This action upon the part of the Dai Ichi Ginko gave rise to vehement opposition from the Korean Government. Although the issue of the notes was duly authorised by the Emperor, the Minister of Foreign Affairs persistently obstructed the circulation of the notes. Upon September 11th, 1902, an order was issued from the Foreign Office, upon the authority of the Acting Minister of Foreign Affairs, prohibiting the use of the notes by Koreans upon grounds which impugned the credit of the entire proceeding. This order was inspired, of course, by Yi Yong-ik, and when a few months later, on January 8th, 1903, Cho Pyöng-sik—then Foreign Minister—removed the prohibition, Yi Yong-ik at once contrived the dismissal of his too complaisant colleague. The Foreign Office was now without its Chancellor, and Yi Yong-ik immediately set himself to revoke the charter of the bank. After declaring that the Japanese paper-money would be the ruin of the country and alleging that the compensation claims against the Seoul-Fusan Railway Company were purposely paid in those notes with a view to an ultimate declaration of bankruptcy upon behalf of the bank, Yi Yong-ik summoned on January 24th a meeting of the Pedlar’s Guild, at which he forbade their acceptance of this paper-money. A few days later, February 1st, the Mayor of Seoul posted an edict throughout the city giving effect to this prohibition and, at the same time, threatening with most severe penalties any one who used the notes or in any way assisted to circulate them. The Finance Department then circulated the edict throughout the provinces, whereupon an immediate run upon the bank ensued. Three days later, upon February 4th, the Acting Japanese Minister threatened the Government with the demand of an indemnity and a number of mining and railway concessions in compensation for the injury occasioned the bank, unless the obnoxious measure was withdrawn. After considerable discussion and various meetings, the Korean authorities agreed to withdraw all obstruction and to publish throughout the Empire their recognition of the existence of the bank. From that day the validity of the position of the Dai Ichi Ginko has been unquestioned.