The History of Anglo-Japanese Relations, 1600-2000: Volume IV: Economic and Business Relations

371 Pages·2002·1.53 MB·English

by  Janet E. Hunter

The History of Anglo-
Japanese Relations,
1600-2000
Volume 4
Economic and Business Relations
Edited by
Janet E. Hunter and S. Sugiyama
HAJPR 11/1/01 12:54 PM Page i
The History of Anglo-Japanese Relations, 1600–2000
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The History of Anglo-Japanese Relations, 1600–2000
General Editors: Chihiro HosoyaandIan Nish
The five volumes which make up the series The History of Anglo-Japanese Relations,
1600–2000 cover the relationship between these two island communities from the
first contacts at the start of the seventeenth century through to the end of the present
millennium. While the studies cover the Anglo-Japanese relationship over the past
four centuries, they tend to concentrate on features of the past 150 years. The volumes
have been prepared independently over the past five years by Japanese and non-
Japanese scholars who have met to debate and discuss their papers. These studies
analyse the rise and fall of these relations in four dimensions: political and diplo-
matic; economic and business; military and naval; and social and cultural.
Titles in the series:
Volume 1: THE POLITICAL–DIPLOMATIC DIMENSION, 1600–1930
Ian Nish and Yoichi Kibata (editors)
Volume 2: THE POLITICAL–DIPLOMATIC DIMENSION, 1931–2000
Ian Nish and Yoichi Kibata (editors)
Volume 3: THE MILITARY–NAVAL DIMENSION
Ian Gow and Yoichi Hirama (editors)
Volume 4: THE ECONOMIC–BUSINESS DIMENSION
Janet Hunter and S. Sugiyama (editors)
Volume 5: THE SOCIAL–CULTURAL DIMENSION
Gordon Daniels and Chushichi Tsuzuki (editors)
The History of Anglo-Japanese Relations, 1600–2000
Series Standing Order ISBN 0–333–79224–6
(outside North America only)
You can receive future titles in this series as they are published by placing a standing order.
Please contact your bookseller or, in case of difficulty, write to us at the address below with your
name and address, the title of the series and the ISBN quoted above.
Customer Services Department, Macmillan Distribution Ltd, Houndmills, Basingstoke,
Hampshire RG21 6XS, England
HAJPR 11/1/01 12:54 PM Page iii
The History of Anglo-
Japanese Relations,
1600–2000
Volume 4
Economic and Business Relations
Edited by
Janet E. Hunter
and
S. Sugiyama
HAJPR 11/1/01 12:54 PM Page iv
Editorial matter and selection © Shinya Sugiyama and Janet E.Hunter 2002
Chapters 1–9 © Palgrave Publishers Ltd 2002
All rights reserved.No reproduction,copy or transmission of
this publication may be made without written permission.
No paragraph of this publication may be reproduced,copied or
transmitted save with written permission or in accordance with
the provisions of the Copyright,Designs and Patents Act 1988,
or under the terms of any licence permitting limited copying
issued by the Copyright Licensing Agency,90 Tottenham Court
Road,London W1P 0LP.
Any person who does any unauthorised act in relation to this
publication may be liable to criminal prosecution and civil
claims for damages.
The authors have asserted their rights to be identified as the authors of
this work in accordance with the Copyright,Designs and Patents Act 1988.
First published 2002 by
PALGRAVE
Houndmills,Basingstoke,Hampshire RG21 6XS and
175 Fifth Avenue,New York,N.Y.10010
Companies and representatives throughout the world
PALGRAVE is the new global academic imprint of
St.Martin’s Press LLC Scholarly and Reference Division and
Palgrave Publishers Ltd (formerly Macmillan Press Ltd).
ISBN 0–333–79197–5 hardback
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Library of Congress cataloging-in-publication data has been applied for.
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Printed and bound in Great Britain by
Antony Rowe Ltd,Chippenham,Wiltshire
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Contents
List of Tables vii
List of Figures ix
List of Photographs x
Notes on the Contributors xi
Editors’ Note xii
Acknowledgements xiii
1 Anglo-Japanese Economic Relations in Historical Perspective,
1600–2000: Trade and Industry, Finance, Technology and the
Industrial Challenge 1
Janet Hunter and S. Sugiyama
2 British–Japanese Rivalry in Trading and Banking 110
Kanji Ishii
3 ‘Learn and Earn, Earn and Learn’: British Influence and
Fukuzawa Yukichi’s Creation of the First Japanese Business Elite 133
Norio Tamaki
4 A Munition-Steel Company and Anglo-Japanese Relations before
and after the First World War: the Corporate Governance of the
Japan Steel Works and its British Shareholders 156
Bunji Nagura
5 Japanese Government Loan Issues on the London Capital
Market during the Interwar Period 183
Toshio Suzuki
6 A Case Study of Anglo-Japanese Cooperation in the Motor
Vehicle Industry: Ishikawajima, Wolseley, Isuzu and Rootes 219
Christopher Madeley
7 British Perceptions of Japanese Economic Development in the
1920s: with Special Reference to the Cotton Industry 249
John Sharkey
v
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vi Contents
8 Facing the Unavoidable – Great Britain, the Sterling Area and
Japan: Economic and Trading Relations, 1950–60 283
John Weste
9 Anglo-Japanese Investment in the Postwar Period 314
Marie Conte-Helm
Index 346
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List of Tables
1.1 Number of British firms and residents in Japanese treaty
ports, 1870–95 9
1.2 Japan’s import and export trade, 1865–75 16
1.3 Japan’s balance of payments by region, 1876–1940 19
1.4 Major articles of Japan’s trade with Britain and the British
Empire 20
1.5 Imports of cotton yarn and cotton piece-goods into Japan,
and their production in Japan 28
1.6 Imports and production of sugar 30
1.7 Annual averages of coal imports into Shanghai, Hong Kong
and Singapore by country 32
1.8 British and other foreign shipping entered into Japanese
ports, 1860–1890 34
1.9 Japan’s international balance of payments 38
1.10 Major articles of Japan’s trade with Britain and the British
Empire 40
1.11 Britain and Japan in China 45
1.12 Cotton yarn imports into China by country 46
1.13 Shares of cargo carried on the Yangzi by nationality 49
1.14 Annual average share in the world market of exports of
cotton and cotton piece-goods from Britain and Japan 53
1.15 India’s domestic production and imports of cotton
piece-goods 54
1.16 Number and gross tonnage of vessels by nationality 58
1.17 Japanese exports to the United Kingdom, 1966–1996: share
of major commodities in total exports to the UK by value 86
1.18 British exports to Japan, 1966–1996: share of
major commodities in total exports to Japan by value 86
2.1 Educational careers of Mitsui Bussan staff 117
2.2 Number of staff at the Specie Bank, 1880–1919 121
2.3 Deposits of the foreign offices of the Specie Bank, 1911 123
3.1 Business sectors entered by Keio graduates 134
3.2 Possible list of books bought by Fukuzawa in London 136
3.3 Fukuzawa’s Maruzen accounts 140
3.4 Leading shareholders of the Yokohama Specie Bank 145
3.5 Post-Mitsui business positions of Keio graduates recruited by
Nakamigawa Hikojiro for Mitsui Bank 150
4.1 Profits and dividends of the JSW, 1911–31 166
4.2 British technicians in the JSW, 1911–17 167
vii
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viii List of Tables
4.3 Plans for the separation of the Wanishi Ironworks 174
5.1 Embargo on loan issues in Britain 186
5.2 New overseas loan issues, 1923–1931 (by type of borrower) 187
5.3 Foreign government simultaneous loan Issues in London and
New York, 1920–1929 194
5.4 Subscriptions to the 1924 loan issue 203
5.5 Applications in cash by financial institutions for 1930 loan
issue 208
5.6 Profits of financial institutions from 1930 loan issue 209
9.1 Foreign direct investment in Japan, by key countries 330
9.2 Trend in investment by Japanese-affiliated companies
(manufacturers) in Europe by country 332
9.3 Number of Japanese companies with R&D and design
facilities in Europe, 1989–1996 340
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List of Figures
1.1 Japan’s trade with Britain and the British Empire 17
1.2 Japanese exports, showing share held by Britain and the
British Empire 17
1.3 Japanese imports, showing share held by Britain and the
British Empire 18
1.4 British trade with Japan, 1946–1971 69
1.5 Japanese share of British imports and exports, 1946–1997 70
1.6 British share of total Japanese imports and exports,
1946–1998 71
1.7 British trade with Japan, 1971–1997 85
1.8 Japanese direct investment in the UK, 1986–1996 89
1.9 British direct investment in Japan, 1986–1996 94
4.1 Lineage of the Japan Steel Works (with reference to the
Wanishi Iron Works and Nippon Steel Corporation) 160
4.2 Directors, auditors and their proxies of the Japan Steel Works,
1907–1919 162
5.1 Linkages of loan issue markets 184
5.2 Quotation prices of Japanese government bonds, 1923–1924 198
7.1 Lancashire’s and Japan’s cotton piece-good exports,
1911–1930 254
7.2 Changes in labour output in the Japanese spinning sector,
1914–1930 255
7.3 Changes in labour output in the weaving sector of the
Japanese spinning industry, 1914–1930 255
7.4 Annual nominal wages for operatives in the Lancashire and
Japanese cotton spinning industries, 1914–1930 262
7.5 Lancashire and Japanese female operatives’ nominal and
real income, 1914–1930 263
9.1 British direct investment in Japan, 1994–1997 331
ix