松方デフレ期における地主の投資行動 : 長野県下高井郡山田家の場合

抄録

The object of this study is how the landlord acted in the former half of 1880's, the Matsukata deflation period and in Nagano Prefecture that was a region of the silk-reeling industries. The Yamada family that was in Ebe-mura Shimotakai-gun owned the arable land over 100 ha in 1878 and held its high social status, so its investment actions were decided by the economic primary factor (the returns of investment). Every year Ebe-mura and its environs were subject to frequent floods by the Chikuma, so their rice crops were unstable and there were no industries with a bright future, and the sum of money lent by the Yamadas was reduced according to the decrease of demand for it. Therefore in these regional and periodic environment the Yamadas invested the rest of money for the loan and the proceeds from the sale of the land, in stocks and bonds which were more profitable and more reliable. As everybody knows, Ueda Nineteenth National Bank (in Nagano Prefecture) contributed much to the development of the silk-reeling industries in Suwa area. Sometimes the Bank raised funds for financing from the other banks for the lack its own in the season of the silk production. At that time the Bank had to give bonds as the security to the other. On the other hand the Bank had been appointed as a Exchange Agency (Kawase-kata) of the Ministry of Finance, on condition to offering bonds as the security to the Authorities. The Bank was in need of much bonds for such two uses, but was short of them. The Bank could finance smoothly to the industries through borrowing bonds temporally from the Yamadas. For that reason, from the side of the Yamadas speaking this relation, we can say that the Yamadas made contribution indirectly to the development of the silk-reeling industries in Nagano Prefecture by means of lending bonds to the Bank.