No. 74.
Mr. Foote
to Mr. Frelinghuysen.
Seôul, Corea, April 29, 1884. (Received June 23.)
Sir: As an indication of the sluggishness of commerce in Corea I may mention that, exclusive of the Japanese and Chinese, only two foreign commercial houses, one American and the other British, have thus far made any attempt to establish agencies here. There is one notable cause for this, viz, there being no money other than copper cash, the traffic must necessarily be done by bartering one product for another; and our people either cannot successfully compete with the Japanese and Chinese, or they do not care to engage in this small business. It takes time to educate these people to their own necessities and to the superiority of foreign wares, and that pioneer work necessarily involves loss. I notice, however, small lots of coal-oil, foreign cotton goods, and other commodities on sale in the Corean shops. The export of Corean products will gradually stimulate the production and thus, with the means to purchase, the demand for foreign mer, chandise will increase.
I have, &c.,