

earliest being placed upon Roze and Round Islands off the entrance to the Han river, upon which Chemulpo lies. When this work is accomplished, the increase of shipping in the harbour is sure to create some sympathetic development in the resources of the country.

The net value for 1901 of the combined export and import direct foreign trade throughout the kingdom, exclusive of gold export, was more than twenty-three million (23,158,419) yen, the value of the gold export being a little in excess of four million (4,993,351) yen. The exchange rate of the Japanese yen is roughly two shillings and a half-penny, which gives the combined values of the total foreign trade as 2,873,827 pounds sterling. The trade of Chemulpo during this time was 11,131,060 yen,