From Feudal Lords to Noblemen
investments by the former daimyo in Meiji Japan
Takeshi ABE
Izumi SHIRAI
Takenobu YUKI
Abstract
The purpose of this paper is to consider the business activities, especially the
investments, of the Japanese noblemen class in the Meiji period (1868-1912).
Since the ancient era, there had been the traditional peerage, which was related to
Tenno, in Japan. However, the modern noblemen were rather newly created after the
Meiji Restoration, and were classified into three groups: 1) the traditional Kugyo, who
served Japanese emperor, Tenno. 2) the former daimyo, a sort of feudal lords in
Tokugawa period (1603-1868), who ruled over vast lands consigned by Tokugawa
shogun, and 3) the upstarts, who achieved prominent performances after the Meiji
Restoration in such various fields as politics, public administration, business, and
academic research, and so on. This paper focuses on the second category, the former
daimyo.
We would like to consider such activities of them as the establishment and
management of modern business enterprises, the equity investment, and the relation to
the local society around their former domains (han).
Key words: daimyo; kazoku (peer, noblemen); Meiji period; the Fifteenth Bank; Japan
Railway Company; investment; share (stock, equity); retainer; han; Tsugaru
Tsuguakira.
Word Count: 10,507
ABE: Osaka University in Osaka ([email protected])
/ Kokushikan University in Tokyo ([email protected]), Japan.
SHIRAI: Japan Business History Institute in Tokyo, Japan([email protected]).
YUKI: Tohoku University in Sendai, Japan([email protected]).
1
From Feudal Lords to N oblem en: investm ents by the form er daim yo in
M eiji Japan
Takeshi ABE, Izumi SHIRAI & Takenobu YUKI
Introduction
The purpose of this paper is to consider the business activities, especially the
investments, of the Japanese noblemen class in the Meiji period (1868-1912). Since the
ancient era, there had been the traditional peerage, which was related to Tenno.
However, the modern noblemen class was rather newly created after the Meiji
Restoration. The members of the peerage in modern Japan was classified into three
groups: 1) the traditional upper class Kugyo, who immediately served the emperor,
Tenno, 2) the former daimyo, a sort of feudal lords, who used to rule over vast lands
consigned by the Tokugawa family, 3) New peers (shin-kazoku), who achieved
prominent performance in such various field of politics, public administration, business,
academic research, and so on. Incidentally, the above first and second categories were
generically called the old peers (kyu-kazoku), whose ranks were evaluated the volume of
rice annually yielded from their fued.1 This paper focuses on the second category, the
former daimyo class. The first category, Kugyo, were economically inferior to the former
feudal lords. As for karoku (salary of a family) of one hundred forty-two Kugyo families,
maximum was 1,470 koku of the Konoe family, while minimum was 177 koku. And the
average was 322.4 koku. On the other hand, about eight hundred twenty four former
feudal lords, maximum was 63,688 koku of Maeda Yoshiyasu, while minimum was 162
koku. And the average was 3,257.5 koku (Kasumi Kaikan Shoke Shiryo Chosa Iinkai
(ed.) 1985). Therefore, Kugyo was not so rich, and therefore, generally inactive in
business. And a businessman in the shin-kazoku was not inborn nobleman.
There are not so many academic achievements about the economic and business
history of the peerage in the Meiji Japan, in which two articles written by Senda (1986)
and Imuta (1989) are excellent surveys on the subject matter. Further, some good case
studies can be found as follows: (1) the Tsuchiya family in Tsuchiura of Ibaragi Pref.
(Senda 1989), (2) the Tokugawa family in Owari of Aichi Pref. (Matsudaira 1976), (3)
the Ikeda Family in Okayama (Morita 2004), (4) the Kikkawa family in Iwakuni of
Yamaguchi Pref. (Miura 2015), (5) the Hachisuka family in Tokushima Pref. (Hatade
1963: Fraser 1989), (6) the Tachibana family in Yanagawa of Fukuoka Pref.(Uchiyama
2
2015), (7) the Nabeshima family in Saga Pref. (Matsuo 1968), (8) the Hosokawa family
in Kumamoto Prefecture (Senda 1987) and (9) the Shimazu family in Kagoshima Pref.
(Terao 2015). As for these former feudal lords, most of whom were proud of huge
properties, see Table 1.
The above monographs can be summarized as follows: First, many families
accumulated lands newly in the Meiji era. For example, (4) Hachisuka and (8)
Hosokawa got vast lands respectively in Hokkaido and in Kumamoto. Second, almost all
the families invested in securities, particularly shares, which issued by the emerging
companies during the early stage of industrialization after the mid-1880s. Finally,
financial supports to the businesses conducted by the ex-retainers were found, which
was particularly scrutinized Uchiyama (2015). In this paper the authors will argue
about the second and third topics.
1
Kazoku in Meiji Japan
In the pre-modern Japan the peerage had already existed as in many countries, who
were the above-mentioned Kugyo. However, after the establishment of political
governance of samurai (warrior) class in Kamakura regime (1185-1333), most of Kugyo
and even Tenno had been kept away from powers, and lived rather poorly and quietly,
while samurai class, whose status were formally much lower than Kugyo, politically
continued to rule over Japan. Such a situation drastically changed in the Meiji
Restoration around 1868; the Tokugawa regime collapsed and the samurai class started
declining, on the other hand the newly established Meiji government let Tenno be the
supreme authority instead of the Tokugawa shogun, and, therefore, Kugyo’s social
status remarkably rose.
In July 1869 hanseki hokan, the return of the land and people from daimyo to
Tenno, was implemented. A former daimyo was afresh nominated chihanji or hanchiji, a
governor of his old han (domain), where he used to be a ruler, and was guaranteed not
only ten percent of the annual tax revenue in the han (a former feudal domain) as
karoku (salary for family), but also shotenroku (additional salary which was newly set
up as the contribution to the civil war in 1868-69). Most of the daimyo were saved by the
above new salaries, and in the whole came to be rather richer than before (Matsudaira
1976), while, the ordinary ex-samurai, the retainers of former daimyo, often drastically
let their karoku, cut, and became poorer during the turmoil of the Meiji restoration, as
Table 2 shows.
3
Simultaneously in the same month, a new peerage class, kazoku, was created by
the Meiji government, and not only Kugyo but the former daimyo joined the members of
kazoku. On the other hand, the ordinary samurai was incorporated into also newly
established shizoku (ex-samurai) class.
After haihan chiken, the establishment of prefectures in place of han in August 1871,
the Meiji government inherited not only lands but people and debts from every han. The
salary of the ex-samurai was also succeeded to the new government, which was
drastically discounted by the government, as mentioned above. Nevertheless, the
payment of their salary came to oppress the governmental budget. For example, around
1876 its ratio in the general account budget occupied thirty six percent. Therefore, the
government intended to further reduce the payment for the ex-samurai. In November
1873 the tax on karoku was created and in the following month the rules on returning
the right of receiving salary to the government, karoku hokan kisoku, was promulgated.
By this ordinance an applicant could get six years’ salary if he had the hereditary salary,
or four years’ one if he had his lifetime salary. In both cases half of the salary was paid
in cash, and a governmental bond, chitsuroku kosai, with interest rate of eight percent
was issued for the rest. This policy was conducted formally in order to let the
ex-samurai class move into agriculture, industry and commerce.
Even after 1873 when the land tax reform (chiso kaisei) was done, rice was handed
to the ex-samurai as salary. However, in 1875 cash salary (kinroku ) on an average price
of karoku for three years became a new way for paying wage. In 1876 the government
promulgated kinroku kosai shosho hakko jorei, which stipulated that to pay cash salary
to the ex-samurai class would be abolished (chitsuroku shobun), and huge governmental
bonds (kinroku kosai) would be newly issued to make up for it from 1877. The fund for
the bonds was borrowed by the Western people. Thereafter, most of the ex-samurai
became much poorer; the lower class received only one third of minimum daily wage of a
construction worker in Tokyo, and about ninety percent of the ex-samurai in Tottori
Prefecture had already sold their bonds out by 1882. Although the government
promoted to make job market for ex-samurai such as a soldier for defense and
development of Hokkaido (tondenhei), it was so difficult to prevent them from declining,
and the riots of ex-samurai against the Meiji government often broke out: e.g., in 1874
at Saga, in 1876 at Kumamoto, Akizuki and Hagi, and in 1977 in the wide areas in
Kyushu (Seinan senso). On the contrary, many former feudal lords could get huge
amount of bonds, which they could not freely sell , as will be explained later.
In 1884 the ordinance on peers, kazoku-rei, was promulgated, which established a
new peerage system; all the Japanese noblemen were classified into five ranks and
4
titles such as prince (koshaku), marquis (koshaku) 2 , count (hakushaku), viscount
(shishaku) and baron (danshaku). Adding to the traditional old peers (kyu kazoku), the
new peers (shin-kazoku) was created. The latter included the following groups; one was
the famous priests of Buddhism and Shinto, and another was various private citizens
who achieved prominent performances after the Meiji Restoration in various fields such
as politics, public administration, business, academic research, and so on. And they
were not inborn noblemen. Among new peers such businessmen are found as Iwasaki
Hisaya and Iwasaki Yanosuke of Mitsubishi zaibatsu (both ennobled in 1896. The same
hereinafter.), Shibusawa Eiichi, a great organizer of Japanese businesses (1900),
Konoike Zen’emon (1911), Kondo Renpei, President of Nippon Yusen Kaisha included in
Mitsubishi zaibatsu (1911), Sumitomo Kichizaemon of Sumitomo zaibatsu (1911),
Fujuta Denzaburo of Fujita zaibatsu (1911), Mitsui Hachirojiro of Mitsui zaibatsu
(1911), most of whom were known as heads of zaibatsu family, and were nominated
barons after the Sino-Japanese War (1894-95)(Otabe 2006: 322-360). The government’
political purpose after the change at October 1881 (Meiji 14 Nen no Seihen) apparently
became to establish the Prussian-style strong army and rich nation ruled by the grand
emperor, Meiji Tenno, against Free Civil Right Movement (Jiyu-Minken Undo) since
1874, and the reorganized peer class came to be expected to help and well protect Tenno
and his family. After the promulgation of Meiji Constitution in February 1889, two
Houses were founded, the House of Commons and the House of Peers. While the
thirty-year-old princes and marquises automatically became the members of the latter,
the representatives of the rest three lower classes were elected by mutual vote. It is
important that kazoku were deemed as the escorts of the royal family (koshitsu no
hanpei), and were obliged to restrain speculative activities.
Daimyo, ruled over wide lands in Tokugawa period, but never owned them; The
power of former feudal lords was confined by the Tokugawa bakufu, which often let
daimyo move to another han. Daimyo did finally lose their ruling power over the lands
in the abolishment han in 1871. Thereafter, some of them individually invested into a
land of the former han as modern real estate. For example, the Hosokowa family had
the land over one thousand and two hundreds hectares in Kumamoto Prefecture in 1900
(Goto 1988: 83). Also the Nabeshima family had that over one thousand hectares in
Saga Pref. after the Meiji Restoration, but later sold it, and purchased eight hundred
hectares in Chiba Pref. In Hokkaido, which was newly developed after the Meiji
Restoration, some daimyo often invested into the lands. Among them, the Hachisuka
family owned over four thousand hectares in 1918 (Senda 1986: 26-27: Hatade 1963).
Nevertheless, not all the peers had lands, and the European-type peers with vast lands
5
seemed rare in modern Japan.
2
Famous Business Activities of Japanese Former Daimyo
(1)
Bank3
Modern banks in Japan started at the promulgation of the national bank ordinance in
1872, which gave a fast format for establishing a national bank. Although the original
ordinance requested the promotors to prepare enough specie, the issued banknotes were
soon converted into specie, and only four national banks were founded. However, the
ordinance was revised in August 1876; specie reserve came to be unnecessary, and the
government bonds for monetary salary, which was decided to issue at the same time,
was admitted as means of establishing a national bank. Thereafter, the national banks
emerged all over Japan until 1879 when the One Hundred Fifty-Third National Bank
was founded in Kyoto (Kato 1957).
Also the Fifteenth National Bank (FNB) was established in 1877 on the above
revised ordinance. However, the bank was an extraordinary national bank.
When the ordinance on government bonds for the ex-samurai’s salary was
promulgated in August 1876, Iwakura Tomomi, one of the most powerful politicians,
immediately predicted the economic difficulties of the peers; They came to accept
interest got from newly issued bonds, the total sum of which was estimated to be only
thirty per cent of their previous annual salary.
It was Vice Minister of the Ministry of Finance Matsukata Masayoshi who created
the idea that the government should let the peers establish a national bank (i.e., the
peers bank) based on their bonds in order to conquer the critical situation. Iwakura
seemed to object to it at first, but finally accepted it. The peers rejected to found such a
bank as a whole. Nevertheless, as will be shown later, the major members of peers
endeavored to buy the national railway between Tokyo and Yokohama operated from
1872 by their Tokyo Railway Association, and therefore, the peer class agreed to the
railway business. Utilizing this situation, Iwakura added investment into railway to the
object of FNB. Iwakura further hoped to transform the bank into a railway company at
the time when all of the governmental bonds for the peers’ salary were redeemed.
Adding to that, the construction of the railway between Tokyo and Yokohama, and the
issue of the above government bonds had brought about the foreign loans: The Meiji
government had issued the British loan of a million pounds in 1870 (nine per cent
interest rate: the redemption period of ten years inclusive of three years grace period)
6
and the British loan of two millions and forty thousand pounds in 1873 (seven per cent
interest rate: the redemption period of twenty five years), respectively. But it was very
difficult for the Japanese government to pay even interest annually. Iwakura aimed to
redeem these loans through FNB. Thus, the bank had three missions: first to protect
the peers’ properties, second to invest into the railway industry, and finally to
contribute to redemption of foreign loans.
Iwakura ordered the whole members of the peer class to deposit all of their bonds
for salary to FNB, the shareholders of which were limited to the peers. Though only two
members, Hachisuka Mochiaki and Nabeshima Naohiro, rejected Iwakura’s command,
the rest obeyed him. Therefore, FNB was very huge; Its capital at the establishment
was 17, 826 yen, which was equivalent to forty seven per cent the total sum of all the
national banks (Tohara 1963: 153).
However, in 1877, the established year of the FNB, the Satsuma Rebellion broke
out in February. The total costs of the Meiji government on the Satsuma Rebellion
(Seinan senso) was forty million and two thousand yen, when the national budget was
about fifty million yen. As the government needed much more money to conquer the
enemy under such a severe financial situation, it ordered the bank to lend the newly
printed banknotes of fifteen million yen (eighty four per cent of the above capital) with
the interest rate of five per cent to the Ministry of Finance in March before the opening
of the bank in May (Nihon Ginko 1986).
After the war ended in September 1877, the government continued to depend on the
loan from FNB for several years. As most of the peers’ bonds were absorbed by the state,
it became difficult for the bank to support Tokyo Railway Association; The bank could
not supply enough fund to the association, which had to be dismissed in March 1878.
It would be easy for the peers to manage FNB, which did not need to collect deposits,
and for which the government was a safe and rich customer. Therefore, such peers as
Mori Motonori, Ikeda Akimasa and Asano Nagakoto (see Table 1) could be at the top
management. But they are conservative, and their organizational capabilities were
never strengthened at their posts.
Let us see Table 3 to understand the activities of FNB from the early days to 1897
when it transformed into a normal bank according to the new national bank ordinance
revised in 1883. The size of capital was constant during all the periods. The capital
occupied nearly fifty per cent as well as the issued banknotes in capital and liabilities in
1882. Although the shareholders of this bank had been limited only to the peers at first,
the common people gradually joined them after 1891 because the peers came to trade
the share of FNB (Ishikawa 1976: 126-30).
7
Although the issued banknote increased till 1882, it apparently decreased
thereafter, and vanished by 1897. This process reflected the inconvertible-note
redemption by the Financial Minister Matsukata Masayoshi. On the other hand,
reserve prominently continued, which attained at forty one per cent in 1897 because of
the development of the bank. However, both of current deposit and fixed deposit were
negligible in the whole, though the latter steadily increased. As for assets, the
governmental bonds, which were deposited to FNB by kazoku, reached fifty per cent at
first. The bonds were further delivered to the Ministry of Finance, which printed the
banknotes of the FNB on the deposited bonds. The percentage of the governmental bond
tended to dwindle, which reflected that the reimbursement was being proceeded. The
ratio of loan to the government occupied forty two per cent even in 1882. The main
business of the bank was to lend money to the state. But it rapidly decreased, while the
loan to the people including Japan Railway Company (JRC) increased. Since the
establishment of the company, the FNB greatly supported it by loan on its share.
After the establishment of the Bank of Japan in 1882, the bank note of which
became only one paper money circulating in Japan, and national banks came to be
unable to issue their own bank notes. Also FNB was reorganized to an ordinary bank,
the Fifteenth Bank, in1897, when its huge reserve was reimbursed to the respective
shareholders as shares of JRC and public bonds. Incidentally, the Fifteenth Bank
became the largest shareholder of JRC.
At the Fifteenth Bank the first president was a peer, Asano Nagakoto (see Table 1),
who retired in 1898, and the ex-diplomat Sonoda Kokichi succeeded to him. It was
impossible for a peer to manage an ordinary bank. Nevertheless, most of the
shareholders were peers as before, and the Imperial Household Agency was an
important client. The bank was trusted by many Japanese people, and was proud of an
abundant deposit.
In 1927 the Fifteenth Bank was seriously damaged by the financial panic, and once
went bankrupt. Although the bank revived and was alive thereafter, many peers, who
invested it, became poor and declined before the postwar downfall.
(2)
Railway4
The establishment of Japan Railway Compaby (JRC) was proposed to the government
in November 1872 by Hachisuka Mochiaki, a former famous feudal lord of Awa (Table 1),
and other ten kazoku also submitted the similar proposal to the government in June
1873. Before these, Takashima Kaemon, who was a businessman in Yokohama and
noticed the wealth of peers, persuaded Iwakura Tomomi that the business to construct a
8
long railway from Tokyo to Aomori in the northern prefecture in Honshu island would
be profitable. Takashima had already petitioned the same request to government in
June 1872, but
was rejected. Iwakura accepted Takashima’ plan, and suggested
Hachisuka to take the above action. According to their proposal the investors were only
peers and ex-samurai. Although the Meiji government strongly hoped to develop only
the national railway, that was obliged to admit a private railway company mainly
because of the lack of governmental budget.
Although the peers submitted the proposal on the establishment of JRC to the
government in 1872, it was in 1881 that the plan was publicly approved. Why the
applicants had to wait for nearly ten years? In those days the Meiji government was
confronted with many difficult problems such as the schism among the government
members on seikanron (advocacy of a punitive expedition to Korea) in 1873, the
Satsuma Rebellion in 1877, the hyperinflation and the financial failure after that, and
so on. Those seem to have been the reasons of delay of the governmental response.
Nevertheless, the Meiji government requested some peers, who submitted the above
proposals, to show the detailed plan.
During such long years the peers searched for another possibility. A written opinion
submitted by Takashima Kaemon in 1874, kazoku considered whether all members
would join in founding JRC, and concluded that it was impossible to let all the peers
invest their money to the project forcibly. Therefore, some active peers including
Hachisuka Mochiaki organized the Tokyo Railway Association in March 1975, and
asked Shibusawa Eiichi, who was President of the First National Bank, and was a
famous organizer for establishing many modern business enterprises, to make a
concrete plan. At first he proposed the plan to construct a railway from Tokyo to
Fukushima in Tohoku, or to Utsunomiya in Tochigi Prefecture in Northern Kanto,
based on 7.5 million yen that the peers invested, but failed it. Then, Shibusawa
recommended the peers that they should apply to purchase the national railway
between Tokyo and Yokohama, practiced in 1872, from the government.
The government was also positively considering the possibility of privatizing the
railway because of the budgetary problem. Therefore, it approved of the plan in June
1976. In August 1876 the agreement on delivery of the railway was concluded among
Finance Minister Okuma Shigenobu, Minister of Public Works Ito Hirobumi, and
twenty six peers of Tokyo Railway Association, which mainly stipulated the following
contents; 1) The value of the railway would be 3.1 million yen. 2) The railway would be
delivered to the association, when 3 million yen had been paid at the fifteenth
installment within seven years. 3) The rest hundred thousand yen would be paid with
9
no interest through ten installments thereafter. According to this agreement, the
railway between Tokyo and Yokohama was going to be delivered from the government
to the Tokyo Railway Association in 1885.
However, on the same day kinroku kosai shosho hakko jorei was also promulgated,
and the annual revenue of the peers came to be sliced about forty per cent than before.
In addition, the fifteen national bank could not supply the association with the planned
money, as previously explained. Therefore, it became impossible for the association to
be alive, which disbanded in March 1878.
In August 1881 the foundation of JRC, to which many peers would invest much
money, was decided, and in November the company was established, the first president
of which was Yoshii Tomozane, ex-samurai and a retainer of the Shimazu family (see
Table 1) in Kagoshima.
At first JRC planned to construct railways not only in Tohoku region, but in the
other regions; (1) from Takasaki in Gunma Prefecture to Kyoto via Tsuruga in
Hokuriku, (2) from Takaseki to Yamagata in Tohoku via Niigata in Hokuriku, and (3)
from Moji in Yamaguchi Pref. in Chugoku to Saga in Kyushu via Nagasaki. In short the
company intended to control very wide areas in Honshu island and northern Kyushu,
and the name itself symbolized the initial enthusiasm. Although only Tohoku line was
realized finally in September 1891, it was the governmental support that JRC could
accomplish that. The Meiji government often lent its lands to the company with no
interest, accepted all the construction of JRC’s railways, and paid interest (eight per
cent) to loan during the term of construction to the company, and dividends (also eight
per cent) to shareholders after the operation during the periods of ten or fifteen years.
As the leadership of the government was apparently strong, the company was often
called a semi-governmental company (hankan hanmin kaisha). JRC started the train
service between Ueno in Tokyo and Kumagaya in Saitama Pref. in 1883, and became a
pioneer of the similar hankan hanmin kaisha, as well as such large railway companies
as Sanyo (est. in 1888), Kyushu (est. in 1888) and Hokkaido Coal Mine Railway (est. in
1889).
In March1906 the Railway Nationalization Act was promulgated, and the main
railway companies were bought by the state in 1906-07. JRC was, of course, purchased
in November 1906, whose length of 860.8 miles was prominent among the seventeen
nationalized companies, and was about twice as the second rank, the Kyushu Railway
with 442.8 miles. The shareholders of the nationalized companies including JRC got
much money from the government, and enjoyed a favorable chance to invest the money
to the other securities.
10
Thus, the peers were successful at the investment to JRC as well as to FNB. In this
case, however, they were always protected by the Japanese government, and the top
managers were never the old peers but the salaried managers including the new peers.
Here also were the peers not trained as entrepreneurs.
(3) Insurance and Cotton Spinning
Next topic on kazoku’s businesses is the establishments of Tokio Marine Insurance
Company 5 and Osaka Spinning Company 6 . The above-mentioned Tokyo Railway
Association had paid up 642 thousand yen to the government, and that money was
reimbursed to the members at its breakup after the dismissal of the association. As 214
thousand yen in the total sum was loan from FNB, the 426 thousand yen was left. At
the conference about the breakup of Tokyo Railway Association, Shibusawa strongly
recommended the peer member to invest it to a new business, marine insurance. In
those days it was important business to convert rice to money in order that a farmer
might pay land tax to the government. Therefore, the significance of marine insurance
was widely being accepted. Shibusawa’s proposal was approved by the peers, and Tokio
Marine with capital of 500 thousand yen was established in Tokyo in 1879.
In addition to this investment, some members of Tokyo Railway Association had
further surplus money, which was invested to Osaka Spinning Co. est. in 1882 with
capital of 250 thousand yen. Shibusawa also explained the importance of cotton
spinning, and let the company know them.
Insurance and cotton spinning were the leading industries in the early
industrialization of Japan, as well as banking and railway. As mentioned above, FNB
and JRC heavily depended on the investments of the peer class. But, the period when
the peers played an important role as important inventors into modern companies was
short. In the case of Osaka Spinning Co. at the established time the many former
daimyo occupied large shareholders, as Table 4 indicates, but they tended to drop from
the upper ranking. Their shares to the total shares decreased from 38.7 per cent in
December 1883 to 11.3 per cent December 1889 (Takamura 1970: 332). In short,
daimyo’s contribution to the investment into Osaka Spinning company was great at
first, but soon quickly fell down.
(4)
Mining
A few former Daimyo energetically invested mining. Three cases are well known. First,
the Shimazu family, the former lord of Satsuma (or Kagoshima), owned two gold mines
in Kagoshima Prefecture, Yamagano and Serigano, both of which were included in top
11
ten gold mines in Japan. Second, the Naito Family, the former lord of Nobeoka in
contemporary Miyazaki Prefecture in Kyushu, owned Nippei copper mine in the same
prefecture, which brought about huge revenue to the family especially around the boom
of the First World War (1914-19). Lastly, the Yokoyama Family owned and directly
managed Ogoya copper mine at Komatsu in Ishikawa Pref. in Hokuriku. Yokoyama was
not a former feudal lord but an upper class of the retainers (karo)and an able
bureaucrat of the largest daimyo, the Maeda family (see Table 1) in Kaga (now
Ishikawa Pref.) in Hokuriku. Nevertheless the Yokoyama family had been proud of
thirty thousand koku, which was over the minimum standard of ten thousand koku of
daimyo (Senda 1986:19-20, 27-29).
In this field we can find some entrepreneurial peers.
3
(1)
Equity Investment by Kazoku
Significance of Equity Investment by Noblemen
The economic conditions of kazoku
went worse through a series of the governmental
policies, hanseki hokan in 1869, haihan chiken in 1871, and chitsuroku shobun in 1876,
they came to make efforts to keep their property by trading financial assets such as
stocks, which were acquired through selling the governmental bonds in the 1880s. In
this section we would like to consider how the equity investment by kazoku influenced
the emergence of modern enterprises at the beginning of Japan’s industrialization.
According to a ruling view (Ishii 1999: 499-543), the equity investment of kazoku
was passive, and was the result from an activity as a rentier, while it was a merchant
that positively invested in equities and contributed to the establishment of a company
and its management. Such a view seems to have some problems; 1) The scope of kazoku
in it was defined very narrowly within the richest persons in those days. However, the
total sun of the equity investments of kazoku amounted to huge value, which played
very important roles in fund-raising of the newly emerging companies after 18867.
Although such roles tended to decrease in the development of Japan’s economy, kazoku
continued to invest many companies over various industries as before in the whole.
2) A case study on an individual kazoku’s investment was not enough in the
previous study. However, some recent historians are elucidating its reality. For example,
the Kikkawa family of Iwakuni han, which was located in the present Yamaguchi
prefecture established a family constitution which systematized the rules of the family,
12
and showed how to administer and maintain their property. The family diversified their
investment; They classified it into movable property and real estate, and invested not
only in bank and railway, as many researchers had mentioned, but in manufacturing
positively (Imuta 1987).
3) Although the business activities of kazoku were formally those of an heir of a
house, the real administration was usually conducted by their stewards called kafu or
karei, most of whom were the former retainers. One good example is the Tachibana
family (see Table 1), whose kafu and/or karei did actually make an investment decision,
even after the establishment of the family constitution (Uchiyama 2015).
Kazoku were constrained to conduct such business activities that disgraced their
family names by kazoku-rei in 1884, and were expected to keep their dignity as
explained in Chapter 1. Some kazoku, who could not bear to maintain the heavy role,
returned their noble titles back 8 , while the others could make better investment
decision, and persistently survive until 1947 when the peerage system was collapsed by
the new National Constitution9. As above mentioned, the business activities of kazoku
strongly influenced the foundation of a company and its management in the prewar
Japan.
(2) Position of Nobility in Stock Investment
Then, what were the investment activities of the noblemen? Tables 5 and 6 are the
ranking lists of the top one hundred shareholders in 1897 and 1907.
In 1897, in the listed 331 firms the total numbers of shareholders and of shares were
respectively 1,956 and 2,224,115. The top one hundred largest shareholders owned
1,534,174 shares, which occupied 68.9 per cent of all the shares. Maeda Toshitsugu,
Shimazu Tadayoshi and Asano Nagakoto, who were the famous noblemen (see Table 1),
ranked sixth, eighth and ninth respectively. Eleven peers were ranked within the top
fifty, and twenty six noblemen were ranked within the top one hundred. The peers
owned 253,746 shares, and were occupied 11.0 per cent of all the shares. Thus, they
played extremely important roles in financial aspects of the development of firms in the
late nineteenth century. One important characteristic is that Tajima Nobuo (Steward of
the Mori Family), Hayakawa Kaneaki (Steward of the Shimazu Family), Tanaka
Nagasama (Steward of the Nabeshima Family) and Inai Nagatoshi (Steward of the
Hachisuka Family) were also major shareholders.
In 1907 the numbers of the firms and shareholders were respectively 1,374 and
13
4,051. The number of total shares was 4,839,065. The top one hundred largest
shareholders owned 2,628,663 shares, which occupied 54.3 per cent of all the shares.
Some major shareholders might be still alive. However, no nobleman was not included
in the top ten, and even Maeda Toshinari, the top class former daimyo, ranked
twenty-fifth. Only four and eight of the noblemen ranked within the top fifty and the top
one hundred respectively. All the peers owned 103,682 shares, which occupied 2.1 per
cent in the total of the shares. The ranking of the noblemen as the major shareholders
dropped significantly. Thus, the position of the nobility on equity investment had fallen,
but some of the noblemen continued to be the major shareholders, which suggested a
part of the peers increased their profit by investing the stocks in the early twentieth
century.
Tables 7 and 8 show the main kazoku, who were hard on equity investment
respectively in 1897 and 1907. They invested not only to the Fifteenth Bank and JRC,
as explained in Chapter 1, but to the other banks and railway companies, and further,
local businesses. In next section, we consider two case studies of the asset management
in the peerage.
(3) Case Studies about Asset Management in Peerage.
Here the authors selected two cases: the Shimazu families, who ranked eighth,
forty-seventh, and seventy-third in 1897, and fifty-seventh in Table 5 about 1907, and
the Kikkawa Family, who ranked ninety-second in the same table.
Table 9 shows the revenue structure of the Shimazu family, whose percentage of
shares was 93.1 per cent in 1885, and was 73.4 per cent in 1892. the Shimazu family has
apparently obtained most of the revenue from equity investment. The family started
businesses by using the earned funds in the 1890s (Terao 2015: 50-54).
Table 10 shows the revenue structure of the Kikkawa family. In the first half of the
1890s, bonds, shares and lands occupied around twenty five per cent respectively, which
were competitive. However, in 1895, the proportion of shares (34.1 per cent) was
prominent, which continued to increase thereafter, and reached 84.2 per cent in 1909.
Owing to such excellent asset management, the family’s income rose from 57,637 yen in
1892 to 529,998 yen in 1909. The number of stocks increased from eight in 1892 to
twenty four in 1909. The family invested not only banks and railway companies but
various industries such as electric power, gas, textile, and sugar (Miura 2015: 11-15).
Thus, the equity investment was the most important source of income of the
14
noblemen in industrializing Japan. Some of the peers had acted as kazoku supported by
the aggressive stock trading. At the same time, their investment activities played a
major role in the economic and business development in Modern Japan, including local
communities.
4
(1)
A Case of Business Activities of a Former Daimyo: Tsugaru Tsuguakira
Law and Imperial Instructions Related to Feudal Lords
Finally, we would like to discuss the business and social activities of Tsugaru
Tsuguakira (1840-1916), whose name is found at the seventeenth-ranking on Table 1.
Before observing this case, we will consider the way kazoku was required to behave
as the privileged class in the prewar Japan.It is important to closely examine the
contents of the imperial instructions to kazoku announced in November 1871 and the
newly promulgated kazoku-rei in 1907. As we often mentioned, the peer class in modern
Japan was anew created to support the imperial household. Therefore, Tenno’s
statements might strongly influence the activity of kazoku.
In the imperial instructions to kazoku in 1871, the emperor told that kazoku
received a great deal of public attention so that he expected kazoku to serve as model of
Japanese people. He also expressed that kazoku were expected to learn with diligence in
order to let the nation develop, and to study abroad. Moreover, the emperor
recommended women in kazoku’s families to go abroad with their husbands or brothers
and to learn the method of childcare in the foreign countries (Yasekimon’nosuke 1888:
33-39). That is to say, kazoku was required to be an intellectual or well-educated social
class in Japan.
What occupations did kazoku aim at? In general male kazoku and their sons hoped
to become a politician, a commissioned military officer, and a diplomat and so on. On
the other hand, their daughters were desired to become a good wife and wise mother. It
was good for them to get married with a good man of kazoku, to give birth and to care
children. Children of kazoku were ensured to get their education at Gakushuin,
established in 1877 as a school for kazoku by the imperial household and kazoku.
Gakushuin had kindergarten, elementary and middle schools. For male student,
importance of military and physical education was emphasized there. After graduating
from Gakushuin, male kazoku could receive the opportunity to enter the imperial
universities (Ito 2015: 28-29). From these facts, we can find that male kazoku were
15
required to play important roles in the field of military and politics, not of business
In addition, new laws were promulgated to make kazoku’s behavior socially
desirable. In particular new kazoku-rei defined they were no longer treated as kazoku if
the peers could not keep their dignity, and that their behavior was monitored by the
Imperial Household Agency (Iai 1924-25: 21-42).
(2) Tsuguakira’s Business and Social Activities
(2-1) Tsugaru Family and Tsuguakira
Thorough the Tokugawa period, the Tsugaru family governed Hirosaki han, currently
known as Tsugaru region in Aomori Prefecture, located in north-east part of Japan
(Figure1). This family had forty-seven thousand koku after c.1600, seventy thousand
koku after 1805, and a hundred thousand koku after1808 (Okubo (ed.), 1990). As the
most of daimyo had only less than fifty thousand koku, Hirosaki han was proud of
relatively large koku.
Tsuguakira was born in 1840 at Edo as the fourth son of Hosokawa Moriakira,
famous daimyo of Kumamoto han. Tsuguakira became son in low of the Tsugaru family
in 1857, assumed the twelfth lord of this family, and became the last daimyo of Hirosaki
han in 1859. In June of 1869 Tsuguakira was appointed at Hirosaki hanchiji, an
governor, by the Meiji government, whose annual salary was 14,134 koku (Table1).
After the abolishment of han in 1871 the government ordered the former daimyo
including Tsuguakira to resign from the position of hanchiji, and Tsuguakira moved to
Tokyo as well as the other peers, who lived there for forty five years from 1871 to 1916,
becoming Count in July 1884. During this period, he returned to his former domain only
twice. What did he do in Tokyo?
(2-2) Participation in Some Enterprises and Holding of Shares
It is noteworthy that Tsuguakira played important roles in two previously referred
companies: FNB and JRC. He became a director of the bank, and the eleventh-largest
shareholder of the latter railway company in 1896 (Otabe 2006: 97). He also invested in
some other companies. Figure 1 shows their names and the locations of head office
during the period from 31 December 1900 to January 1902. This figure indicates that
Tsuguakira intensively invested on railway companies and banks. Especially, it is
16
notable that he had shares of Tsugaru Tetsudo Kaisha operated in his former han,
which suggests he kept a special connection with his former retainers through financial
supports even after his moving to Tokyo.
(2-3) Tie with Former Han: four types of financial supports
Table 11 is a list of financial supports provided by Tsuguakira in 1893-1916. We can
classify his financial supports into below four types.
Type1 is related to the military. It includes financial help for poor people in Aomori
Prefecture, whose family member worked as a soldier in Sino-Japanese War, and for
training of military men living in the prefecture. Type2 is financial supports to victims
of natural disasters or people suffered from bad harvest. As his former domain, Tsugaru,
was located in the underdeveloped area with harsh natural environment in Japan,
Tsuguakira often gave the financial supports of this type. Type3 is the supports to the
improvement of educational environment in Hirosaki; He did invest in human capital.
Type4 includes donations to the Kado society, which was a research group of creating
short traditional Japanese poetry, and to Hakuaisha that later became the Red Cross
Society of Japan. Before Meiji period, daimyo had usually protected such
entertainments
as
Sumo, Japanese wrestling, and Noh, traditional masked
dance-drama (Ito 2015: 33). The donation to Kado society was also such patron activity
since the Tokugawa period.
As for the financial supports by Tsuguakira, first, all of them except for type4 were
given to the people of Aomori Prefecture, which suggests that there was also the strong
social tie between Tsuguakira and his former han. Second, Shokun-kyoku, the
Decoration Bureau, awarded Tsuguakira medals for his contribution to help disaster
victim or poor people by providing the financial support of type2. This implies that
caring socially vulnerable people was considered as an important role of kazoku at that
time. Finally, he made a great effort to support education in Hirosaki. In particular he
made a significant contribution to the foundation and the development of Toougijuku
High School, private high school which placed great importance on English learning.
(3)
Investment in Human Capital
(3-1) Noblemen and Education of Former Han in Meiji Period
Among the former daimyo, Tsuguakira was not the only one person who made a special
17
effort to education. After opening the country to the world in the 1850s, the education
policy of Japan changed in reaction to the institutional reform of local government. Most
han put effort into training people in order to make them understand Western studies.
So each han established the schools where Western studies were taught, and sent the
thousands of people to study to Tokyo and/or oversea countries. The number of such
people reached to the thousands (Horimatsu Takekazu (ed.) 1985: 94). However, after
the abolishment of han in 1871, the authority of education was transferred from han to
a prefecture. In consequence, talent training system that had been supported by the
han’s fund could not be maintained, and the many schools of the former han were
abolished. In such situation, some feudal lords started to financially support such
traditional education system, including the establishment of a school and to give a
student scholarship (Uchiyama 2015). Kazoku became not only intellectuals in Japan
but also investors for education.
(3-2) The Case of Tsuguakira
Also Tsuguakira founded Eigakuryo, the school of English learning for ex-samurai in
Hirosaki in January 1871, and invited teachers of English, Nagashima Sadajiro,
Yoshikawa Yasujiro and so on from Keio Gijuku in Tokyo and Shizuoka han (Tonozaki
1943: 396).10 On the other hand, in 1872, Hirosaki han sent people to Keio Gijuku and
Kagoshima han, the most advanced areas of Western studies in Japan, by using the
fund of Hirosaki han to learn Western studies and military science and to build human
networks (Aomori-ken 1926: 868-69). In addition, Tsuguakira himself started to learn
English hard from January 1872 (Tsugaru Tsuguakira Koden Kanko-kai (ed.) 1917:
336), just after the above-mentioned imperial instructions of 1871.
As a consequence of the abolishment of han, the schools established by Hirosaki
han including Eigakuryo were soon completely closed. But Tsuguakira and his close
advisors provided financial support to newly establish and manage Toougijuku and the
scholarship system. Tsuguakira often helped the school when it faced serious financial
crises (Tsugaru Tsuguakira Koden Kanko-kai (ed.) 1917). Kikuchi Kuro, who was an
ex-samurai in Hirosaki han, set up this school under the support of Tsuguakira in 1872.
At that time Tsuguakira provided not only fund but the building that used to be han
school. Prior to the establishment of this school, Kikuchi stayed in Tokyo and
Kagoshima in order to learn Western studies and military system for two years from
1869 to 1870 by the order of Tsuguakira and Hirosaki han (Akinaga 1979: 51-64).
Kukuchi belonged to Keio Gijuku in Tokyo, the private school established by Fukuzawa
Yukichi in 1858. Fukuzawa had the experience to visit the United States and Europe
18
respectively in 1860 and 1862 as a member of Japanese embassy to foreign countries.
He set up the school for the young Japanese men to learn Western studies such as
economics, history of America and England, physics, geography, and so on, by using
English textbooks (Keio Gijuku 1907). As Kikuchi was profoundly impressed by the
learning environment of Keio Gijuku, he decided to establish Toougijuku as a school
where students can learn Western studies.
The major characteristics of Toougijuku are as follows; First of all, it was the first
school in the north east part of Japan that invited foreign teachers. The school hired
foreign teachers from the beginning, and all the costs were paid by Tsuguakira (Shashin
de miru Toougijuku Hyakunijyunen Henshu Iinkai 1992). Among them, John Ing is
well known as a person who introduced apples to Tsugaru region. It is notable that an
apple thereafter became an important commodity in this region (Hatae 1978). The
salary of Ing was 167 yen per month (Toougijyuku Gakuyu Kai (ed.) 1931 : 14)., while
Japanese teachers and staffs of Toougijyuku including Kikuchi were 2-7 yen (Akinaga
1979 : 120, Toougijyuku Gakuyu kai (ed.) 1931 : 14). As Kikuchi strongly hoped that
Toougijuku would become the school which students could learn correct English
pronunciation, conversation, and writing, the native English teachers were invited.
Next, this school focused on Western studies. From its foundation, most of the
textbooks in this school were the same as those used in Keio Gijuku, and written by
Fukuzawa. Toougijuku hired teachers such as Yoshikawa who had studied at Keio.
Third, in 1877 five students were sent abroad to study at an American university
thanks to Ing. One of them later became a diplomat in the Ministry of Foreign Affairs of
Japan.11 Toougijuku did become an important place to connect between a local area of
Japan and foreign countries in the Westernization of the Meiji Japan.12
In addition, Tsuguakira also provided financial support to Shuyousya, the
dormitory for the students coming from Aomori Prefecture to Tokyo, which was
established in 1900 by Aomoriken Ikueikai, the scholarship organization of Aomori
Prefecture. This dormitory had a capacity of fifty students, having living spaces, private
study rooms, a library, an assembly hall, a reception room, and an office room. It also
had a backyard where the students could take exercise (Tuou Nippo, December 22-23,
1900). The scholarship program was mainly managed by the ex-samurai including
Kikuchi Kuro. Adding to him, Tatsumi Iida, one of the important persons of this
scholarship organization had been the butler to the Tsugaru family (Aomori-ken Kyoiku
Shi Henshu Iinkai 1972: 1,270).13 Incidentally, Tsuguakira refused a request to become
the president of competitive exhibition held by the agricultural and mercantile group in
Tsugaru region, established by the ex-samurai of Hirosaki han (Tsugaru Sangyo Kai
19
1897: 13). That is to say, Tsuguakira cared very much about the improvement of
educational environment for the people of Aomori Prefecture, including his former
domain, and selectively supported some projects related to the education managed by
his retainers who had direct interaction with Tsuguakira.
Concluding Remarks
In Meiji Japan before 1885, such indigenous industries as weaving, silk reeling, brewing,
paper making, pottery manufacturing, most of which were hand works in households or
in manufacture, highly developed mainly in rural areas, while modern industries were
rare in spite of the efforts of the government to manage its own factories. In such a
situation private banks and private insurance companies started and soon became
indispensable to the other industries. After 1886, when so-called Matsukata deflation
came to an end and the modern finance system was established, lots of cotton spinning
companies and railway companies were newly founded, and coal and copper mining was
also activated. These well showed the beginning of Japan’s industrialization. Thereafter,
both of modern industries and indigenous industries continued to develop hand in hand
until the boom of the First World War14.
The former feudal lords seem to have well adapted to the above transition from
traditional and indigenous industries to modern industries. The newly established
companies of FNB, JRC, Tokio Marine Insurance and Osaka Cotton Spinning, and
three mines are respectively reflecting development of the modern industries. And a few
peers such as Iwakura and Hachisuka may be praised because they had higher ability
in foreseeing Japan’s industrialization.
However, it was not easy for most of the peers to be entrepreneurs or to succeed in
managing enterprises. Japanese peers were strongly expected to be the escorts of the
royal family under the system of the Meiji Constitution, and came to be strictly
forbidden to boldly play many activities. An entrepreneur must take some risk if he or
she wants to succeed in business. Such a subtle and delicate position of the noblemen
class seemed to let the peers’ business behavior very passive. The cases indicated in
Chapter 1 well show this problem.
In addition, in April 1886 the government promulgated the law on the hereditary
property of the peers (Kazoku Seshu Zaisan Ho) as an ordinance by the emperor, the
purpose of which was to let the peers register their properties to the Minister of the
Imperial Household in order to keep their dignity and social statuses. The required
20
condition was that a nobleman had real estate and/or moveable property, which
annually yielded revenue over five hundred yen. In those days there were five hundred
twenty seven peer families, four hundred thirty three families (i.e., eighty two per cent)
of which fell under the category. However, this law was not on an enforcement method
but on an arbitrary method. The number of the peers, who established the designate
properties, were not so many: fifty in 1887, and two hundred fifty three in 1909. And
most of them were indigent. Among the famous peers on Table 1 Ikeda Akimasa and
Nabeshima Naohiro registered respectively in 1891 and 1892, but Hachisuka Mochiaku
and Tokugawa Iesato never obeyed the law. According to this law, movable estate could
convert into real estate, but the reverse was never true. In addition, it was very difficult
a peer to cancel his registration (Goto 1983, 1988). Owing to the law, many noblemen
could safely keep 1) their lands, 2) governmental bonds, and 3) such safe shares as the
Fifteenth Bank, JRC, Bank of Japan, Yokohama Specie Bank and Nihon Yusen Kaisha.
However, we can easily imagine this law might oppress the emergence of
entrepreneurial noblemen.
Nevertheless, the former feudal lords had been a great investor into emerging
modern business enterprises in the early years of Japan’s industrialization, as Chapter
3 shows. They also played an important role in fostering the local industries and the
excellent entrepreneurs among his previous retainers, as Chapter 4 well explains.
Although former han was vanished in 1871, the human nexus between a former lord
and his retainers persistently continued thereafter. It was not unusual that the
retainers requested their previous lord to support their businesses such as the local
national banks or mines15. The former lord sometimes positively donated much money
to save the unemployed ex-samurai in old han region. In addition he often financially
supported to build a local school and to manage that. These activities might be burdens
to a former daimyo. Nevertheless, such investments brought about local industrial
development and fostered the human capital.
21
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Records]’, Osaka Economic Papers, vol.52, no.4, pp.251-80.
Senda Minoru (1986), ‘Kazoku Shihon no Seiritsu-Tenkai [On the establishment and
development of peerage capitalism]’, Shakai Keizai Shigaku, vol.52 no.1, pp.1-38.
------------------- (1987), ‘Kazoku Shihon to shite no Koshaku Hosokawa-ke no
Seiritsu-Tenkai [On the establishment and development of the Marquis Hosokawa
25
family as peerage capitalist]’, Tochi Seido Shigaku, no.116, pp.40-59.
------------------- (1989), ‘Kazoku Shion no Seiritsu-Tenkai: Meiji-Taisho ki no kyu
Tsuchiura hanshu Tsuchiya-ke ni tsuite [On the establishment and development of
peerage capitalism: a case study of the Tsuchiya family]’, Shakai Keizai Shigaku,
vol.55 no.1, pp.1-36.
Shashin de miru Toougijuku Hyakunijyunen Henshu Iinkai (1992), Shashin de miru
Toougijuku 120 nen [120 Years history of Toougijuku: collection of photographs],
Hirosaki: Toougijyuku.
Takamura Naosuke (1970), ‘Osaka Boseki Kaisha [Osaka Spinning Company]’ in
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on History of Industrial Finance of Meiji Japan: Finance for Spinning Industry],
Tokyo: Tokyo Daigaku Shuppankai.
Takeda Haruhito (1982), ‘Meiji Zenki no Fujita-gumi to Mori-ke Yushi [Fujita-gumi and
Finance from the Mori Family]’, Keizaigaku Ronshu, vol.48 no.3, pp.2-22.
Terao Miho (2015), ‘Daimyo Kazoku Shihon no Tanjo: Meiji zen-chu ki no Shimazu-ke
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Shigaku Zasshi, vol.124 no.12, pp.37-61.
Tohara Shiro (1963), ‘Dai Jugo Kokuritu Ginko [The Fifteenth National Bank]’ in Kato
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National Bank in Meiji Japan], Tokyo: Keiso Shobo.
Tonozaki Satoru (1943), ‘Tugaru Han to Keiko Kan [Tsugaru Han and the School of
Hirosaki Han]’, Uno Tetsuto (ed.), Hangaku Shi Dan [The History of School for
Samurai], Tokyo: Bunshodo Shoten.
Toougijyuku Gakuyu Kai (ed.) (1931), Toougijyuku Saiko Jyu Nen Shi [The 10 Years
History of Toougijyuku from Re-Establishment]’, Hirosaki: Toougijyuku Gakuyu Kai.
Toou Nippo (Daily Newspaper issued in Aomori Prefecture. December 22-23, 1900).
26
Toyo Boseki Kabusiki Kaisha (ed.)(1986), Hyaku Nen Shi: Toyobo [A hundred years
history of Toyobo], Osaka, vol.1.
Tsugaru Family Archives at National Institute of Japanese Literature
Tsugaru Sangyo Kai (1897), Tsugaru Sangyo Kaiho [The Report of Tsugaru Sangyo Kai],
no.1.
Tsugaru Tsuguakira Koden Kanko-kai (ed.) (1917), Tsugaru Tsuguakira Ko Den [The
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Uchiyama Kazuyuki (2015), Meiji-ki no Kyu-Hanshu-ke to Shakai: kashizoku to chiho
no kindaika [ An Ex-Feudal Lord and the Society of Meiji Japan: peers, ex-samurai,
and modernization of a local area], Tokyo: Yoshikawa Kobunkan.
Yasekimon’nosuke (1888), Meiji Chokuyu Chusyaku: kokumin hitsudoku [The
Statements of Emperor in Meiji Period], Tokyo, Kyushundo.
27
Table 1 Kazoku of Former Feudal Lords in July 1869
Rank
Name of Han
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
(Note)
(Source)
Kanazawa
Kumamoto
Kagoshima
Wakayama
Nagoya
Hirosima
Fukuoka
Yamaguchi
Saga
Shizuoka
Tokushima
Kochi
Tottori
Okayama
Kubota
Matusue
Hirosaki
Tsu
Kurume
Fukui
Matsuyama
takamatsu
Hikone
Kawara
Himeji
Shibata
Oizumi
Morioka
Sendai
Yanagawa
(
Contemporary Prefecture and
)
Aria
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
Ishikawa in Hokuriku
Kumamoto in Kyushu
Kagoshima in Kushu
Wakayama in Eastern Kinki
Aichi in Tokai
Hiroshima in Chugoku
Fukuoka in Kyushu
Yamaguchi in Chugoku
Saga in Kyushu
Shizuoka in Tokai
Tokushima in Shikoku
Kochi in Shikoku
Tottori in Chugoku
Okayama in Chugoku
Akita in Tohoku
Shimane in Chugoku
Aomori in Tohoku
Mie in Tokai
Fukuoka in Kyushu
Fukui in Hokuriku
Ehime in Shikoku
Kagawa in Shikoku
Shiga in Eastern Kinki
Fukuoka in Kyushu
Hyogo in Western Kinki
Akita in Tohoku
Yamagata in Tohoku
Iwate in Tohoku
Miyagi in Tohoku
Fukuoka in Kyushu
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
Family Name
Maeda
Hosokawa
Shimazu
Tokugawa
Tokugawa
Asano
Kuroda
Mori
Nabeshima
Tokugawa
Hachisuka
Yamauchi
Ikeda
Ikeda
Satake
Matsudaira
Tsugaru
Todo
Arima
Matsudaira
Hisamatsu
Matsudaira
Ii
Ogasawara
Sakai
Mizoguti
Sakai
Nanbu
Date
Tachibana
Top 30
Top 50
284 Families
Annual
Salary
Noble
Percentage
(karoku ):
Titles
koku
Yoshiyasu
63,688
6.9% Marquis
Yoshikuni
32,968
3.6% Marquis
Tadayoshi
31,400
3.4% Prince
Shigetsugu
27,459
3.0% Marquis
Tokunari
26,907
2.9% Marquis
Nagakoto
25,837
2.8% Marquis
Nagatomo
23,425
2.5% Marquis
Hiroatsu
23,276
2.5% Prince
Naohiro
21,372
2.3% Marquis
Iesato
21,021
2.3% Prince
Mochiaki
19,317
2.1% Marquis
Toyonori
19,301
2.1% Marquis
Yoshinori
18,643
2.0% Marquis
Akimasa
17,958
1.9% Marquis
Yoshitaka
17,940
1.9% Marquis
Sadaaki
14,534
1.6% Count
Tsuguakira
14,134
1.5% Count
Takayuki
12,427
1.3% Count
Yorishige
11,819
1.3% Count
Mochiaki
11,101
1.2% Count
Katsushige
11,074
1.2% Count
Yoritoshi
10,576
1.1% Count
Naonori
9,403
1.0% Count
Tadanobu
8,817
1.0% Count
Tadakuni
8,321
0.9% Count
Naomasa
7,092
0.8% Count
Tadamistu
6,937
0.7% Count
Toshiyasu
6,858
0.7% Count
Munemoto
6,774
0.7% Count
Akitomo
6,689
0.7% Count
Subtotal
537,068
58.1%
Subtotal
639,045
69.1%
Total
925,132
100.0%
First Name
The boldfaced typed names are found in this paper.
Kasumi Kaikan Shoke Shiryo Chosaiinkai (ed.)(1985), pp.4-26.
28
Table 2 Transition of Total Salaries
Salaries (Thousand yen)
Before 1868
A
4,504
29,609
In August 1871
B
5,418
16,980
In September 1875
C
5,192
12,337
Peers (kazoku )
Ex-Samurai (shizoku )
Source: Goto(1986:4).
Note 1: Salaries include not only karoku but shotenroku
2. The number of the peer families were 427 The population of ex-samurai was 395,064 in August 1871.
B/A
1.20
0.57
C/B
0.96
0.73
C/A
1.15
0.42
Table 3 Main Accounts of the Fifteenth National Bank
(Thousand Yen)
Capital & Liablities
Assets
Issued
Current
Fixed
Governmental Loan to
Loan to
Capital
Reserve
Total
Total
Banknotes
Deposit
Deposit
Bond
Government People
1877
17,826
0
6,484
27
0
n.a.
n.a.
6,210
214
n.a.
1882
17,826
595
16,661
256
71
36,684
18,195
15,321
557
36,684
1887
17,826
1,170
13,108
396
158
36,942
17,138
10,231
3,069
36,942
1892
17,826
5,450
10,956
1,262
1,653
46,282
9,963
10,067
16,332
46,282
1897
17,826
27,730
0
1,235
2,311
67,738
20,459
27
42,305
67,738
(Per cent)
1882
48.6%
1.6%
45.4%
0.7%
0.2%
100.0%
49.6%
41.8%
1.5%
100.0%
1887
48.3%
3.2%
35.5%
1.1%
0.4%
100.0%
46.4%
27.7%
8.3%
100.0%
1892
38.5%
11.8%
23.7%
2.7%
3.6%
100.0%
21.5%
21.8%
35.3%
100.0%
1897
26.3%
40.9%
0.0%
1.8%
3.4%
100.0%
30.2%
0.0%
62.5%
100.0%
Source: Hoshino (1972: 157 &162). Also see Tohara (1963, .156).
Note: The data were compiled respectively at the end of the first half terms of the fiscal years.
Fiscal Year
29
Table 4 Main Stockholders of Osaka Spinning Company
Ranking Month/ Year
December 1883
Name
Position
Address
Number of Stocks
(%
1 Shibusawa Eiichi
Tokyo
336 (
2
3
4
5
6
Tokyo
Tokyo
Tokyo
Tokyo
Tokyo
180
162
150
89
88
Maeda Toshitsugu
Hachisuka Mochiaki
Mori Motonori
Tokugawa Yoshiakira
Kamei Koremi
7 Masuda Takashi
8 Matsumoto Jutaro
9 Okura Kihachiro
10 Date Mune'e
Ranking Month/ Year
Name
1 Shibusawa Eiichi
2 Ueda Ryu
Tokyo
Director
Position
Osaka
Tokyo
Tokyo
(
(
(
(
(
6.4%
5.8%
5.4%
3.2%
3.1%
85 (
3.0%
69
66
64
1,289
2,800
(
2.5%
(
2.4%
(
2.3%
( 46.0%
( 100.0%
Subtotal
Total (95 members)
June 1898
Address
Number of Stocks
Tokyo
1,000 (
700 (
3 Matsumoto Jutaro
Osaka
640 (
4 Sono Sakutaro
Kyoto
550 (
5 Hachisuka Mochiaki
6 Matsudaira Yoritoshi
7 Yamanobe Takeo
President
Tokyo
Tokyo
Osaka
492 (
464 (
407 (
8 Abe Ichitaro
Auditor
Osaka
400 (
9 Toyama Shuzo
9 Nagashima Noshichi
Osaka
Subtotal
Total (607 members)
12.0%
378
378
5,409
24,000
(
(
(
(
) Occupation
President of the First National
)
Bank
) Daimyo Kazoku
) Daimyo Kazoku
) Daimyo Kazoku
) Daimyo Kazoku
) Daimyo Kazoku
President of Mistui Bussan
)
Kaisha
) Merchant of Imported Cloth
) President of Trading Firm
) Daimyo Kazoku
)
)
Occupation
4.2% ) President of the First Bank
2.9% )
President of the One Hundred
2.7% )
Thirtieth Bank
Stockbroker at Kyoto Stock
2.3% )
Exchange
2.1% ) Daimyo Kazoku
1.9% ) Daimyo Kazoku
1.7% ) Salaried Manager
Silk Cloth Merchant and
1.7% ) President Of Shirting Weaving
Co.
1.6% ) President of Naniwa Bank
1.6% )
22.5% )
100.0% )
Source: Takamura (1970: 331, 345).
Note 1): The president of 1883 was the eleventh ranking Fujita Denzaburo.
2): Daimyo kazoku means kazoku who used be daimyo.
30
Table 5
Ranking of Major Shareholders in 1897
Rank
Shareholder
1 The Fifteenth Bank
2 Kuranokami
3 Iwasaki Hisaya
4 Mitsui Bank
5 Yasuda Bank
6 Maeda Toshitsugu
7 Shibusawa Eiichi
8 Shimazu Tadayoshi
9 Asano Nagakoto
10 Goryokyoku
11 Tokugawa Mochitsugu
12 Hara Rokuro
13 Nabeshima Naohiro
14 Watanabe Jiemon
15 Hara Zenzaburo
16 Asano Souichiro
17 Mouri Motoakira
18 Amemiya Keijiro
19 Tokugawa Yoshiakira
20 Nomoto Teijiro
21 Abe Hikotaro
22 Tanaka Heihachi
23 Hachisuka Mochiaki
24 Yamamoto Hidetoshi
25 Ichimura Soube
26 Mogi Bank
27 Hiranuma Senzo
28 Murakami Tasaburo
29 Yokohama Bank
30 Japan Railway Company
31 Yasuda Zenjiro
32 Adachi Bank
33 Watanabe Fukusaburo
34 Hosokawa Morishige
35 Katou Tokuzou
36 Tanaka Bank
37 Morimura Ichizaemon
38 Imperial Marine Insurance
39 Iwata Sakube
40 Tanaka Shinhichi
41 Wakao Ikuzo
42 Amemiya Shinichiro
43 Date Munenobu
44 Nezu Kazuhide
45 Momiyama Hansaburo
46 Ueba Katsue
47 Shimazu Tadanari
48 Kawasaki Hachiemon
49 Osaka Savings Bank
50 Saionji Kiminari
Status
Bank
Imperial court
Entrepreneur
Bank
Bank
Marquis
Entrepreneur
Duke
Marquis
Imperial court
Marquis
Entrepreneur
Marquis
Investor
Entrepreneur
Entrepreneur
Duke
Entrepreneur
Marquis
Investor
Investor
Investor
Marquis
Investor
Investor
Bank
Investor
Investor
Bank
Railway
Entrepreneur
Bank
Investor
Marquis
Investor
Bank
Entrepreneur
Insurance
Investor
Investor
Investor
Investor
Marquis
Investor
Investor
Investor
Duke
Entrepreneur
Bank
Investor
# of shares # of stocks
310,381
4
203,070
6
125,257
10
103,126
12
51,489
9
43,127
9
28,780
16
27,371
3
25,447
3
23,492
2
20,424
2
19,304
12
19,232
6
17,561
14
17,221
9
16,983
9
16,768
6
15,214
6
15,024
2
14,802
5
13,245
7
12,681
9
12,660
6
11,160
1
10,524
2
9,575
6
9,440
8
9,185
7
8,800
4
8,653
1
8,608
8
8,241
3
8,158
7
7,872
2
7,480
10
7,221
1
7,172
6
7,000
2
6,502
4
6,373
3
6,263
6
6,180
1
5,976
2
5,812
1
5,564
7
5,460
1
5,443
3
5,305
6
5,250
1
5,204
4
Rank
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Shareholder
Ikegami Nakasaburo
Kitamura Eiichiro
Hibiya Heizaemon
Mogi Soube
Iwakura Tomosada
Hisamatsu Sadakoto
Yamauchi Toyokage
Horikoshi Kakujiro
Wakao Ippei
Oyamada Shinzo
Kihara Chube
Baba Michihisa
Tajima Nobuo
Ii Naonori
Tamura Hanjuro
Tokyo Prefecture
Ookawa Heizaburo
Fujita Gumi
Ono Kinroku
Komuro Nobuo
Matsudaira Yoritoshi
Yamawaki Zensuke
Hayakawa Kaneaki
Minoda Chozaburo
Hiratsuka Kihe
Ishizaki Seizo
Meiji Kasai Hoken
Ino Kumekichi
Sumitomo Kichizaemon
Takeda Chusaku
Nanjo Shinrokuro
Watanabe Hiromoto
Ootani Kahe
Ikeda Akimasa
Souma Aritane
Tsugaru Tsuguakira
Tokugawa Iesato
Matsura Akira
Yamazaki Ryutoku
Watanabe Ryukichi
Tanaka Nagamasa
Kikkawa Tsunetake
Kawada Ryokichi
Satsuma Jihe
Tokuda Kohe
Matsui Zenhachi
Inai Nagatoshi
Masuda Takashi
Kimura Riemon
Hiranuma Kyusaburo
Status
# of shares # of stocks
Entrepreneur
5,051
5
Entrepreneur
5,014
5
Entrepreneur
5,012
5
Entrepreneur
5,003
6
Duke
5,000
1
Earl
5,000
1
Marquis
4,828
2
Investor
4,736
2
Investor
4,721
3
Entrepreneur
4,529
3
Entrepreneur
4,500
2
Entrepreneur
4,365
3
Steward of Mouri
4,246
4
Earl
4,134
2
Investor
4,078
4
Local government
4,000
1
Entrepreneur
3,961
2
Holding company
3,950
2
Entrepreneur
3,881
9
Entrepreneur
3,800
3
Earl
3,754
2
Investor
3,750
1
Steward of Shimazu
3,700
1
Investor
3,479
3
Investor
3,413
1
Entrepreneur
3,383
5
Insurance
3,336
1
Investor
3,327
4
Entrepreneur
3,277
2
Investor
3,160
2
Entrepreneur
3,118
4
Entrepreneur
3,100
4
Entrepreneur
3,039
6
Marquis
3,000
1
Viscount
3,000
1
Earl
3,000
1
Duke
3,000
1
Earl
3,000
1
Investor
3,000
1
Investor
3,000
1
Steward of Nabeshima
2,968
2
Viscount
2,936
2
Entrepreneur
2,904
2
Investor
2,900
3
Investor
2,865
2
Investor
2,865
1
Steward of Hachisuka
2,836
4
Entrepreneur
2,761
8
Entrepreneur
2,708
4
Investor
2,706
3
Source) Sawai (2003,: 256-58).
31
Table 6
Ranking of Major Shareholders in 1907
Rank
Shareholder
1 Ministry of Finance
2 Kuranokami
3 Mitsui Bank
4 Osaka Steamship Company
5 Okura Kihachiro
6 NYK line Japan
7 Suzuki Tozaburo
8 Watanabe Jiemon
9 Asano Souichiro
10 Mitsui Family
11 Amemiya Keijiro
12 Wakao Ippei
13 Yamaguchi Tatsutaro
14 Shibusawa Eiichi
15 Iwasaki Hisaya
16 Yasuda Zenjiro
17 Murai Kichibe
Teikoku Life Insurance
18
Company
19 Wakao Tamizo
20 Kuryu Buemon
21 Hibiya Heizaemon
22 Wakao Bank
23 Nezu Kaichiro
Status
Government
Imperial court
Bank
Shipping
Entrepreneur
Shipping
Entrepreneur
Investor
Entrepreneur
Holding company
Entrepreneur
Investor
Entrepreneur
Entrepreneur
Entrepreneur
Entrepreneur
Entrepreneur
# of shares # of stocks
520,000
2
232,384
8
107,489
4
75,430
1
74,034
13
70,189
1
65,093
2
57,149
8
51,291
9
50,158
1
48,469
7
48,249
2
43,880
6
36,930
19
30,997
6
30,802
12
30,140
6
Rank
Shareholder
51 Toshimitsu Tsurumatsu
52 Wakao Ikuzo
53 Tokugawa Yoshiakira
54 Hara Zenichiro
55 Morimura Ichizaemon
56 Sugimura Jinbe
57 Shimazu Tadashige
58 Chiba Prefecture
59 Masuda Masuzo
60 Phimerus Mining Company
61 Friedrich Adolphkoenig
62 Furukawa Toranosuke
63 Uchino Gorouza
64 Horikoshi Kakujiro
65 Tanaka Store
66 Ibaraki Prefecture
67 Fujita Kotaro
Tokyo Fire Maritime Transport
68
Insurance Company
69 The Fifteen Bank
70 Kamiya Denbe
71 Ito Denshichi
72 Maekawa Tahe
73 Aichi Prefecture
Yokohama Fire Maritime
74
Insurance Company
75 Baku Syoho
76 Nakazawa Hikokichi
77 Matsumoto Tatsuo
78 Fujimoto Seibe
79 Yamazaki Unosuke
80 Tanaka Shinshichi
81 Mitsui Yonosuke
82 Asano Nagakoto
Insurance
29,848
2
Investor
Investor
Entrepreneur
Bank
Entrepreneur
28,894
24,988
24,841
23,571
22,322
7
4
3
4
6
24 Ueda Rokurouhe
Entrepreneur
20,000
1
25 Maeda Toshinari
26 Watanabe Fukusaburo
27 Ohashi Shintaro
28 Family Company of Mitsubishi
29 Takarada Oil Company
30 Baba Michihisa
31 Ono Kinroku
32 Hara Rokuro
Teikoku Maritime Transport
33
Fire Insurance Company
34 Nishiwaki Saisaburo
35 General Denki Kaisya
36 Abe Koube
37 Mogi Bank
38 Yasuda Zenzaburo
39 Date Munenobu
40 Suzuki Keizo
41 Tajima Nobuo
42 Yasuda Bank
43 Niigata Ken
44 Shizuoka Ken
45 Nagano Ken
46 Gou Seinosuke
47 Oda Sataro
48 Satake Sakutaro
49 Minomura Yasutaro
50 Matsudaira Yorinaga
Marquis
Entrepreneur
Entrepreneur
Holding company
Petroleum
Entrepreneur
Entrepreneur
Entrepreneur
19,915
19,467
19,181
19,100
19,000
18,620
18,237
18,031
3
9
9
2
1
9
4
6
Insurance
18,000
4
83 Gunma Prefecture
Entrepreneur
Manufacture
Entrepreneur
Bank
Entrepreneur
Marquis
Investor
Steward of Mouri
Bank
Local government
Local government
Local government
Entrepreneur
Investor
Entrepreneur
Investor
Earl
17,664
16,170
15,834
15,651
15,600
15,499
15,352
15,313
15,265
15,000
15,000
15,000
14,580
13,909
13,800
13,117
12,985
4
1
2
5
5
4
3
4
3
1
1
1
2
1
2
5
2
84 Fukushima Namizou
85 Nabeshima Naohiro
86 Asada Matashichi
87 Yamagata Yuzaburo
88 Saga Syotaro
89 Fukukawa Chuhe
90 Minoda Chozaburo
91 Honda Hiroshi
92 Shiba Yoshikane
93 Oono Seikei
94 Oono Tokusaburo
95 Tomikura Rinzo
96 Masuda Takashi
97 Shirai Enpei
98 Ootani Kahei
99 Kawasaki Bank
100 Yamamoto Tatsuo
Source)
Status
Investor
Entrepreneur
Marquis
Investor
Entrepreneur
Investor
Duke
Local government
Entrepreneur
Mining
Investor
Entrepreneur
Entrepreneur
Investor
Trade
Local government
Investor
# of shares # of stocks
12,813
1
12,745
5
12,575
4
12,567
3
12,218
3
12,000
1
11,624
2
11,480
1
11,250
1
11,000
1
11,000
1
10,500
2
10,500
3
10,248
3
10,022
1
10,000
1
10,000
1
Insurance
9,800
3
Bank
Entrepreneur
Entrepreneur
Entrepreneur
Local government
9,600
9,511
9,178
9,000
8,770
2
2
1
3
1
Insurance
8,740
2
Investor
Entrepreneur
Investor
Entrepreneur
Entrepreneur
Entrepreneur
Investor
Marquis
8,660
8,552
8,466
8,326
8,150
8,082
8,000
8,000
1
7
1
3
4
2
2
2
Local government
7,954
1
Investor
Marquis
Entrepreneur
Entrepreneur
Entrepreneur
Investor
Investor
Investor
Entrepreneur
Entrepreneur
Investor
Investor
Entrepreneur
Entrepreneur
Entrepreneur
Bank
Politician
7,829
7,771
7,757
7,621
7,500
7,496
7,411
7,406
7,300
7,255
7,164
7,135
7,106
7,104
7,038
7,001
7,000
3
3
5
4
2
1
3
4
1
6
2
1
5
3
5
3
1
Sawai (2003: 263-66).
32
Table 7
Rank
6
Noblemen’s Holding Structure (more than 5,000 shares owned, 1897)
Name
Status
Maeda Toshitsugu
# of shares # of stocks
Marquis
43,127
9
8
Shimazu Tadayoshi
Prince
27,371
3
9
Asano Nagakoto
Marquis
25,447
3
Tokugawa Mochitugu Marquis
20,424
2
19,232
6
11
13
17
Nabeshima Naohiro
Mori Motoakira
Marquis
16,768
Prince
Firm
Japan Railway
Company
Nanao Bank
Japan Railway
Company
Japan Railway
Company
Japan Railway
Company
Japan Railway
Company
The Second Bank
# of
shares
2,000 Iwakoshi Railway
1,000 Bank of Japan
13,947 The Fifteenth Bank
8,000 The Fifth Bank
5,424
17,947 The Fifteenth Bank
4,500 Teiyu Bank
3,000
15,424 The Fifteenth Bank
5,000
10,230 NYK line Japan
2,500 The Thirtieth Bank
17,978 Meiji Commercial Bank
6 The Fifteenth Bank
4,951
Hokkaido Coal Train
Company
Hosokawa Morishige
Marquis
7,872
43
Date Munenobu
Marquis
5,976
2 The Twentieth Bank
47
Shimazu Tadanari
Prince
5,443
3 The Fifth Bank
4,172 Bank of Japan
55
Iwakura Tomosada
Prince
5,000
5,000
56
Hisamatsu Sadakoto
Count
5,000
1 The Fifteenth Bank
Kobu Railway
1
Company
Hachisuka Mochiaki
Marquis
15,024
12,660
10,000 The Fifteenth Bank
Firm
3,584 NYK line Japan
2,000 The First Bank
2,000 Bank of Japan
4,500
Tokio Marine
Insurance
3,600
Sobu Railway
Company
1,500
The Yokohama Specie
Bank
10,626 The Fifteen Bank
190
4,572 Higo Bank
Kobu Railway
4,532
Company
5,121 Japan Refractories
845
Tokyo Electric Power
Company
604
Tokyo Fertilizer
Company
25 Maeda Toshinari
Marquis
# of
stocks
19,915
1,444
1,050
The One Hundred
Forty-Sevenrh Bank
221
5,000
Firm
3
Meiji Commercial
Bank
# of
shares
Firm
Composition of the stocks
# of
Firm
shares
9,000 The Fifteenth Bank
5,700 NYK line Japan
9,319 The First Bank
Tokyo Ishikawajima
4,376 Shipbuilding
Company
39 Date Munenobu
Marquis
15,499
4
The Twentieth
Bank
50 Matsudaira Yorinaga
Count
12,985
2
Tokyo Railway
Company
53 Tokugawa Yoshiakira
Marquis
12,575
4 Aichi Bank
6,714 The Fifteenth Bank
3,527 Hokkai Bank
57 Shimazu Tadashige
Prince
11,624
2 The Fifteenth Bank
6,000 Naniwa Bank
5,624
Source)
400
3,300
Noblemen’s Holding Structure (more than 10,000 shares owned, 1907)
# of
shares
1,400
4,398
5,500 The Eighty-nineth Bank
Table 8
Status
1,500
817
Sawai (2003: 260).
Name
2,065
500
Source)
Rank
# of
shares
1,002
34
23
Tokugawa Yoshiakira Marquis
# of
shares
Firm
Tokio Marine
5,000
Insurance
1,000 Kinjo Saving Bank
Kuratani Mining
Japan Railway
2
Company
Tokio Marine
6
Insurance
Tokyo Hat Company
2 The Fifteenth Bank
19
Composition of the stocks
# of
Firm
shares
# of
shares
Firm
11,773
Odawara Electric
Railway Company
# of
shares
Firm
# of
shares
5,215
944 Iwaki Minning
860
1,212
2,034
Maruhachi Saving
Bank
300
Sawai (2003: 267).
33
Table 9
Year
Revenue Structure of the Shimazu Family
Bond
1885
1892
Source)
Composition（%）
Share
Business
93.1
73.4
20.0
1.3
5.2
Total（yen）
Others
5.6
1.5
107,740
178,173
Terao (2015: 43).
Table 10 Revenue Structure of the Kikkawa Family
Composition（%）
Year
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
Source)
Share
Bond
26.3
26.7
25.7
26.9
26.2
12.6
16.3
11.7
7.5
9.8
11.2
8.0
6.3
7.1
8.8
4.8
5.9
5.7
proportion
(%)
22.2
22.8
26.4
34.1
36.9
63.1
47.6
51.1
48.4
57.5
52.1
59.2
59.6
61.8
64.2
73.3
65.4
84.2
# of
stocks
8
10
10
12
15
16
18
18
18
19
19
21
22
21
21
26
30
24
Land rent
25.9
26.6
27.8
24.8
24.8
17.4
25.2
29.6
39.3
26.7
31.8
27.5
31.0
26.8
24.5
19.1
26.3
8.6
Loan
interest
9.3
7.1
8.6
7.4
6.3
3.1
4.2
3.8
2.1
1.8
1.7
1.0
0.8
0.8
0.5
0.5
0.6
0.4
Deposit
interest
15.4
14.8
8.9
4.8
4.2
2.3
4.1
1.2
1.1
0.8
0.6
1.6
0.8
0.7
0.9
1.4
0.9
0.6
Others
0.8
2.0
2.5
2.3
1.6
1.6
2.6
2.7
1.6
3.4
2.6
2.7
1.6
2.8
1.0
0.9
0.7
0.5
Total(yen)
57,631
63,115
66,190
73,657
71,337
125,066
88,842
101,689
146,559
108,112
88,626
116,999
127,695
135,671
186,560
262,263
188,114
529,998
Miura (2015: 5 and 14-15).
34
Table 11
Year
Financial Supports by Tsugaru Tsuguakira: 1873-1910
Helps to
Amount
For Former Domain
Other
(Yen)
Type1
Type4
Type2
Type3
Toougijuku High School:
1873
the
funds
of
5,000
✓
3,000×8
✓
establishment 1875 －
Toougijuku High School:
1882
the operating expenses
1880
Fire sufferers in Hirosaki
city*
2,000
✓
1883
Toougijuku High School
10,000
1885
Kado Society
200
✓
1886
Hakuaisha
9×10
✓
1890
1892
1895
1895
1896
Needy of pore crop in
Tsugaru region*
Toougijuku High School
Poor military families in
former domain
Military
in
Aomori Pref.
Toougijuku High School
Students
1899
training
Pref.’s
from
✓
150
✓
1,250
✓
540
✓
500
✓
✓
？
✓
Aomori
dormitory
in
1,000
Tokyo
1900
1903
1910
Needy of poor crop in
Aomori Pref.*
Needy of poor crop in
Aomori Pref.*
Fire suffers in Aomori
city*
425
✓
500
✓
2,000
✓
Total
1,040
5,085
40,250
290
Source) Tsugaru Tsuguakira Koden Kanko-kai (ed.) (1917).
Notes) About four types, see the text. Superscript ‘ * ‘ implies the support by Tsuguakira
that was commended by the Decoration Bureau.
35
Hokkaido
Bank: Hokkaido Railway Co.
Iwate Prefecture:
RC: Gan’etsu Railway Co.
Aomori Prefecture
RC: Tsugaru Railway Com.
Tokyo Prefecture
RC: JRC
Kyoto Prefecture
Bank: Teiyu Bank
RC:
The Fifteenth Bank
Kyoto Railway Com.
Kanagawa Prefecture
Bank: Yokohama Specie Bank
Figure 1
Enterprises the shares of which Tsuguakira owned and the
locations of their head offices during the period from 31 Decem ber 1900 to
January 1902
Source) “Jugo Ginko Sonohoka Dome” (Tsugaru Family Archives at National Institute
of Japanese Literature).
Note) “RC” implies Railway Company.
36
Appendix M ap
Note: Area numbers, area names, and their including prefectures are as follows;
1. Hokkaido
2. Tohoku: Aomori, Iwate, Miyagi, Akita, Yamagata, Fukushima
3. Northern-Kanto: Ibaraki, Tochigi, Gunma
4. Southern-Kanto: Saitama, Chiba, Tokyo, Kanagawa
5. Hokuriku: Niigata, Toyama, Ishikawa, Fukui
6. Tozan: Yamanashi, Nagano
7. Tokai: Gifu, Shizuoka, Aichi, Mie
8. Eastern-Kinki: Shiga, Nara, Wakayama
9. Western-Kinki: Kyoto, Osaka, Hyogo
10. Chugoku: Tottori, Shimane, Okayama, Hiroshima, Yamaguchi
11. Shikoku: Tokushima, Kagawa, Ehime, Kochi
12. Kyushu: Fukuoka, Saga, Nagasaki, Kumamoto, Oita, Miyazaki, Kagoshima
*This map was made by Professor Yoshuyuki Takeuchi at Osaka University. The
authors would like to greatly thank him.
37
Daimyo was a lord who ruled over 10,000 koku. Koku is a unit of volume of rice, and
one koku is equivalent to about 180.39 liters. Koku was also the important unit of main
tax, land tax, during the Tokugawa period and the early Meiji years.
2 The pronunciations of ‘koshaku’ as prince and that as marquis are the same, but their
Chinese characters are different.
3 About this section, see Mitsui Ginko 80 Nen-shi Hensan Iinkai (ed.) (1957): Tohara
(1963) : Hoshino (1972): Ishikawa (1976).
4 About this section, Hoshino (1970-72) is the most important study. Also see Ericson
(1996): Nakamura (2000): Noda et al (eds.) (1986).
5 As for this case, see Nihon Keiei-shi Kenkyujo (ed.) (1979).
6 On this case, see Toyo Boseki Kabusiki Kaisha (ed.)(1986).
7 Ishikawa (1976) indicated the possibility that the equity investments of kazoku gave
the newly established companies some credibility, and, therefore, accelerated
investments as a whole..
8 Within the former daimyo, nine persons in 391 members returned their peerage titles
back before 1947.
9 Maeda Toshitasu from the former largest daimyo family ranked at the seventeenth
position in the upper class taxpayers in 1947 when the property tax was introduced in
Japan. See Hirota (1995).
10 About Keio Gijuku, we will soon discuss in more detail.
11 A document displayed at Kyu Toougijuku Gaikoku Kyoshi-kan [Museum of the
foreign teachers of Toougijuku].
12 For details about Toougijuku, see Kitahara (2002).
13 For details about Iida, see Nakamura (1975).
14 About this paragraph, see Nakamura (1983).
15 Also see Takeda(1982); Uchiyama (2015).
1
38