- 著者
-
三浦 壮
- 出版者
- 政治経済学・経済史学会
- 雑誌
- 歴史と経済 (ISSN:13479660)
- 巻号頁・発行日
- vol.57, no.2, pp.1-16, 2015
This study traces the funding and management of investments by examining capital formation, fluctuations in holdings, and investments in stocks and land by the former Iwakuni domainal lord Kikkawa in the Meiji period. It aims thereby to bring to light the Meiji-era formation of capital by the nobility. The total assets of the Kikkawa family increased through the Meiji period, with most of the assets in stockholdings by the end of the era. In early Meiji, the Kikkawa's revenue came mostly from government payouts, along with income from loans and landholdings. In mid-Meiji, revenue from public loans became an important source of income, and after 1895, stockholdings rapidly assumed greater importance. The administration of the family property was carried out by relatives and family affiliates under a council system, in which the role of property-holder Chokichi Kikkawa was especially significant. The Kikkawas stressed landholdings in one group of funds and stockholdings in another, enabling the flow of capital to be clearly divided between the two and managed separately. Until 1898, the amount of capital invested in stocks depended on the sale of public loans, land, and the income from loans. Between 1899 and 1902, a system was established for reinvesting the profits from stockholdings back in the industrial sector. The Kikkawa family were successful in their two-pronged approach to investment, significantly increasing their landholdings through the Meiji period and increasing the value of their investments in stocks. The most advantageous investment was recognized to be in stocks, across the board, because of their yield, which was high especially in bank stocks and in railroads. This paper explains why the powerful nobilit of the time invested chiefly in high yield banks and railroads, and in conclusion, divides the history of Meiji-era Kikkawa household management into five periods : 1) dependence on government revenue ; 2) formations of public loan and bans assets ; 3) the shift to investments in stocks ; 4) capital formation in stock- and land-holding ; and 5) the shift to growth in stockholding.