著者

矢島 桂

出版者

Business History Society of Japan

雑誌

経営史学 (ISSN:03869113)

巻号頁・発行日

vol.44, no.2, pp.2_59-2_84, 2009 (Released:2012-03-23)

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This article analyzes the basic characteristic of the investment in Korean railways, centering on a relationship between the colonial Government and the investors. We deal with the case of a merger with six railway companies in 1923 as an example.In Korea in the era of colonization, a lot of railway companies were established in 1918-20. But, after the crisis of the postwar period, they could not make profits on their business. The Government had given the railway companies protections and aids to encourage establishing a network of railways, and railway companies, given the Government grants, could keep paying dividends.Early 1920s, the railway companies had difficulties of their business, and their investors were made fluctuated. The government enacted the Private Railway Aid Act to calm down the investors. On the other hand, railway companies bargained about merger as a means of breaking difficulties of their business. Although the Government, at first, opposed it, under the curtailed budget, it became to back up the merger.The railway company which was merged with six companies in 1923, wanted the Government to take burdens to break its difficulties. Kaichi Watanabe who was the president—director of the company, urged that the Government should set up the big project including buying out the lines of the railway companies. He tried to make its difficulties broken by the nationalization of the lines.The Government needed private companies to build a part of railways network. The investors wanted colonial government to take burdens in order to break difficulties of their business. Thus, there was a relationship between colonial government and investors, which restricted each other. While the Government should secure the investments in railways, the investors could parasitize on the Government budget in this scheme.

著者

矢島 桂

出版者

社会経済史学会

雑誌

社会経済史学 (ISSN:00380113)

巻号頁・発行日

vol.78, no.1, pp.25-47, 2012-05-25 (Released:2017-06-10)

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日本の社債市場が大きく発展した1920年代には,朝鮮の植民地企業も鉄道業を中心に相次いで社債を発行する。こうした社債発行は鉄道金融の展開と新たな植民地投資を示していると言えよう。そこで本稿は,朝鮮鉄道会社を対象に,戦間期朝鮮における鉄道金融の展開過程とその意義を考察するとともに,この植民地投資の実態の一端を解明していく。朝鮮鉄道会社債(朝鉄債)の発行は,その引受機関である植民地銀行からの借入金を返済するものであった。これは,朝鮮銀行にとっては債権整理の一環であり,朝鮮殖産銀行にとっては「産米増殖計画」関連融資の強化を結果する。1920年代後半には本国証券業者が朝鉄債の引受に進出するが,これは植民地銀行の鉄道金融からの後退と表裏をなすものであったと言える。このうち山一証券は発行企業との人的・資本的関係をもとに進出していく。また山一証券による第5回・第6回朝鉄債(28,29年発行)の売捌き先から,その投資実態は,財閥系金融機関及び広範な地域の地方金融機関と特徴付けられ,生損保と大都市の個人投資家がこれに加えられる。