Shibusawa Eiichi, before 1913
1915
Shibusawa Eiichi, 1st Viscount Shibusawa in New York City
Members of the Capital Restoration Board after 1923 Great Kantō earthquake: from left, Shibusawa, Count Itō Miyoji, Baron Katō Takaaki
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渋沢 栄一
Shibusawa Eiichi was born on March 16, 1840 in Musashi Province (Saitama Prefecture), Japan. Childhood name: Eijiro. His parents engaged in agriculture, sericulture, the sale of indigo and hardware and financing. This family background served as the cradle to foster the business king of the later years.
In early childhood he studied Chinese classics from his father and at 12 he commenced taking lessons in kendo (Japanese fencing) from a certain samurai. As he reached the age of 14, he began helping his parents in their trades and in this he exhibited skill and ability far above those of grown-ups.
When he was 17, the arbitrary levying of money fo r official use by the lord of the province caused him to entertain strong animosity against feudalism. Thus he came to join the Loyalist movement calling fo r the downfall of the Shogunate and expulsion of foreigners and in 1863 he with his cousin Shibusawa Kisaku and a few other friends plotted to capture the Takasaki Castle and destroy the whole city of Yokohama by fire. But their scheme failed and he with Kisaku roamed to Kyoto, where through introduction by Enshiro Hiraoka, he was granted a rank of samurai in the Hitotsubashi Clan, one of the branch houses of the Tokugawa Shogunate.
Thereafter he ably led the clan's efforts to reorganize its military and financial systems and after the lord of the clan, Yoshinobu Tokugawa, assumed the position of Shogun, he unwillingly became a member of the Shogunate. In January, 1867, he left Japan accompanying Akitake Tokugawa, younger brother of Yoshinobu, who toured France as a delegate to the International Exposition to be held at Paris. The same year saw the restoration of executive power to the Emperor and the party returned home the following December. After this he resolved first to serve his master Yoshinobu at his place of retirement at Shizuoka fo r the rest of his life but his unusual talent and ability made such a course impossible.
He founded in Shizuoka the Shoho-Kaisho (Council of Commerce) which was the first corporated commercial company in Japan. In October, 1869, he accepted the invitation of the new Imperial government to become an official of the Ministry of Finance and was made chief of the Tax Section. His suggestion to createthe Kaisei- kyoku or Bureau of Reformation was adopted and he was made Chief Tax Official. As such he was engaged in many reformative works including the revision of the system of weights and measures, reform of the tax system and the currency system and in drafting of regulations concerning the replacement of the fief system by the prefectural administrative system and the Law of Accounting.
In 1873 he disagreed in policy matters with higher officials and resigned from the ministry together with Minister of Finance Kaoru Inoue. The other 60 years of his life he devoted entirely to the development of Japanese business and industry.
He became a leading figure in practically all major industries in Japan. He founded the Oji Paper Manufacturing Company (1873) and the Osaka Spinning Company (1883). By supporting the Kyodo Unyu (Transportation) Company he challenged the supremacy of the Mitsubishi Kisen (Steamship) in the world of marine transportation (1883) and this resulted in the amalgamation of the two companies into the Nihon Yusen Kaisha (Japan Mail Ship Company). Later he established the Тoуo Kisen (Steamship) Company (1896). He worked fo r the founding of the Tokyo Railway Company (1873), which was later inaugurated as the first private railway company in Japan (1871). Until the railways became nationalized in 1906, he was associated with numerous private railway companies all over the country. Other industries in which he was actively concerned include insurance, mining, weaving, steel manufacture, pottery, shipbuilding, gas and electric industry, paper manufacture, printing, petroleum mining, fisheries, hotel management and warehouse industry.
In 1909 he disassociated himself with many industrial organizations except fo r the Dai-ichi Bank and the Bankers' Club and in 1916 he retired from the financial world and thenceforth until his death devoted himself to social welfare work.
He died on November 11, 1931, at the age of 92. His last thought was for the operation of the aged people's asylum, of which he had been the president for a long time.
Foremost among his numerous achievements was the founding of Dai-ichi Kokuritsu Ginko or 1st National Bank (the present Dai-ichi Bank) and he was also Instrumental in bringing about the revision of the National Bank Laws, the establishment of the Ginko Shukai-jo (Bankers' Club), the consolidation of inconvertible paper money, the founding of the Yokohama Specie Bank and the Bank of Japan, the completion of the conversion system and the establishment of the Clearing House.
One of his historical achievements was his pioneering of the advancement of Japanese capitalism into Korea. The Dai-ichi Bank, of which he was the president, established its branch office at Pusan (1878). Later the bonds issued by the Dai-ichi Bank was officially recognized as legal currency and the bank gained the status as the central bank in Korea. He also contributed to the development of railway and educational facilities in the peninsula.
Shibusawa was an advocate throughout his life of the idea that good ethics and business should be in harmony.
Upon becoming a samurai adopted the personal name of Tokudayu which he later changed to Eiichi. Also used the pseudonym of Seien (Deep Abyss).
