The purpose of this paper is to trace the process that led to the establishment of the 400 million franc Russo-French loan to China, the first of the three indemnity loans after the Sino-Japanese War, with respect to the new diplomatic offensive of the Western powers and the structural change of Ch'ing foreign policy ; and to attempt to evaluate its position in the diplomatic history of the late Ch'ing period. Foreign loans to China, which before the Sino-Japanese War had been obtained chiefly from British banks and merchants in China by local authorities, had by the end of the war been reduced to a route that led from Robert Hart, the Inspector General of the Chinese Maritime Customs, to the Hongkong and Shanghai Banking Corporation and thence to the London money market. However, after the Three Power Intervention, while high officials of the Peking government bypassed Hart to assume direct responsibility for conducting loan negotiations, Gemany, France and Russia proposed to make a loan to China with the intention of undermining the monopoly of Great Britain in regard to foreign loans to China. At that time, the goverments and bank groups of both Germany and France had plans of organizing an international consortium and the international supervision of China's Customs, but the Russian government from the beginning had proceeded to negotiate with China independently. The Russian government sought the loan for China from French capital, and in order to make the conditions of the loan's issue beneficial to China the Russian government also gave a guarantee in the contract concluded by China as well as securing the approval of the French government for this scheme. Though Great Britain and Germany in response tried to frustrate the Russian scheme by warning the Tsungli-Yamen of the risk involved in accepting a loan guaranteed by Russia, China finally accepted the Russian offer. The Russo-French loan to China, which was concluded on July 6,1895, marked the beginning of the rivalry between the Russo-French bloc and the Anglo-German bloc in late Ch'inginternational ralations. In that year, France succeeded in obtaining the first railway concession in China with the aid of Russia, while Russia established the Russo-Chinese Bank which was to become an important weapon in her policy to penetrate into Manchuria after obtaining finance from the French bank group that participated in the Russo-French loan. On the other hand, bank groups of Great Britain and Germany entered into an agreement for the joint financing of Chinese loans, and this Anglo-German financial entente in China was to continue till the breakout of the First World War. For China, the Russo-French loan was the first diplomatic problem that the Peking government which up till that time had had very little to do with direct diplomatic negotiations coped with after the 1894-95 war under a drastically changed internal political structure and international environment without relying on local authorities. Though the Peking government did not possess the ability to deal with diplomatic problems sufficiently, it was able to get a loan on relatively favorable conditions because of the external factor of rivalry amongst the Western powers.

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After the opening of China to trade with the west, foreign banks entered into the Chinese markets by establishing business relationships with foreign small and middle size trading companies. Therefore, the study of their operations, especially the foreign exchange business, should make it possible to understand the character of foreign trading companies. Although foreign banks were rivaled by large companies at the beginning, they maintained good relations with small and middle size firm from the start. Chapter one of this paper concerns when and where bank branches were established. The Financial Committee of the East India Company can be regarded as the herald of banking in China. In chapter two bank operations are discussed. The Hong Kong branch of the Oriental Bank started note issuance in 1846, and their notes were gradually accepted by the local community. The importance of East Asia, including Hong Kong, in banking is ascertained by note issuance and amounts of bullion and cash. In the area of deposits, the fact that the Hong Kong and Shanghai Bank showed strength tells of the development of limited corporations in Hong Kong and other treaty ports. The exchange business has also been examined as quantitatively as possible, allowing us to grasp the situation of foreign dxchange bills in Foochow and Hong Kong during the 1860's. Chapter three submits a new point of view concerning the Financial Panics of 1866, discussing the relationship between foreign banks and small and middle size companies using the example of Mackellar & Co. in Honkow. Although it is impossible to discover clearly the relationships between foreign banks and Chinese merchants, in chapter four the author detects a chronological change based on advertisements and articles contained in contemporary newspapers.

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商業銀行は投資銀行に比べ、業務の現地への密着度が高く、外国人主体の経営は困難とされてきた。中でも、一般に個人及び中小の法人向けの取引を対象とするリテール業務は、世界展開が特に難しいとされる。多国籍リテール銀行業務の理論化では、競争優位の源泉は自国で培われた経営管理能力やマーケティング力、さらに、低い限界コストでこれらを海外に移転・活用できる能力にあるとされた。また、サービスを特定の顧客層に適応させる調整力や支店の立地選択、広告宣伝に関わる知識・スキルが重要な要素であることも指摘されている。しかし、こうしたこれまでの研究はプロダクト・ライフ・サイクル理論を視座としており、金融先進国として優位性をもつ米国の金融機関の活動が主な対象であった。自国の先進市場で開発・提供した金融商品・サービスの他国への移転は検討されているが、優位性をもたない国や地域からの知識の吸収は考慮されない。さらに、自国で培われた能力の海外への移転がどのように行われ、活用されるかについての分析もなされていない。本稿ではリテール展開において、市場の規模が小さく、政治経済的に不安定な香港に本拠をおきながら、多国籍展開に成功したHSBCを事例研究の対象とする。多国籍化のプロセスを、国際的に移動するマネジャーの存在に注目しながら明らかにすることを目的としている。研究にあたり、多国籍企業組織論の枠組みの中で研究されたグローバル・マトリックス組織や、トランスナショナル組織におけるカントリー・マネジャーと比較分析する。トランスナショナル組織には、世界規模の効率、各国のニーズへの柔軟な対応、世界規模の学習という相矛盾する要件を同時に満たすことが必要とされる。この中で、カントリー・マネジャーは、各国政府からの様々な要求に応えながら、世界の競合企業に対して市場の地位を防衛し、顧客ニーズに対応することを求められてきた。こうしたカントリー・マネジャーに対し、本稿ではHSBCのインターナショナル・マネジャーの役割、選考・育成プロセス、キャリアパスを検討し、メタナショナル経営研究の中で議論されるナレッジのキャリアー、ナレッジを集める役割を果たすマグネットの具体例として示す。これは、今後発展が期待される、日本企業によるサービス分野での多国籍展開の成功要件についても示唆となると考える。

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We surveyed the roof construction of western-style buildings during the Meiji period at Nagasaki, especially the process of modernization about the trussed roof construction imported as western technique. On this paper we report the results of survey about roof construction of eleven western-style buildings. Dealing with shape, size and surface of roof trusses and the details of joints, it revealed that the use of western trusses is fluctuated according to the architects and the knowledge of carpenters.

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The purpose of this study is to clarify the specifications of foundations of masonry buildings in the Meiji era. Main results of this study are as follows. 1. Wood pile was used through the Meiji era, and concrete pile (compresol pile) was also in the last years. 2. There was no big difference in the broken stone foundation except for existence of timbers that tied the heads of piles. 3. Although stone was used under the footing in the early, concrete was generally used through the Meiji era. Lime concrete was used in the first half, and cement concrete was generally in the second half. In the last years, reinforced concrete was used with concrete pile.

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This article is an analysis of British overseas investment in the period before World War I, with particular reference to loans to foreign governments on the London capital market. What role was played by the City financial institutions which were involved in investment abroad? Attention will also be paid to Cain and Hopkins' theory of 'gentlemanly capitalism' in relation to the history of Japanese government loan issues on the London capital market during the Russo-Japanese War. This study is based primarily on research in the archives of several merchant banks which did not permit access to scholars until the 1980s. The article gives a historical overview of the City, which became the world's largest financial centre after the 'financial revolution' of the eighteenth century. Also scrutinized are the development of loan issue methods, the role of the various types of financial institutions involved, and the risk-averse attitude of investors. The activities of merchant banks were of particular importance, but it must be noted that their interests were always fluid and divided. At the same time, they frequently had to pay close attention to the diplomatic policies of the British government.

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