Japanese Investment in Manchurian Manufacturing, Mining, Transportation, and Communications, 1931-1945 by Ann Rasmussen Kinney

Author:Ann Rasmussen Kinney [Kinney, Ann Rasmussen]
Language: eng
Format: epub
Tags: Business & Economics, International, Marketing, Development, Economic Development, Economics & Trade, Social Science, Ethnic Studies, General, Regional Studies
ISBN: 9780429768262
Google: GjZ7DwAAQBAJ
Publisher: Routledge
Published: 2018-11-21T04:49:03+00:00

18 “Heavy Industry in Manchoukuo,” Oriental Economist, XII, No. 2 (February 1945), p. 71.

However, not all of this amount represented new investment. The initial capitalization of Mangyō was set at yen 450 million and the Manchoukuo Government was to provide half of this amount. But the Government’s contribution consisted largely of shares in existing corporations and thus represented a transfer in the ownership of existing assets rather than net investment. This factor was only important in 1937 and 1938.

19 These studies are as follows:

(a) Minami Manshū Tetsudō (South Manchurian Railway Company) Manshū Kaisha Kōkahyō Shūsei, Kōgyōhen (Compilation of Records of Manchurian Corporations, Volume on Manufacturing), Dairen, 1936. This study covers 1930–1934 quite fully but provides only partial figures for 1935. The study was to comprise three volumes dealing with the following sectors: Volume I, Finance and Trade; Volume II, Manufacturing; and Volume III, Transportation and Communications. Only the first two volumes are available and the third may never have been published. This publication is net an analysis of enterprise finance but a compilation of corporate balance sheets. The form of the balance sheets seems to have been standardized in the process of publication though there are differences among the companies in the frequency and dates of balance sheet publication. The industries covered by the volume on manufacturing are textiles, foodstuffs, tobacco, chemicals, ceramics, mining, metals and machinery, electricity and gas, lumber and wood products. Companies included initially were carried through 1934/1935 unless they went out of existence. Occasional newly established companies were included during the 1930–1934/5 period.

(b) Dairen Shōkōkalgisho (Dairen Chamber of Commerce), Manshū Jigyō Seiseki Bunseki (Analysis of Business Results of Manchurian Enterprises), 5 vols., Annual 1937–1941, Dairen. This series does not seem to have been published for the years following 1941. Data have been compiled covering all sectors of the economy. The statistics presented are based on balance sheet data which have been considerably reworked by the publisher to facilitate analysis. Figures are given by company and various profit rates and dividend rates are computed by company as well as for each industry as a whole.

The coverage of the Dairen Chamber of Commerce annual is substantially greater than the publication of the South Manchurian Railroad covering the earlier years. No adequate explanation is given regarding the criteria used in deciding whether or not a company should be included. Occasionally companies which had been in existence for some time are added and others which continued to function are dropped. The Dairen Chamber of Commerce Study has been used as the basis for estimating retained earnings from 1937 through 1941.

(c) Manshu Kōgyō Ginkō (Industrial Bank of Manchou), Manshū Jigyō Kalsha Selseki Bunseki (Analysis of Business Results of Manchurian Enterprises and Companies), Annual, 1941–1942, Hsinking.

The Industrial Sank publication which is parallel to the Dairen Chamber of Commerce study, is based on more rigorous statistical methodology. In this study 239 identical firms are covered each year and analyzed separately from enterprises which may have been added or dropped during the period. Unfortunately, only the 1941 and 1942 volumes are available.

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