The purpose of this paper is to clarify the structural features of the landlord management system from the 1920's until the postwar land reform. The object of investigation is the Nezu family, the second biggest landlord in Yamanashi prefecture in the prewar period. The aim is to analyze the changes in the landlord system that took place in the above period, in particular decline and later dissolution of the landlord system. (1) 1921〜31: In this period the tenancy system began to deteriorate. The turning point for this process came as a result of the panic of 1920. The Nezu family started selling their land and invested money in securities. As a result, profits from securities in 1924 surpassed that from tenants' rent. (2) 1932〜37: In this period both the tenancy system and investment in securities were negatively affected by the Showa Depression. The Nezu family, however, avoided a crisis by mean of increased investments in securities market. (3) 1938〜45: In this period, as a result of wartime controls, tenancy incomes decreased significantly, and the Nezu family started selling their land rapidly. But as a result of an increase in income tax, the profitability of securities investments decreased, and the financial standing of the Nezu family deteriorated. (4) 1946〜48: In this period the Nezu family was forced to sell almost all of its securities all at once as the result of the heavy burdens imposed by the new property tax. Their dividend income thus disappeared. The land reform was also introduced in this period and resulted in the termination of the Nezu family's role as a landlord.

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