The position which Great Britain fills in Korea is destitute of any great commercial or political significance. Unintelligible inaction characterises British policy there—as elsewhere. Our sole concession is one of very doubtful value, relating to a gold mine at Eun-san. In the latter part of 1900 a company was formed in London, under the style of the British and Korean Corporation, to acquire the Pritchard Morgan Mining Concession from the original syndicate. In the spring of 1901 Mr. E. T. McCarthy took possession of the property on behalf of the new owners. Mr. McCarthy had had considerable experience as a mine manager. The most careful management was necessary to the success of this concern. The expenses of working were extraordinarily heavy, as, owing to the absence of fuel, coal had to be imported from Japan. A coal seam had been located upon the concession, but nothing was then known as to its suitability for steam purposes. It is impossible to consider the undertaking very seriously. All surface work was stopped during my residence in Korea, the operations for the past few months having been confined to underground development and prospecting. There was talk of the instalment of a mill. A vein of pyrrhotine, carrying copper for a width of 13 ft., was regarded with some interest, but in the absence of machinery nothing of much consequence could be done. Another concern, Anglo-Chinese in its formation, is the Oriental Cigarette and Tobacco Company, Limited. The capital of this venture is registered from Hong-Kong. Since May 1902, the company has been engaged at Chemulpo in the manufacture, from Richmond and Korean tobacco, of cigarettes of three kinds. At the present time it possesses machinery capable of a daily output of one million cigarettes. In the days of its infancy, the company was reduced to a somewhat precarious existence—the early weeks of its career producing no returns whatsoever. Now, however, a brighter period has dawned, and an ultimate prosperity is not uncertain. Cash transactions, in the sales of the cigarettes manufactured by the company, began in July 1902, realising by the end of February 1903, £1515 sterling; to this must be added credit sales of £896 sterling—making a grand total for the first few months of its existence of £2411 sterling. A large staff of native workers is permanently employed.