Vol. 74, No.5
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Kenta KATO
The merger negotiation between Shin-Etsu Chemical Co. and Daido Chemical Co. in the last years of the Pacific War
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This paper takes up the case of the acquisition of Daido Chemical Co. by Shin-Etsu Chemical Co. in the last years of the Pacific War and analyses the claims and actions of the parties interested in the merger negotiation process. The analysis provides the following conclusions.
First, Daido's inter-business relationships were unstable at that time, but from the viewpoint of expanding production Shin-Etsu perceived a degree of rationality in the merger with Daido.
Second, Nippon Synthetic Chemical Co., one of Daido's major shareholders, remained firmly opposed to the merger for fear of a possible loss. Because its claims were not reflected in the procedure and conditions of the merger, one can conclude that the rights of the shareholders to the decision-making in the merger negotiation were remarkably limited. However, it is important to note that a major shareholder claimed its right of ownership.
Finally, the Ministry of Munitions settled the negotiation by imposing unfavorable conditions on Daido. In April of 1945 when Japan's defeat was imminent, it was extremely difficult to reach a fair settlement through reconciliation of conflicting interests.
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Yusuke TAKEUCHI
Changes in the division of the cereal market in colonial Korea
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The aim of this paper is to elucidate how the changes in the cereal market in Korea were related to the broader framework of the agricultural policy of the Japanese Empire during the interwar period, as well as with domestic industrialization in Korea.
In the early 1920s, there was a division in the cereal market in the Japanese Empire, in which Korea exported rice to Japan (homeland) and imported millet from Manchuria. However, the regional differences in demand for cereals in Korea stemmed from the relative price increase of millet compared to rice and the industrialization between 1927 and 1928.
The emergence of the regional differences in Korea can be explained by the following factors. First, in the north, the demand for millet was increased by the railroad construction and the industrialization in the area along the railroad. Second, in urban areas in the south, the demand for rice was stimulated by the rise in the standard of living, which was an outcome of the industrialization. Third, in rural areas in the south, an increase in barley production and self-sufficiency in its consumption resulted from the development of irrigation facilities and the increased use of fertilizer encouraged by the Rice-Crop Augmentation Plan.
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Hisashi TAKAGI
Accrued transactions in late medieval Japan
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At present, a limited amount of research exists concerning debt and credit in medieval Japan. Therefore, with the objective of furthering knowledge in this area, this paper discusses commercial credit, with a focus on accrued transactions in medieval Japan. In order to set out the characteristics of accrued transactions, this paper surveys cases of accrued transactions in the late medieval era, with particular emphasis on the first half of the 16th century, taking into consideration the impact of extra-economic factors, such as political history. This paper also examines cases of tokusei [actions, such as debt forgiveness] and other cases. The main findings of the survey on tokusei are the detection of the existence of commercial customary law in negotiations for tokusei and its confirmation by the Muromachi shogunate. Findings of the survey include evidence of transactions in high denominations in remote locations, concept of payment dates, stipulations for interest payment on overdue debts, documentation of accrued transactions and accounts receivable, and so on.
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Toshikatsu NAKAJIMA
Ephemeral revival of the mechanical engineering industry in the Paris region, 1939-1958
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The mechanical engineering industry in the Paris region was activated by the rearmament policy against Germany after 1935, survived the Vichy period (1940-1944) and the post-war disturbances, and finally blossomed in the early 1950s. After the war, Parisian machine builders profited by the absence of large German firms in the French capital goods market, at a time when the boom of consumer durables was just around the corner. In this sense, the 1950s was a period of transition. Before the emergence of the Common Market and the full operation of large provincial assembly plants in the 1960s, small- and medium-sized factories, traditionally located in the eastern outskirts of the city of Paris, managed to produce machines and mechanical parts in sufficient quantity and quality, introducing technical innovations, specializing in their activities, and strengthening ties among each other. This paper begins with an overview of company annual reports in order to outline the growth of leading firms in each field of operation. Then some technological documents are examined to understand the practical innovations made by these small enterprises. Finally some contemporary economic research is cited to appreciate the role of the sub-contracting system, which appeared in the pre-war rearmament period and contributed largely to the post-war prosperity of the industry.
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