南満州鉄道外債交渉と日本の対外金融政策,1927〜1928年

概要

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The purpose of this article is to reconsider the foreign loan negotiations for the South Manchurian Railway (SMR) and their failure in the context of Japan's external financial policy, and to examine the negotiation process both in America and Britain. From the mid-1920s, the SMR loan was regarded as an important source of specie in the event of a return to the gold standard. But the financial panic of 1927 and the subsequent drain on gold made it necessary to float the loan immediately. Negotiations were opened with T.W. Lamont of J.P. Morgan & Co. who regarded the loan as financial support for the stabilization of the Japanese economy and made every effort for a successful flotation. However, there were objections from the State Department, which was afraid of antagonizing the Chinese. In August 1928, therefore, negotiations began in London. But there was opposition from the Foreign Office, because of fears that a tariff treaty with China would be adversely affected. This failure indicates the collapse of the Japanese government's attempt to combine an independent policy towards China with financial cooperation with Britain and America.
2000-01-25