The aim of this paper is to review the business expansion of early Mitsubishi from the viewpoint of funds. Mitsubishi went into businesses other than shipping and did the asset management from its early days. But the asset management of Mitsubishi was influenced by the establishment of Mitsubishi Exchange Office in 1880 and purchase of Takashima Colliery in 1881. A problem arose from the increase in the cost spent on the shipping business. Then the management didn't only cut the wages but also reexamined the accounting system, under which it had been impossible to calculate profits and losses precisely. In 1882, a new accounting system was set forth and the accounting of the shipping departments became isolated from the other departments. This process influenced the way of business expansion, too. Higher performance was required because the funds which had been used for a financial investment and had made a large profit until then were turned to the new business. Therefore, management used the new funds as lending, not as capital. I present the following hypothesis. Early Mitsubishi came to recognize business as the process of the flow of funds. In other words, Mitsubishi grasped business as the mechanism which is identical with a financial investment. It means that the business model of Mitsubishi worked as a management discipline of each office by the fund.
In 1902, two girls were employed by Mitsukoshi department store. Since then, the number of salesgirls increased. The girls were called department store girl. Before the WW I, most of the salesgirls were true meaning girls, about 12-15 years old. They had started working right after graduating only primary school. They worked long long time every day. So they were considered very miserable. In the 1920's, department stores had changed their customer target. Since then, customers of middle classes increased. Many of them were families. At the same time, the salesgirls with decent images grew an important factor at department stores. They were thought to be well-educated and beautiful girls, so sometimes they were heroin of modern city. Many of salesgirls were from middle classes, and retired from their job by marriage. But they came back to department stores again with their family (her husband and children) as customers. It is so called reproduction of clients. The salesgirls were not only representative of modern culture, but also assisted with development of Japanese department stores. So department stores had become modern consumer's culture, and they also became women's workplace.