This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1908 Excerpt: ...supevision. It is the intention of the Government to establish similar warehouses wherever necessity arises. (c). The Seoul Co-operative Warehouse Company. When the Government Provineial Ware-houses first began business in 1905, the Finanee Department issued regulations for Co-operative Warehouse Companies, in order to ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1908 Excerpt: ...supevision. It is the intention of the Government to establish similar warehouses wherever necessity arises. (c). The Seoul Co-operative Warehouse Company. When the Government Provineial Ware-houses first began business in 1905, the Finanee Department issued regulations for Co-operative Warehouse Companies, in order to eneourage the establishment of subsidized private warehouses under Government supervision. In accordanee with these regulations, the Seoul Co-operative Warehouse Company was established in December, 1905, with a capital of 250,000 yen, of which 100,000 yen was in the form of a subsidy from the Government. When the business of the Company was inereased a further subsidy of 30,000 yen was granted, to enable it to establish branehes in Chemulpho and two other places, and, at the same time, it opened bonding warehouses in Seoul and Chemulpho. The amount of the loans transacted by this Company reached 1,210,753 yen at the end of December 1907, of which 237,263 yen was still out-standing. 32. Note Associations. In quite early times, Korean merchants began to issue promissory notes of a rudimentary form as a medium of exchange. They were called "Oum-pho." The note was a piece of paper, about one ineh broad and several inehes long, on which were written the sum, the date of payment and the name of the payer and payee with their seals. This paper being then torn down its length, one half was given to each party, and the debtor was obliged to pay the amount at due date whenever the missing half of the note was presented. Therefore, notes issued by a creditable party passed from hand to hand as curreney. The great simplicity of such a form of negotiable instrument, untrammelled by any regulations, led in time to abuse. Indiseriminate issue of ...
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