The lecture of the afternoon was given to an audience of about six hundred, upon a topic selected by those who had extended the invitation. This topic was “The Necessity of an Improved Commercial Morality”; it was expected that the speaker would enforce and illustrate the thought by the situation at the present time in Korea, and by an appeal to Japanese patriotism to show their nation worthy of setting a good example, and capable of accomplishing the task of industrial development and political redemption in the land which was now so dependent upon Japan for its future. Mrs. Ladd also said a few words expressing her interest in what we had seen in the morning illustrating the education given to Japanese girls in Fusan, and also the hope that something similar might soon be possible for their Korean sisters. The heartiness with which these suggestions were received in this, the principal Japanese settlement of the Peninsula, shows that the better classes of settlers are honorably sensitive to the obligation to redeem the fair fame of their nation from the injury which it has received in the past at the hands of the inferior and baser elements of their own countrymen. That this determination was not beyond reasonable hope of speedy realization was made more evident to me by conversation with the agent of the Transportation Company operating between Shimonoseki and Fusan. A careful investigation of its records had revealed the fact that for some months past about 200 Japanese passengers were, on the average, daily coming into Korea, and only about 150 returning from Korea to Japan. Of the fifty who, presumably, remained as settlers, about one-half chose for their home either the city of Fusan or the surrounding country; the other half went by rail inland, chiefly to Seoul and Chemulpo. There had also been of late an obvious change in the character and intention of these immigrants. Formerly, they were largely young fellows of the type of adventurers; but now the old people, and the women and children, were coming with the men—an indication that their business was no temporary venture, but a purpose to remain and make homes for themselves. When it is understood that these figures are exclusive of the Japanese military and civil officials, they compare very closely with the results of the census taken just before our departure. On taking passage from Shimonoseki to Fusan we had noticed that the passengers which crowded and overflowed the second- and third-class cabin accommodations of the steamer appeared to be very decent folk. Many of them had brought along, not only their luggage, but also their agricultural implements and mechanic’s tools. But the subject of Japanese settlement in Korea, and its effect upon both countries concerned, is so important as to deserve further discussion of such statistics as are now available.