CENTRE FOR ECONOMIC HISTORY THE AUSTRALIAN NATIONAL UNIVERSITY DISCUSSION PAPER SERIES FINANCIAL INTERMEDIATION AND LATE DEVELOPMENT IN MEIJI JAPAN, 1868 TO 1912 JOHN TANG THE AUSTRALIAN NATIONAL UNIVERSITY DISCUSSION PAPER NO. 2013-04 MARCH 2013 THE AUSTRALIAN NATIONAL UNIVERSITY ACTON ACT 0200 AUSTRALIA T 61 2 6125 3590 F 61 2 6125 5124 E [email protected] http://rse.anu.edu.au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