----------------+-----------+----------+--------+-----------+----------- Name of Loan | Date of | Amount |Interest| Term | Date of | Issue | | |Outstanding| Redemption ----------------+-----------+----------+--------+-----------+----------- Treasury Bonds |June, 1905|$2,000,000| 7 %| 3 years |June, 1910 | | | | | Currency | | | | | Adjustment | ” 1905| 3,000,000| 6 %| 6 ” |June, 1915 | | | | | For Increased | | | | | Circulation |Dec., 1905| 1,500,000| 6 %| 6 ” |Dec., 1912 | | | | | New Enterprises |March, 1906| 5,000,000| 6½ %| 5 ” |March, 1916 | | | | | ----------------+-----------+----------+--------+-----------+----------- This debt, while insignificant as compared with that of civilized nations generally, is by no means so when compared with the poverty of Korea. And it will doubtless be largely increased in the near future by the necessity of putting into operation many imperative reforms and improvements of the existing material condition of the country. The possibility, however, of a rapid development of the resources and increase of revenue is also great. To take a single item: while the amount estimated from Port Duties for the year ending December 31, 1906, was only 850,000 _yen_, the actual income was 2,434,118 _yen_. Some reduction in the items allowed for expenditure is also possible—for example, that of the Imperial Household, and for the Military (a reduction already accomplished). Under a just administration, with a revision of the system of taxation, the resources and the revenue can probably be doubled in a few years, and at the same time the material welfare of the people improved. With the policy of the present Resident-General continued in force, the prospect is therefore by no means without dominant elements of hope for Korea’s future. CHAPTER XIV EDUCATION AND THE PUBLIC JUSTICE