製糸資本勃興期の金融

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From the mid-1880s into the 1890s the machine reeling industry in Suwa (Nagano Prefecture) overwhelmed the hand reeling method used in Kozuke (Gumma Prefecture) and began the formation of silk thread mass production there. This period may therefore be called the era of silk industrial capital formation. It goes without saying that finance played an important part in this achievement, but we have yet to see any analysis of the dynamic relationship between the rise of silk capital and how it was financed. In the present paper the author attempts to rescue the research from the realm of static analysis carried out around the concept of "policy-generated finance" and study the dynamics of silk financing during this period centering around the economic depression of 1890, outline how it evolved from there, and view the interrelationship between finance and capital accumulation in Japan's silk industry. Silk finance, which was rapidly accelerating the industry's growth and capital accumulation despite overall low capital accumulation, required comprehensive integration of the production and distribution systems, from "original principal" (money for cocoon purchase) funding to advances on bills of exchange from silk reelers. However, the granting of credit which formed the basis for the provision of "original principal" based on accommodation bill discounting could not at the onset be handled by the existing silk financial institutions alone, and was thus carried out through tie-ups with Yokohama Specie Bank, urban and rural banks and outlet whole-salers, all centered around the Bank of Japan re-discounting. Under expanded credit from the Bank of Japan a system for linking together silk financial institutions was formed. However, given that credit expanded through policy decisions is directly determined by the business cycle, economically depressed conditions give rise to recurring, potentially destructive credit contraction. Therefore, silk finance had to display a business cycle inclusive capacity to adjust, given credit control via the Bank of Japan re-discounting practices ; and to display such a capacity, it was necessary for the system integrating silk financial institutions under Bank of Japan credit to function properly. A production/distribution integrating, business cycle-inclusive, comprehensive system for silk finance developed in three stages. The first stage, occurring between 1887 and 1893 (and including the panic of 1890) was marked by the formation of the system around the Bank of Japan and Yokohama Specie Bank, as well as structural changes in Yokohama financial markets. The second stage, occurring between 1894 and 1900, was marked by an expansion of the system under the leadership of the Bank of Japan and Yokohama Specie Bank, with large amounts of "original principal" provided by the Bank of Japan. The third and final stage, occurring after the panic of 1900, was marked by a move away from the Bank of Japan "original principal" funding and growing independence of the system, despite the need for "relief" loans under the Bank of Japan re-discounting during the panic. In other words, the system increased its independence from 1901 on the basis of the Bank of Japan credit. In this way silk industry finance continued to expand emphasizing "original principal" while the credit created by growing silk financial institutions was employed in greater and greater amounts for capital accumulation in the silk industry. At the same time, credit expansion and contraction effects increased under the Bank of Japan credit. As far as silk industry capital as a whole is concerned, the gradual establishment and development of a production/distribution integrating, business cycle inclusive, comprehensive silk finance system brought about the gradual realization of an environment that accelerated capital accumulation in the industry.
財団法人史学会の論文
1994-04-20

製糸資本勃興期の金融

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