as to limiting the number of notes in use. The denomination of the notes are 1 yen (2s. 0½d.), 5 yen (10s. 2½d.), 10 yen (£1 0s. 5d.), and on May 10th, 1902, there appeared the first issue of notes of 1 yen value. Those of 5 yen were put in circulation on September 20th following. The 10 yen notes were not issued until a later time.
On February 28th, 1903, the circulation of Dai Ichi Ginko notes and the reserves held for their redemption stood as follows:
| Amount. | |||
| Branch. | In circulation. | Reserves. | |
| Chemulpo | 18,927 | … | 18,927 |
| Fusan | 24,568 | … | 19,701 |
| Seoul | 1,894 | … | 1,894 |
| Mok-po | 14,406 | … | 12,250 |
| Total | 59,795 | … | 52,772 |
This action upon the part of the Dai Ichi Ginko gave rise to vehement opposition from the Korean Government. Although the issue of the notes was duly authorised by the Emperor, the Minister of Foreign Affairs persistently obstructed the circulation of the notes. Upon September 11th, 1902, an order was issued from the Foreign Office, upon the authority of the Acting Minister of Foreign Affairs, prohibiting the use of the notes by Koreans upon grounds which impugned the credit of the entire proceeding. This order was inspired, of course, by Yi Yong-ik, and when a few months later, on January 8th, 1903, Cho Pyōng-sik—then Foreign Minister—removed the prohibition, Yi Yong-ik at once contrived the dismissal of his too complaisant colleague. The Foreign Office was now without its Chancellor, and Yi Yong-ik immediately set himself to revoke the charter of the bank. After declaring that the Japanese
