日清戦後の外資導入と日本興業銀行

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The purpose of this paper is to clarify the method by which Japan introduced foreign capital during the period of industrialization. During this period the introduction of foreign capital into Japan was characterized by the following three aspects : (1) shift from of the period during which new technology and knowledge were introduced i.e. shokusan kogyo ki (the period of promotion of industrial activities, 1870-1885) to the period of capital introduction which started after the Sino-Japanese War (1894-1895) ; (2) foreign capital was introduced mostly through the issue of national bonds while direct investment by foreigners were rare ; (3) foreign capital was mostly used for the administration of the colonies. These three chracteristics are deeply related to the fact that in Japan the industrial revolution proceeded simultaneously with the formation of world imperialism. Since under the international conditions of those days, the import of foreign capital was directly linked with the danger of being colonized or semicolonized, the goverment of Japan, in contrast with Russia and Italy, did not welcome the introduction of foreign capital. By 1984, when Japan obtained the revision of the uneaqual treaty with the United Kingdom and thus became able to establish diplomatic relations on an equal footing with the weatern countries, the government of Japan had prohibited the import of foreign capital. (Though from the last years of the Edo period until the first years of Meiji, a considerable amount of foreign capital had activly been introduced, after 1881 its introduction was completely prohibited.) Following the Sino-Japanese War, capital became scarce as economic development accelerated. Further, the preparation of the Russo-Japanese War required large amount of expenses. Such financtal difficulties made both the bourgeaisie and the bureaucrats eager to obtain foreign capital. However at this time, the government believed that disorderly import of foreign capital by Japanese capitalists could be harmful. The government intended to regulate and control the import of foreign capital. Kentaro Kaneko, a leading bureaucrat, thought that the government should establish a bank which could introduce foreign capital and invest it in projects deemed indispensable for the industrialization. He also believed that the bank could prevent Japanese companies from being dominated by foreign capital. On the basis of Kaneko's plan, the Industrial Bank of Japan was established in 1900. As the project of introducing foreign capital from Morgan & Co. failed, the financial situation of this bank became shaky. Meanwhile, the government adopted the gold standard in 1899, thus facilitating the inflow of foreign capital. Following the adoption of the gold standard, the government began to raise funds from foreign countries. At that time the government tried to raise funds directly on the London market, without the assistance of the trading companies or banks which had branches in Japan. After having been granted the privitedge to handle foreign loans, the Yokohama Specie Bank developed its activities under the protection of the government. In this way, by giving special protection to the Yokohama Specie Bank, Japan suceeded in keeping independence from the foreign trading companies and banks. Kentaro Kaneko and his partners wanted to make the Industrial Bank of Japan the exclusive importer of foreign capital, but this plan failed because of the opposition of the Yokohama Specie Bank. However, with the law of 1905, the Industrial Bank of Japan was granted the exclusive right to handle loans by local governments and private debentures. As a result, around 1905, the system of introduction of foreign capital through the Yokohama Specie Bank and the Industrial Bank of Jaban was firmly established.
社会経済史学会の論文
1985-03-20

著者

浅井良夫
成城大学経済学部

日清戦後の外資導入と日本興業銀行

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