All of the papers published in this number were read at the third annual conference of the Business History Society of Japan which was held at Waseda University on the 20th of November, 1967. In the opening address, Kazuo Yamaguchi emphasized the extent of the competition the western-style enterprises in Japan had to fight with foreigners before they were firmly established by the beginning of the 20th century, and he pointed out the six conditions required for their effective competition in the world market. The second speaker, Kanji Ishii, of the University of Tokyo, explained that there were two types of silk-reeling mills, the mills which produced the common grade of raw silk and the mills which specialized in fine raw silk, both being exported for the American market. He also emphasized that the patterns of behavior of the two mills, the Katakura of the former type and the Gunze of the latter, were quite different in financing, purchasing, and labor recruitment. The commentator, Naosuke Takamura of Yokohama National University, raised the question whether these two types were not related to the two different stages of development of the Japanese silk-reeling industry. Yoichiro Inoue of Hiroshima University followed the technological development of the Nagasaki Shipyard of the Mitsubishi Co. and concluded that the prosperity of the Nagasaki Shipyard was based on its technical superiority over the competitive yards. Shigeaki Yasuoka of Doshisha University commented that the technical aspect should have been discussed in closer relation with other management factors. Tsunehiko Yui, of Meiji University, reported on the Tokyo Marine Insurance Co. formed by Eiichi Shibuzawa and subscribed by some aristocrats, mostly former daimyos. He emphasized the role of Kenkichi Kagami, who led the company successfully through a number of difficulties, devising an effective method of calculation and skillfully exploring the world market. Toshimitsu Imuta of Osaka Municipal University suggested that the success of Tokyo Marine Insurance should also be considered in relation to the development of industrial enterprises, to the cooperation among the competitive insurance companies and finally to the generous government subsidies. The final reporter, Yoshio Togai of Senshu University, traced in detail various challenges the Mitsui Trading Co. had to respond to in its formative years. Keiichiro Nakagawa of Tokyo University asked for further clarification of the competitive situation between the general and specialized merchants on the one hand and between the shipping, insurance and/or foreign exchange functions of those general merchants and the same kind of subsidiary businesses operated by independent firms on the other.