By S. Ogura
Shinji Ogura's insightful exam of the banking constitution of constructing Japan exhibits how eastern banks turned embroiled within the fresh monetary main issue. He demonstrates that the habit of banks heading advertisement teams was once an important to the improvement of the industrial process. Their unexpected enlargement into the long term lending company after the Nineteen Seventies is proven to have brought on the damaging bubble financial system of the subsequent decade. This priceless research throws new mild on Japan's present monetary drawback.
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Extra resources for Banking, the State and Industrial Promotion in Developing Japan, 1900-73
19 20 Banking, the State and Industrial Promotion guaranteed by the British Government and at a much lower rate of interest than we could market the bonds here. We understand that the proceeds of this loan are to be used in part for funding other short-term loans. 45 Mitsui Bank continued to step up its loans in the years after the recession of 1920, and many of the country’s largest companies were among its major borrowers. 3 shows that in 1924 the list of major borrowers with a debt of five million yen or more was headed by Mitsui and Company with 38 million yen.
Sumitomo Bank was established in 1895, 19 years after Mitsui Bank, and was reorganized into a joint-stock company with authorized capital of 15 million yen in 1912, three years later than Mitsui Bank. But it was ahead of Mitsui Bank by two years in offering 30 000 of 150 000 new shares to the public in 1917. Within a year of the sale of the shares Sumitomo Bank increased the number of its managing directors from one to four, chose an outside director from among its major shareholders and established a board of managing directors with broad authority over decision making.
Special current deposits. 3. Time deposits. 4. Notice deposits. Source: Mitsui Bank, Documents on the Bank’s Substantial Credit to Customers (Sakura Bank archives, unpublished). Mitsui Bank under the Control of the Mitsui Family 27 securities and foreign exchange business, while the rest was added to its reserves. As these reserves swelled, the bank’s outlook changed considerably. The reserves had reached more than 70 million yen by the end of May 1927, and the proportion deposited in non-interestbearing current accounts at the Bank of Japan had risen to more than 60 million yen.