Shipping Industry Policy of the Nanjing National Government : The Nationalization of the China Merchants' Steam Navigation Co.

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  • 南京国民政府の水運業政策 : 招商局の国有化を中心に
  • ナンキン コクミン セイフ ノ スイウンギョウ セイサク ショウショウキョク

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Abstract

The most important matter for the development of the Chinese shipping industry was to recover the navigational rights won by foreign ships through the conclusion of unequal treaties of the late Qing. In China, even domestic trade largely depended on foreign steamships, since China did not have enough transport capacity to substitute for them. The China Merchants' Steam Navigation Co. (C. M. S. N.) was the largest enterprise financed by Chinese native capital. It had many problems and was on the verge of bankruptcy when the national government was established. Under such conditions, the nationalization of the C.M.S.N.Co. came under discussion. Because of the government's financial difficulties and lack of managerial skill, it floundered until 1932, when it finally woke up to reality under the influence of Finance Minister T.V. Soog. However, the management of the company was left to a group of Shanghai bourgeoisie, even with the change from private to state ownership. Considering its management, therefore, we should regard the company as a private firm. After "nationalization", efforts at improvement obtained some results. The C.M.S.N.Co. did a responsible job as a state enterprise, such as combining its service with railways and operating foreign routes. In 1934, the serious panic caused financial difficulties for the company, as the bourgeoisie management withdrew, Its reorganization in 1936 meant more active participation by the government in management, constitution real nationalization. Both weaker private power due to thd panic and stronger official power after the successful currency reform made the change of policy possible. In prewar China, the hope of recovering navigational rights could not be attained. However, the rebuilding of the C.M.S.N.Co. contributed to the development of Chinese shipping, which was indispensable for their attainment after the war. The nationalization of the C.M.S.N.Co. meant not only the rebuilding of one company, but also improved economic and political conditions.

Journal

  • SHIGAKU ZASSHI

    SHIGAKU ZASSHI 106 (4), 531-573, 1997

    The Historical Society of Japan

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