There is little wonder, therefore, that the currency question is engaging the earnest attention of the foreign representatives. Awakening at last to some sense of its responsibilities in this matter, the Japanese Government issued, on November 7th, 1902, an Imperial ordinance, which came into force on the 15th, with a view to deterring Japanese from making spurious coins or despatching such nickels of Japanese manufacture to Korea. The punishment to which offenders against the ordinance are liable is imprisonment for a period not exceeding one year or a fine of not more than 200 yen (£20 8_s._ 4_d._). This enactment gave the Japanese customs officers power to prevent the counterfeit coins from being shipped abroad, and enabled the Korean customs authorities to institute proceedings against Japanese found guilty of importing nickels of this description. From January 22nd, 1902, when the first seizure of the year took place, until the close of December, 3,573,138 pieces (coins and blanks), the total face value being £18,191, were confiscated by the Chemulpo customs officers. The largest quantity taken at one time was 739,000 pieces, face value £3772, detected on August 19th aboard a Korean junk, the second largest haul was made on September 8th in a cargo-boat, and consisted of 530,090 pieces, with a face value of £2512. With a view to provide a remedy against the deplorable condition of the Korean currency, a Japanese Bank, Dai Ichi Ginko (No. I. Bank), which is under direction of Baron Shibusawa, decided, with the support of the Japanese Government, to undertake the issue of notes by which a promise was made to pay the bearer on demand in Japanese currency at any of its branches in Korea. The Dai Ichi Ginko possesses branches at all the larger Treaty ports, as well as in Seoul, and is, perhaps, the most important commercial agent in the country. The Japanese Consular officers are authorised to supervise the issue and to receive statements of the circulation and reserves twice a month. They are also entrusted with certain discretionary powers as to limiting the number of notes in use. The denomination of the notes are 1 yen (2_s._ 0½_d._), 5 yen (10_s._ 2½_d._), 10 yen (£1 0_s._ 5_d._), and on May 10th, 1902, there appeared the first issue of notes of 1 yen value. Those of 5 yen were put in circulation on September 20th following. The 10 yen notes were not issued until a later time. On February 28th, 1903, the circulation of Dai Ichi Ginko notes and the reserves held for their redemption stood as follows: Amount. Branch. In circulation. Reserves. Chemulpo 18,927 18,927 Fusan 24,568 19,701 Seoul 1,894 1,894 Mok-po 14,406 12,250 ------ ------ Total 59,795 52,772