being an increase of nearly one million yen upon the trade returns of the last three years. The exports were gold, rice, beans, timber and hides; the imports comprised American and Japanese goods for the most part, and a small and decreasing trade with England. The total foreign imports reached a value of 5,573,398 yen, and the total exports were 4,311,401 yen. The returns for the year following, 1902, were, in brief: exports, £269,747; imports, £814,470. Foreign interests in the total trade passing through Chemulpo, in comparison with those since 1891, show a great and steady advance. The total revenue for 1891 was a little less than 300,000 yen, and in the year 1900 this sum had advanced to more than 550,000 yen, the increase in the general prosperity during these years correspondingly affecting the total revenue of the kingdom.
Compared with 1901 there was a falling-off in the total trade of the country for the year 1902. In 1902 the entire foreign trade amounted to £2,745,346 sterling, which was composed as follows:
| Imports. | Exports. | Exports of Gold. | ||
| £ | £ | £ | ||
| 1,382,351 | ... | 846,034 | ... | 516,961 |
The balance of trade was against Korea, therefore, to the extent of only £16,356 sterling, whereas the average excess of imports over exports for the past five years was £107,309. Only in 1900 were the exports greater than the imports. The average of trade for the past five years was £2,370,075 sterling, a return which in reality credits the year 1902 with £378,271 more than the average. As a matter of fact, the month of December 1902 showed a larger volume of trade and more duty collected at Chemulpo than ever before. Specifically, in comparison with the pre-
