巻号一覧
45 巻, 6 号
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湯沢 威原稿種別: 本文
1980 年 45 巻 6 号 p. 601-623,730-72
発行日: 1980/03/31
公開日: 2017/07/15
ジャーナル オープンアクセスOne of the characteristics shown in the British railway companies' finance in the nineteenth century was the tendency to the increase of the capital with the fixed interests, in other words, preference shares and debenture stocks. We presumed this increasing issuances of preference shares and debenture stocks were caused mainly by two factors. One was the bad business conditions of the railway companies, which could not easily raise capital with ordinary shares. The other factor was the emergence of the professional managers. We especially consider the latter factor in this paper by analyzing main eleven railway companies. In the latter part of the century, professional managers succeeded in raising their position, to some degree, in top management of major companies. But it seems that there existed three types (type A, B & C) in the relation between directorate and managership. The type A was found in cases of London & North Western Railway, Great Western Railway and Lancashire & Yorkshire Railway, where traditional boards of directors kept their leadership particularly in financial and personal affairs as before, though general managers were able to improve their position to a certain extent. Those companies could occupy rather populous routes and were run in steady management. In this type the financial structure was comparatively fluctuating according to the business condition, and the ordinary capital held a dominant position at first though declining in its share later. The type B in that relation was the favourable coordination between the board and managers such as in Midland Railway, North Eastern Railway, and Great Northern Railway, and managers were, if anything playing leading roles. For example, J. Allport got the position of the general managership of Midland Railway in 1853, and Captain O'Brien became a general manager of Great Northern Railway in 1855. Allport could play a leading part in Midland Railway's affairs during the hard times after the collapse of Hudson's empire. The type C was the case in which professional managers had powerful leadership in top managements and in some cases they became managing directors. Watkin in South Eastern Railway and Manchester Sheffield & Lincolnshire Railway, and Forbes in London Chatham & Dover Railway were representatives of this type. They can be called 'general entrepreneur', if we use T. C. Cochran's words, but they could not form the main faction of the English railway world, very different from the American business world.抄録全体を表示PDF形式でダウンロード (2168K) -
植村 正治原稿種別: 本文
1980 年 45 巻 6 号 p. 624-649,729-72
発行日: 1980/03/31
公開日: 2017/07/15
ジャーナル オープンアクセスThe author, studying the various deeds which have been preserved by the Kondo family in Harima province and classifying the rates of interest written on them, attempts to interpret those rates of interest firstly in terms of fluctuation of the amount of loan, which is the index of demand for funds; secondly in terms of disbursed money from the shogunate government, which might be deemed to reflect the behaviour of the amount of money supply; and thirdly in terms of the price of rice at Osaka, which is a substitute index for the conjectured rates of fluctuation of prices in general and of market price of gold. Although no correlation is to be found between the fluctuation of the amount of loan and the rate of interest on the debt paid within the time for payment, correlation, if not very high, can distinctly be found out between the fluctuation of the amount of loan and the rate of interest curriculated from deeds of transfer or mortgages of land. There may be some problems involved in the use of disbursement from the shogunate government as an index of money supply, but it can be seen that the level of the rate of interest changes with some time-lag after the change in the disbursement of money. Falling tendency of the rate of interest in the days of Meiwa-An-ei almost stopped in the days of Meiwa, and it did not give so great an influence on the fall of the rate of interest of An-ei nishu silver. Moreover it is remarkable that before 1764, the 4th year of Miwa, a strong inverse correlation existed between the disbursement from the shogunate government and the rate of interest gained from the deeds of transfer and mortgages of land. It is evident that there existed some correlation between the rate of interest and the conjectured rate of fluctuation of prices though it was impossible to find any correlation between the rate of interest and conjectured rate of fluctuation of the market price of gold. Lastly an observation is made on the Kondos' measure to meet the regulation of the rate of interest by the shogunate government. In order to meet fluctuations of prices and the regulation of the rate of interest they endeavoured to maintain their assets by varying the forms of loan. What is intended is to make clear the interrelationship of prices in rural villages in the Edo period, and here in this article are taken up the rate of interest and some of the factors in its fluctuation. As a procedure, changes in social structure of the rural villages which defined the way of these interrelationship are taken for datum, and not taken into account as one of the explanatory factors in the fluctuation of the rate of interest. It is difficult to do so with the present limited materials and must wait for future research.抄録全体を表示PDF形式でダウンロード (2265K) -
千田 稔原稿種別: 本文
1980 年 45 巻 6 号 p. 650-676,728-72
発行日: 1980/03/31
公開日: 2017/07/15
ジャーナル オープンアクセスWhat is widely known as hansai shobun 藩債処分 consisted of hansai shusha 藩債取捨 (the policy of succession and annulment of the bonds issued by various han) and flotation of shinkyuu koosai 新旧公債 (new and old national bonds). The studay of hansai shobun, which requires analyses of both of them, has not attracted much attention of the economic historians. But it is very essential to study it, not only because it was the important financial policy in modern history of Japan, but also because it was the first instance of modern national bonds and had some connection with the original formation of capital and labour. The author begins the study with analysis of characteristics of hansai shusha and reactions and resistance toward it of merchants, farmers, and ex-lords of abolished feuds. The conclusions of this article are as follows. 1. The dominant characteristic of hansai shusha is to be found in the fact that the necessity to overcome financial difficulties of the early years of the Meiji era made the Government try to reduce drastically the total sum of hansai as far as possible. The measure taken was the annulment of certain kinds of debt, such as old debts, private debts of feudal lords, debts of the feudal lords hostile to the new Government in the first year of Meiji, debts presented to local authorities behind a definite time, debts with no evidences, and so on. The new Government called the former officials of han governments all over Japan, and made them leave the matter to the officials of the Ministry of Finance. 2. Hansai shusha fulfilled a function of the policy of primitive accumulation of capital in that it confronted not a few merchants with difficulties and impoverished them. 3. In spite of the severe measure the merchant creditors only appealed to the local authorities or sued at a court. They did not dare to oppose themselves to the policy against the Government, because they had been accustomed to being obedient to the ruling authorities and also the policy the Meiji Government took concerning hansai was similar to that of Tokugawa shogunate in their last days. 4. Contrary to the severeness of the policy toward merchants, the Government treated ex-lords and the class of former samurai somewhat leniently and made a concession to farmers in order to placate their movements against the Government.抄録全体を表示PDF形式でダウンロード (2704K) -
永江 真夫原稿種別: 本文
1980 年 45 巻 6 号 p. 677-696
発行日: 1980/03/31
公開日: 2017/07/15
ジャーナル オープンアクセスPDF形式でダウンロード (1789K) -
関口 尚志原稿種別: 本文
1980 年 45 巻 6 号 p. 697-706
発行日: 1980/03/31
公開日: 2017/07/15
ジャーナル オープンアクセスPDF形式でダウンロード (992K) -
大槻 功原稿種別: 本文
1980 年 45 巻 6 号 p. 707-709
発行日: 1980/03/31
公開日: 2017/07/15
ジャーナル オープンアクセスPDF形式でダウンロード (406K) -
大東 英祐原稿種別: 本文
1980 年 45 巻 6 号 p. 710-712
発行日: 1980/03/31
公開日: 2017/07/15
ジャーナル オープンアクセスPDF形式でダウンロード (404K) -
田中 豐治原稿種別: 本文
1980 年 45 巻 6 号 p. 712-715
発行日: 1980/03/31
公開日: 2017/07/15
ジャーナル オープンアクセスPDF形式でダウンロード (468K) -
原稿種別: 目次
1980 年 45 巻 6 号 p. 721-725
発行日: 1980/03/31
公開日: 2017/07/15
ジャーナル オープンアクセスPDF形式でダウンロード (171K) -
原稿種別: 文献目録等
1980 年 45 巻 6 号 p. 727-730
発行日: 1980/03/31
公開日: 2017/07/15
ジャーナル オープンアクセスPDF形式でダウンロード (219K)
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