近代の鐘淵紡績株式会社（鐘紡）の経営者であった武藤山治は，1928年に南米拓殖株式会社（南拓）を設立し，翌1929年より，ブラジル・アマゾン河流域のパラー州トメアスへの移住事業を行った。そして現在，日本人・日系人によりトメアスで行われているアグロフォレストリー（森林農業）の取り組みは，この地域をはじめとして，森林保全にかかわる地球環境問題について懸念される中，農業振興と環境保全の両立が図れるものとして，世界的に注目されている。

　さて，本考察では，経営者である武藤の生い立ちや鐘紡経営との関係から，彼が海外移住事業に使命感を抱いた動機，南拓および現地会社の事業，そして，トメアスでアグロフォレストリーがなされるようになった経緯や今日の状況等について明らかにした。

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Muto Sanji (武藤山治) (1867-1934) was one of the greatest Japanese business leaders in the early 20^th century. He succeeded in managing the Kanegafuti Spinning Company (鐘淵紡績株式会社), which developed significantly under his prominent leadership. He was well-known for his paternalism in the company and distinguished for his dignified stance to the shareholders. This paper attempts to find how he could get the shareholders' support for his welfare works which cost much money.
Muto knew that he must give the employees good working environments and conditions to induce them to work hard. He made all the possible improvements for the employees and he himself worked hard with them. On the other hand, he rejected any unreasonable request for dividend-increase and refused almost all the proposals from the shareholders to increase capital because they were often schemed just to get capital gain.
The company grew better-off owing to his good management and came to able to pay a high dividend to the shareholders. Then Muto began to pay a higher dividend than those of other companies in return for the shareholders' cooperation for his policy to avoid unreasonable capital increase, and he could build the complete welfare facilities with their consents.
This paper will give some hints to the Japanese managers struggling to create a new business model today.

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