Accounting, Business and Financial History

Promise Fulfilled. The History of the Accounting Discipline at The University of Melbourne 1925–2004, by Geoff Burrows, Melbourne: Melbourne University Publishing, 2006, xv + 280pp., A$29.95, ISBN ...

R. H. Parker

Accounting Business & Financial History

Promise Fulfilled. The History of the Accounting Discipline at The University of Melbourne

承诺兑现：墨尔本大学会计学科的历史

This paper deals with the changes brought about in the organisation and internal management of resources and investments of the main Scottish savings banks, within the context of the British mutual banking sector at the turn of the century. A study of the archival evidence allows us to analyse the reforms introduced by some savings banks, and the impact of changes in regulations on some of the savings institutions for the working class. In addition, from an internal perspective, an analysis of accounting demonstrates the extent to which the philanthropic nature of savings banks led to the development of entrepreneurial initiatives and therefore greater flexibility in lending decisions.

J. Carles Maixé-Altés

Enterprise and philanthropy: the dilemma of Scottish savings banks in the late nineteenth century

企业与慈善：19世纪末苏格兰储蓄银行的困境

This article uses a case study of Bass to examine the business and accounting history of trade mark defence in the nineteenth and early twentieth centuries. We employ a variety of business, legal and parliamentary records to discuss the measures they adopted to prevent trade mark infringement. The central arguments of this article are that Bass's trade marks were susceptible to infringement because of weaknesses in its business structure, and these, in turn, necessitated a robust defence of its trade marks both before and after the Trade Marks Act, 1875. Of particular interest, we demonstrate that Bass's reliance on the free trade was financially successful, in marked contrast to the predictions of Chandler, and the financial performance of the big London brewers who relied heavily on tied estates.

D. M. Higgins

S. Verma

The business of protection: Bass &amp; Co. and trade mark defence, c. 1870–1914

保护的生意：巴斯公司及其商标防御，约1870-1914年

Baring Brothers and the birth of modern finance, by Peter E. Austin, London and Brookfield, VT: Pickering & Chatto, 2007, xiv + 265pp., £60/$99, ISBN 9781851969227 Recent events have reminded us th...

Mark Billings

Baring Brothers and the birth of modern finance

巴林兄弟与现代金融的诞生

We examine empirically the dynamic historical relation between commercial bank lending, insurance and economic (income) growth in Sweden using time-series data from 1830 to 1998 and performing tests for Granger causality. Because of the non-stationary nature of the time series examined the procedure of Toda and Yamamoto (1995) is used. Our results, which have accounted for possible regime changes due to different exchange rate mechanisms over time, indicate that insurance has Granger-caused economic growth and bank lending. Therefore, we conclude that insurance is an important prerequisite for stimulating economic growth and that this could have important implications for contemporary developing economies

Mike Adams

Jonas Andersson

Lars-Fredrik Andersson

Magnus Lindmark

Commercial banking, insurance and economic growth in Sweden between 1830 and 1998

1830年至1998年间瑞典的商业银行、保险与经济增长

Abstract Drawing on the reports of accounts submitted by the Oriental Colonization Company (Toyo Takushoku Kabushiki Kaisha) to the Ministry of Finance, this study examines the role of the current value-based balance sheet prepared by the company in the context of the east Asian colonial management it carried out on behalf of the Japanese government. The current value-based balance sheet was prepared and submitted to the Ministry of Finance in order to show the company's financial position in the best possible light. This study demonstrates that the accounting techniques initially used for colonial management in distant locations came, at a later stage, to be extended, through attaching an additional statement (the current value-based balance sheet), in a manner which attempted to influence the decision making of relevant parties in the home country, in particular, to promote the company's own interest rather than the national interest in maintaining – and if possible enhancing – colonial management, which the special company had been originally created to handle. Keywords: the Oriental Colonization Companyeast Asian colonial managementcurrent value reassessmentcurrent value-based balance sheet Acknowledgements We wish to express our appreciation to John Richard Edwards and Trevor Boyns at Cardiff Business School (UK), Garry Carnegie at University of Ballarat (Australia), Jun-ichi Chiba at Tokyo Metropolitan University (Japan), Yasuhiro Shimizu at Kobe University (Japan) and Hideki Kubota at Konan University (Japan) for helpful advice at an early stage of our research. We also gratefully acknowledge financial support from the Accounting History Association of Japan (Study Group), Tokyo Metropolitan University (Priority Research) and the Ministry of Education, Culture, Sports, Science and Technology (Grants-in-Aid for Scientific Research Ref: 20530416). Notes The closedown institutions numbered more than 1000, of which documentation exists for about 800 (http//www.digital.archives.go.jp/DAS/meta/MetaOutServlet). Significant documentary evidence is available for about 85 institutions, most of which played important roles during the Second World War. These records consist largely of documents for normal operational routines, reports on monthly, quarterly and annual operations, and for liquidation, including accounting books, balance sheets, and profit and loss accounts. The documents cover the full lifetimes of the institutions concerned. However, the quality and quantity of historical research on Japanese accounting regulation in general – and the first official accounting principles developed in the post-war period, i.e. 'Business Accounting Principles' (Kigyo Kaikei Gensoku), issued in 1949, in particular – have been enhanced through the works of McKinnon , Kurosawa (, ), Someya (, ), Fujita , Cooke and Kikuya , Chiba (, ), and Kubota , Cooke , McKinnon , Chiba (, ), Kawamoto , and Kikuya , among others. For details of the development of 'Business Accounting Principles' and the US influence on the development, see Kurosawa and Chiba (, , ). The Ministry of Colonization executed, from 1929 to 1942, the supervisory work for the South Manchurian Railway and the Oriental Colonization Company, besides the clerical and supervisory works for the Japanese colonies in east Asia. The Empire of Japan provided 300,000 yen per year as subsidies during the first eight years after the company's establishment; the Korean government on the other hand supplied the land amounting in total to 3,000,000 yen (Oriental Colonization Company 1918, 1; Ministry of Finance, the Editorial Board of the Financial History of the Showa Era , 515). Following the annexation of Korea in 1910, the Korean government was replaced by the Empire of Japan. '[A] clear idea was lacking about the character, the method of contracting and how to dispose of the collateral of land, etc. and these were mostly resolved only by custom' (Oriental Colonization Company 1928, 12). According to Kurose (, 31), '[t]he rent income so calculated for the rice fields was two yen or more. But when compared with the normal land income estimated at that time, 6.74 yen, the income rate of the rent fell below by as much as 30%. Moreover, the income rate of the land classified as superior was estimated at about 16.8% in the region of Gunsan (Jeollabuk-do). But the land income rate used for calculation was in fact set at a low level even below the then normal interest rate (11% of the general bank interest rate)'. Indeed, it was recognised within the company that 'the original acquisition cost of the land was determined at a remarkably low level when compared with the current value' (Oriental Colonization Company 1928, 85). Duus (, 382) also states that '[t]he paddy land the Korea government traded for company stock was evaluated at a lower value than its quality or productivity warranted'. The company had to establish its own land register in order to determine the selling prices for the land allocated to the Japanese farmers who immigrated to Korea (Mizuta , 210). However, as the main colonial financial institutions of Japan, colonial banks, represented by the Bank of Korea, the Manchurian Central Bank, the Manchurian Development Bank, and the Taiwan Bank, had already existed in each area. Article 65 of the special law (1917 revised version) provided that 'the company can issue debenture bonds up to ten times the amount of paid-up capital' (Oriental Colonization Company 1928, 126). The amount was increased to 15-fold by a further revision of the special law in 1938 (Oriental Colonization Company 1938, 207). Article 23 also provided that 'a resolution at a shareholders meeting was not required to issue corporate bonds' (Oriental Colonization Company 1928, 140–1). It was further provided, in the same article, that 'for the properties of the company, bondholders possess the right to receive the payoff of their claims prior to other creditors … and therefore the bondholder receives stronger protection when compared with the debenture holders of other special companies' (Oriental Colonization Company 1928, 141). In 1936, Nagayuki Takayama, President of the Oriental Colonization Company, addressing the company's annual general meeting, stated that 'the par value of foreign exchange rate against the US dollar gradually fell in the spring of 1932 and the Oriental Colonization Company entered into a state in which it cannot get along anymore with the losses caused by the difference in the exchange rates' (CIA 0015-00018-100). A leaflet entitled 'The Recent Achievement and the Future Expectation of the Oriental Colonization Company' issued in the first half of 1937 explained that 'the fall in the foreign exchange rate against the US dollar caused heavy exchange losses for the repayment of the principal and interest of the company's US dollar corporate bonds. Because of this, the company received from the government subsidies of about 1.48 million yen in 1933 and about 170,000 yen in the first six months of 1934, by which the company was able to equalise revenue and expenditure in the period of the recession' (CIA 0015-00035-100). In this law, it was intended for the government to deal comprehensively with the repayments of foreign currency-denominated bonds issued by most national organisations, including not only the national and local governments but also public utility firms, such as electricity, to remove the issuers' burden and owners' uneasiness caused by the prolonged war. Since the dollar exchange rate after the beginning of the Pacific War in 1941 had become officially non-existent, the situation was particularly serious for the parties which had US dollar-denominated securities.

Masayoshi Noguchi

Eri Kanamori

The current value-based balance sheet in the context of east Asian colonial management: the case of the Oriental Colonization Company

东亚殖民管理背景下的当前价值型资产负债表：以东方殖民公司为例

Robert H. Parker

Accountancy and empire. The British legacy of professional organization

会计与帝国。英国专业组织的遗产

Trevor Boyns

John Richard Edwards

Editorial

社论

This time is different: eight centuries of financial folly, by Carmen M. Reinhart and Kenneth S. Rogoff, Oxford and Princeton, NJ: Princeton University Press, 2009, xlv + 463pp., £19.95/US$35 (hard...

This time is different: eight centuries of financial folly

这次不同：八百年来的金融愚行

Principles before standards. The ICAEW's ‘N Series’ of recommendations on accounting principles 1942, edited by Stephen Zeff, London, ICAEW Financial Reporting Faculty, 2009, 187pp. ISBN 9781841528...

Principles before standards. The ICAEW's ‘N Series’ of recommendations on accounting principles 1942

原则优先于标准。1942年ICAEW的“N系列”会计原则建议

Publication Information	Publisher: Routledge, Taylor & Francis Group，Publishing cycle: ，Journal Type: journal，Open Access Journals: No
Basic data	Year of publication: 2003，Proportion of original research papers: ，Self Citation Rate:， Gold OA Rate:

Accounting, Business and Financial History

Journal Citation Format

A journal article with 1 author

A journal article with 2 authors

A journal article with 3 authors

A journal article with 5 or more authors

Books Citation Format

Thesis Citation Format

Web sites Citation Format

Patent Citation Format

Staying up late manually editing references? ivySCI automatically matches journals and helps you generate references with a single click.

Share Submission Experience