KOREA, BANK OF. This bank (Chosen Ginko) was founded in 1909 as a dejure central institution capitalized at 0,000,000 yen (it,000,000). The first banking systems were introduced into Korea in 1901 when the Dai Ichi Ginko of Tokyo established a branch office at Fusan. As Japanese residents spread over the country other banks followed suit and on its founda tion in 1909 the Bank of Korea took over all the functions be longing to a central bank hitherto performed by the Dai Ichi Ginko. The activities of the bank of Chosen soon spread beyond the confines of the peninsula; branches were opened in Manchuria (where it enjoyed free circulation of its notes), in North China and East Siberia. More business is done by the bank in these areas than in Korea proper. In 1918, stimulated by the steady expansion of its business, the bank increased its capital to 40, 000,000 yen, and in 192o a further increase brought it up to Y8o,000,000. In 1918 many local banks (with a united capital of Y2,600,000) merged themselves in the Bank of Chosen under special government protection with a capital of Yio,000,000 which has since been trebled. The bank, according to the Government
policy has also made loans to China and has opened an agency in New York and sent representatives to London with a view to facilitating exchange operations and utilizing the foreign money market in the interests of Korea and Manchuria. The volume of business and its increase in 15 years may be judged from the following figures; Capital subscribed (191o) Yio,000,000, (1925) Y8o,000,000: Capital paid up Ow o) Y1 o,000,000, (1925) Y5o, 000,000 ; Government shares ( 191o) Y3,000,000, (1925) Y3,000, 000; Reserve Fund (Iwo) Y366,000, (1925) Y7,o24,000 ; De posits (1910) Y18,355,000, (1925) Y217,597,000. The head quarters of the Bank are in Keijo, the capital, and there are branches in all the more important cities of Japan, Chosen, Manchuria and China. (H. SA.)