Japanese Stock-Market during the Interwar Period

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The subject of this study is to investigate into the functions of Japanese stock-market during the Interwar period: how the industrial funds are supplied to the business enterprises. For this purpose. using the 1920 Directory of Major Stockholders. I studied into some questions. Which stock and how many stocks did the Major Stockholders have? In what occupations did they engage?The conclusions through some statistical observations are settled in the Progress report, "1920 Directory of Major Stockholders in Japan". I made sure of the existing theory which Dr.K.Shimura first remarked in his studies in 1969 that most of the major stockholders were not juridical persons such as banks or insurance companies but individuals such as merchants. landowners. or peerage. In addition, I could also point out some mistakes in his theory and find out some new facts. For example. the comparative study on 1920 Directory with 1918 Directory shows that one-third of major stockholders that belonged to the largest fifties had been replaced by new ones in the two short years.Through this study, I have already prepared to make more intensive study on stock-market or capital market. In order to go ahead with my work. therefore. I am planning to study on financial conditions of big industrial businesses.