So radical a change in the currency of the country could not be accomplished without working hardship in certain directions. But those who have carefully examined the existing condition of Korean finances and the working in detail of the plans for reform find reason for praising the prudence and skill of Mr. Megata’s way of accomplishing a most difficult task. The details are to be found, carefully worked out and tabulated, in the official reports. It is enough for us to recognize the enormous change for the better which has taken place during the past two years in the financial condition of the peninsula, and in all the foreign financial relations to Korean business affairs; and, at the same time, to reply with a brief, categorical denial to certain criticisms from unfriendly and prejudiced sources. As to the latter point, “it is untrue,” says a trustworthy informant, “that any Korean capitalists came forward with a _bona fide_ offer of a loan at a lower rate of interest than that procured by the Japanese Government for the retirement of the old nickel coinage. The only plan of the kind which was ever mooted had in view the borrowing of foreign capital, not Japanese. A great deal was said, _after the fact_, about the readiness of these capitalists to intervene; but Mr. Megata was never given an opportunity to avail himself of their alleged willingness to advance the funds until it was too late. Mr. Megata’s first object was, of course, to obtain the money as cheaply as possible. It was not until he had looked the situation over very carefully, and had made enquiries concerning the possibility of making better arrangements with foreign capitalists that he finally concluded the arrangement with the Dai Ichi Ginko.”