INTERIOR COI.ONIZATIOX IN KOREA 77 



date. The reductiou followed on the elimination of undesirable members. 

 At the end of 1914 the capital advanced by the government was 2,265,000 

 yen ; that contributed b}- members 694,300 yen ; the reserve funds amounted 

 to 491,289 yen (396,331 yen at the end of 1913) ; the balance of deposits to 

 108,521 yen ; the balance of loans to 2,148,278 yen ; the profits to 43,433 

 yen (91,684 yen in 1913) ; the amount of joint purchases to 96,967 yen 

 (89,917 5'en in 1913) ; that of consignment sales to 563,532 yen (889,402 

 3^en in 1913); and the number of warehouses lent to the government to 195. 



A Japanese manager of each association is appointed and paid by the 

 government. 



The new regulations recognized the limited libility of the associations 

 and imposed upon each member the obligation of strengthening the capital 

 fund to the extent of ten yen a share ; and, in order to encourage thrift in 

 members, they authorized the associations to receive their deposits. The 

 membership, hitherto limited to Korean farmers, was opened to Japanese 

 farmers. 



c) The Activity of the Oriental Dei elopment Company. — This company 

 engages under government protection in agricultural and industrial un- 

 dertakings. It invites skilled farmers, selected by itself, to immigrate 

 and supplies them. with necessary funds; and thus it participates in the de- 

 velopment of the natural resources of the peninsula. The company's ca- 

 pital being 10,000,000 yen. State lands — which measured 10,037.8 cho (i) 

 — were transferred to it in payment for 60,000 shares valued at 3,000,000 yen 

 taken up by the government. These lands, added to those bought, reclaim- 

 ed or otherwise acquired by the company, made its total landed property 

 at the end of 1914 measure 70,143 cho — 46,642 cho of paddy land, 18,753 

 cho of upland, 2,264 cho of forests and 2,482 cho of other land. The rents 

 of this property amounted to more than 1,600,000 yen in 1914. 



Up to the end of 1914 the company brought 2,659 immigrant famiUes 

 into Korea and rented to them altogether 4,733 cho of cultivated land. The 

 government granted 300,000 yen annually to the company for its engage- 

 ment of Japanese immigrants. 



A main branch of its activity is the supply of the funds needed for ex- 

 ploitation by settlers, farmers and others. In the fiscal year 1914 (i April 

 1914 to 31 March 1915) the total amount lent to farmers and others was 

 7,570,000 yen, which was more by 1,360,000 yen than that lent in the pre- 

 vious year. Of the total loans 3,220,000 yen were lent for agricultural 

 purposes, 1,540,000 yen for pubhc enterprises, 2,300,000 yen for debentures 

 issued by several Agricultural and Industrial Banks, and 500,000 yen for 

 other purposes. 



The following table shows the position of the company in 1913 and 1914 : 



(i) I cho = 2.44959. 



