Note 47 — INTRODUCTORY

Actual work was begun in August, 1901, but Japan’s want of capital was such that by the first of December, 1903, only thirty-one miles from both ends had been built. In view of the immense economic and strategic importance of the line, the Japanese Government, which had for a certain period of time guaranteed 6 per cent. annual interest on 25,000,000 yen, which was fixed as the minimum capital of the company, now further promoted its work by liberal measures, so as to make it possible for the company to complete the line before the end of the present year. Both the Korean and Japanese Imperial Houses own shares of the company.