This paper analyzes securities investment by the modern imperial estate.

The initial acquisition of major shares by the imperial family was carried out through non-anonymous routes via the Ministry of Finance and conglomerate companies. Some of them far exceeded their face value. However, using this as a foothold, they continued to acquire at face value by repeating investment in the primary market, such as underwriting new shares to increase capital in response to old shareholdings and making additional payments by split payments. By using this investment route through the primary market as the basis of imperial assets, they secured low-risk, high-return financial assets and profits.

In the 1920s, the opportunities for stock acquisition through the primary market decreased, and accumulation of stock through additional investment was no longer expected. Stock prices continued to fall and emerged as financial assets with a high risk of price decline. The bond market on the other hand expanded significantly, and the risk of market price decline was lower than that of stocks. As a result, stock acquisitions gradually increased, while bond investment surged.

The growth potential of stocks slowed and stocks with unrealized losses were issued in the late 1920s and early 1930s, but because they were based on additional investment through the primary market, the loss was smaller than that through the secondary market, and the total loss was smaller and thus unrealized gains were secured. It can be said that a series of stock investments based on long-term holdings have created a stable economic base for maintaining the functions of the Imperial Household while occasionally coping with fluctuations in financial markets.

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The purpose of this study is to grasp the situation of Hoshigaoka-Charyo in the early days. Then I consider the character, the circumstances and the meaning of this house. Especially, I take notice of several changes of the plan for this project. In conclusion, it found two sides to its character, intention of artistic accomplishments and spiritual. Then one may say that there were two situations, a sign of revival of Cha-no-Yu in the modern era and the Sens' scheme. It follows from what was been said that this house was placed the dawn of modern sukiya-style.

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The purpose of this article is to clarify the actions of the South Manchuria Railways Company (SMR) and its shareholders during the period of the 1933 SMR stock issue, using documents from the closed institutional records of its Tokyo branch. My interest in this issue is to establish how the SMR achieved this capital increase from private sector shareholders and investors in general, given the turbulent business environment resulting from the Manchurian Incident and the resulting increased scrutiny of the SMR itself. At the same time, I consider the significance of changes in the shareholder body during the take-up period by examining the reorganization of the SMR. In summary, this article establishes the following four points. First, bids for the newly-issued common stock were distributed approximately into two groups, the majority of bids clustering around the 53 yen mark, below the lower price of the offering. The record of the public offering shows that while some general investors were enthusiastic during the "Manchuria boom," others demonstrated a rather more cool attitude. Second, after the new stock came into circulation, it was rural shareholders who took up new and outstanding stock sold off by urban shareholders in areas such as Tokyo, Osaka, Aichi, Kanagawa and Hyogo prefectures. The proportion of stock held by rural shareholders increased, and the number of shareholders also showed a greater rate of increase in rural areas than in urban. Throughout the take-up period, the relative importance of rural shareholders increased within the SMR shareholder body. Third, the sale of SMR stock by urban shareholders was triggered by political intervention in the SMR from the period of the Manchurian Incident to the time of the stock issue and the resulting management uncertainty and poor outlook. On the other hand, the reason that rural shareholders bought up the stock was that within the context of a widening loss of confidence in regional banks, an improved "environment for investment" brought about the stable circulation of reliable SMR stock which was seen as a haven for investment Finally, the transformed shareholder body successfully demanded the restructuring of the SMR to ensure the recovery of the share price and the payment of dividends Within the context of an increase of issued stock and diversification of the body of shareholders, the SMR could not ignore the specific demands of a large body of shareholders, numbering some tens of thousands of registered individuals, and as such it may be said that the shareholder body was able to exert a form of "governance" over the SMR.

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　新たなビジネスを創出するには，さまざまなタイプの経営者に対して事業に適合した枠組みを準備し，適切に資金を供給することが不可欠である．資本主義草創期の渋沢栄一は，株式会社による公益モデル，合資会社によるハイリスク・ハイリターンモデル，合名会社と匿名組合による個人ビジネスモデルを提供した．同時に株式市場の持つ信用創造機能をフルに活用して様々なタイプの経営者への資金供給を自らが率先して担った．

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The purpose of this paper is to survey the function of the stock market in the Meiji Era. Most of modern companies in the Meiji Era were established as jointstock companies, which raised funds mainly by issuing stocks. In that era the stock market played an important role in the establishment of the modern industries, however, it was under peculiar circumstances where only a few descriptions were dealt on credit in the stock exchange and the spot transactions were performed outside the stock exchange. In this paper, firstly, I compare the stock prices formed in the stock exchange with those formed outside it in Tokyo and Osaka. Secondly I survey the formation of stock prices in the Osaka Stock Exchange, and finally the function of the market outside the stock exchange.

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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.

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