植民地期朝鮮における「国有鉄道十二箇年計画」

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概要

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• This paper, by focusing on private investors, clarifies the mechanism by which the colonial government-general aided private railway companies in colonial Korea through the "Twelve-Year National Railway Project." The twelve-year project was a large-scale colonial policy in three parts. First, to construct five new lines with a total length of 860 miles between 1927 and 1939; second, to purchase five important lines totalling 210 miles from three private railway companies; and third, to upgrade both the existing national railway lines and those acquired from private companies. Including existing budget allocations the government-general provided 320 million yen over twelve years for the first and third parts, and 26 million yen over five years for the second part. The government-general gave two reasons for the purchase of the private lines. First, the private lines provided essential connections between newly constructed and existing national railway lines; and second, the private railway companies could employ the proceeds of their sales to complete other railway lines and overcome financial difficulties. The private railway companies' financial difficulties were one motivation for the twelve-year project. The companies, many of which were established between 1918 and 1920, immediately faced difficulties in raising capital. The ensuing financial crisis of the post-World War One period saw them able to maintain dividend payments only with financial assistance from the government-general, while remaining unable to raise further capital for the construction of new lines. Investors in private railway companies lobbied for the establishment of the twelve-year project as a solution to the companies' financial difficulties, and as a result, five lines were bought from three companies after 1927. The funds obtained through the sale of these lines enabled the companies to complete other lines, and a part of the funds flowed back to the Toyo Takushoku Kaisha. Studies of railway history in Korea to date have concentrated on the national railways, and little is known of the history of the private railway companies. This focus has resulted in a generally accepted understanding that the twelve-year project and the purchase of private lines was no more than a necessary part of the expansion of the national railway. In contrast, by focusing on investors in private railway companies with a direct interest in the project, this paper demonstrates that one highly important aspect of this colonial project was to aid private railway companies and financial institutions through capital provision.

• 2010-01-30

著者

• 矢島 桂

  一橋大学大学院

関連論文

• 植民地期朝鮮における「国有鉄道十二箇年計画」
• 戦間期朝鮮における鉄道金融の展開 : 朝鮮鉄道会社の社債発行を中心に
• Consideration for the basic characteristic of the investment in colonial railways in Korea

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