The 1881 Coup d'etat and the Loan of the Bank of Japan to the Kyodo Un'yu Kaisha

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Other Title
  • 「明治一四年政変」と日本銀行 : 共同運輸会社貸出をめぐって
  • 「明治14年政変」と日本銀行--共同運輸会社貸出をめぐって
  • メイジ 14ネン セイヘン ト ニホン ギンコウ キョウドウ ウンユ カイシャ

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In October 1882, the Bank of Japan was opened. In the next year the Bank of Japan lent money to the Kyodo Un'yu Kaisha (a shipping company). This loan was made without security. According to the Bank of Japan Act, the Bank of Japan was prohibited to lend without security. Why did the Bank of Japan carry out such lending ? The Kyodo Un'yu Kaisha was established in January 1883 by the Meiji Government high officials. By this establishment, they intended to strike down the Mitsubishi Kaisha (a shipping company), which they regarded as a sponsor of thier political rivals. Then these political rivals had been purged from the government office, owing to the 188l coup d'etat. Establishment of the Bank of Japan also resulted from the 1881 coup d'etat. Through the conspiracy of the coup d'etat, a memorandum concerning the establishment of a central bank was submitted by Matsukata. After the coup d'etat, Matsukata became the Minister of Finance. Thus the Bank of Japan was established. When the Kyodo Un'yu Kaisha applied to the Bank of Japan for an unsecured loan, the Bank of Japan hesitated. However, since Matsukat ordered the Bank of Japan to do so, the Bank of Japan was compelled to make a loan to this company. In spite of this loan, the Kyodo Un'yu Kaisha failed in competition with the Mitsubishi Kaisha, and these two companies were amalgamated. As a result of this amalgamation, the Nihon Yusen Kaisha was born. In the process of the negotiation for the amalgamation, coalition between Matsukata and Kawata (an executive of the Mitsubishi Kaisha) was attained. After that, Kawata was appointed to the president of the Bank of Japan. Meanwhile, the Bank of Japan also lent to the Nihon Yusen Kaisha against the security of shares of the company. Lending against the security of shares was prohibited one. In this case as well Matsukata ordered the Bank of Japan, and this loan was carried out.

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