The resources of the Korean peninsula have never been systematically developed; indeed, until a very recent date no intelligent attempt has ever been made to determine what they actually are. The Korean Government has usually been content with such an adjustment of “squeezes” as seemed best to meet the exigencies of the times—administered according to the temperament and interests of the local magistracy. At intervals, however, the Court officials have carried their more erratic and incalculable method of extortion and of plundering the people rather widely into effect. Then those of their number who chanced to be His Majesty’s favorites of the hour have enjoyed most of the surplus; the people have submitted to, or savagely and desperately revolted against, the inevitable; but the country at large has continued poor at all times, and has frequently been devastated by famine. As to the exploiting of Korea’s resources by foreign capital, the facts have been quite uniformly these: a combination of adventurers from abroad with Koreans who either possessed themselves, or through others could obtain “influence” at Court has been effected; sometimes, but by no means always, the Emperor’s privy purse has profited temporarily; but the main part of the proceeds has been divided among the native and foreign promoters. Of late years, some of the “concessions” have been almost, or quite, given away in the hope of thus obtaining foreign interference or sympathy. In only rare instances has the national wealth been greatly increased in this way, or even the treasury of the Government been made much the richer. It is plain, then, that if the Japanese Protectorate is to be made really effective for the industrial uplift and development of the Korean people, as well as capable of rewarding Japan for its expenditure in substantial ways, the resources of the country must be intelligently explored and systematically developed. Here is where the work of reform must begin. In intimate relations with this work stands, of course, the establishment of a sound and stable currency. For the financial condition of Korea up to very recent times was as disgraceful as its industrial condition was deplorable. To this important task of developing the resources of Korea and reforming its finances, Marquis Ito, as Resident-General, and Mr. Megata, as Financial Adviser, have devoted themselves with a patience, self-sacrifice, and skill, which ought ultimately to overcome the tremendous difficulties involved.