¹ Ki-jun, Cho, Hanguk Chabon Juûi Sôngnipsa Non (A study of the Development of Capitalism in Korea) (Seoul: Taewangsa, 1977), pp. 259–67;Google ScholarSûng-jae, Ko, Hanguk Kyôngyôngsa Yôngu (Studies in the History of Management in Korea), pp. 290–305;Google ScholarJones, Leroy P. and IISakong, , Government, Business, and Entrepreneurship in Economic Development: The Korean Case (Cambridge: Harvard University Press, 1980), Appendix B.CrossRefGoogle Scholar

² Kim also served as managing director and later as president of the Chungang Commerce and Industrial Company (Chungang Sanggong Chusik Hoesa), and was a major shareholder in its paid-in capital of one million yen. He likewise founded the South Manchurian Spinning Company (Namman Pangjôk Chusik Hoesa) and served as president from 1939. Active also in finance, Kim served as president of the Haedong Bank from 1927 until the banking operation.

³ Cf. Chōsen Shokusan Ginkō Chōsabu, ‘Chōsen ni okeru hantōjin shihaika no shakai jōsei (The Social Conditions of the Indigenous Population in Korea under Japanese Rule),’ Shokugin Chōsa Geppo (Jan. 1940), pp. 26–7.

⁴ Ki-yông, Chang (ed.), Chosôn kyôngje yônbo (Annual of the Korean Economy) (Seoul: Chosôn Unhaeng Chosabu, 1948), p. 100.Google Scholar

⁵ Kim Yong-sôp ‘Hanmal Ilcheha ûi chijusei. Sayesam: Kobu Kimshiga ûi Chiju hyôngyong gwa chabon chônhwan (System of Landownership from the End of the Yi Dynasty through the Colonial Period. The Fourth Case: Land Administration and Capital Movement in the Kim Family of Kobu),’ Hanguksa Yôngu (Feb. 1978), p. 113; Sang-hong, Kim (ed.), Samyang osipnyôn, 1924–1974 (Fifty Years of the Samyang Company) (Seoul: Chusik Hoesa Samyangsa, 1974), pp. 66, 74–5.Google Scholar

⁶ CfIn-hwan, Pak (ed.), Kyôngbang yuksipnyôn (Sixty years of Kyôngsông Spinning) (Seoul: Samhwa Publishing, 1981), pp. 58–9;Google ScholarKinyômhoe, Inch'on (ed.), Inch'on Kim Sông-su chôn (Biography of Inch'on Kim Sông-su) (Seoul: Inch'on Kinyômhoe, 1976), pp. 153–76;Google ScholarOh-ok, Kwôn, Inch'on Kim Sông-su ûi aejok sasang gwa kû silch'ôn (Inch'on Kim Sông-su: Patriotic Ideas and Action) (Seoul: Donga Ilbosa, 1985), pp. 132–52.Google Scholar Kim served on the board of directors of Kyôngsông Spinning through 1927, and then as as advisor until September of 1938. He was listed as a major shareholder through at least 1941. CfSukeryo, Nakamura (ed.), Chōsen Ginkō kaisha kumiai yoroku (The Bank of Chosen's Directory of Companies and Partnerships) (Keijô: Tōa Keizai Shibosha, 1927, 1931, 1933, 1935).Google Scholar Abbreviated here,Yoroku. See also Sawano, Akihishi (ed.), Tairiku kaisha benran (Handbook of Companies on the Continent) (Tokyo: Tōa Keizai Shibosha, 1941), p. 61. Abbreviated here, Benran. Kim Sông-su also founded the Donga Ilbo newspaper in April of 1920, serving as president intermittently through 1927 and thereafter as a director.Google Scholar

⁷ Sang-hong, Kim, Samyang, p. 88;Google ScholarSang-hyông, Kim (ed.), Sudang Kim Yôn-su (Seoul: Sudang Kinyôm Saôphoe, 1971), pp. 135–6;Google ScholarKinyômhoe, Inch'on, Inch'on, p. 135.Google Scholar

⁸ Nakamura, , Yoroku, 1935, p. 239.Google Scholar

⁹ In-hwan, Pak, , p. 59.Google Scholar

¹⁰ Kim Yôn-su held 9,275 shares, his father 1,500 shares, and his cousins Sông-su and Chae-su held 1,050 and 500 shares respectively. Cf. Nakamura, Yoroku, 1927, p. 141.

¹¹ Kim noted this difficulty in his efforts to raise investment capital through the Haedong Bank. CfYôn-su, Kim, ‘Kim Yôn-su,’ in Kiôpin, Wôllo (eds), Choegye hoego (Recollections from the Financial World) (Seoul: Hanguk Ilbosa, 1981), I, p. 82.Google Scholar The same difficulty discouraged him from expanding the Samyang Company into a jointstock venture. CfSang-hong, Kim, Samyang, p. 215.Google Scholar For a more general discussion of the attractions of short-term investments among Korean investors in the colonial period, see Chōsabu, Chōsen Shokusan Ginkō, ‘Chōsen ni okeru tochaku shihon no kenkyū (A Study of Indigenous Capital in Korea),’ Shokugin Chōsa Geppo no. 59 (04. 1938), pp. 1–9.Google Scholar

¹² Nakamura, , Yoroku, 1940, p. 307.Google Scholar

¹³ The company had established the Changsông Estate with 410 chôngbo, Chulp'o Estate with 158 chôngbo, the Koch'ang Estate with 270 chônbo, the Pôbsông Estate with 159 chôngbo, the Yonggwang Estate with 122 chôngbo, and the Sint'aein Estate with 250 chôngbo. Cf. Kim Sang-hong, Samyang.

¹⁴ The average price of medium quality paddy land in Chôlla Province in 1931 was 1,020 yen per Chôngbo (i.e., 34 yen per 100 P'yông). Cf. Rengōkai, Zenkoku Keizai Chōsa Kikan, Chōsen keizai nempo 1941–1942 (Korean Economic Annual 1941–1942) (Tokyo: Yamamoto Sansei, 1943), p. 233.Google Scholar

¹⁵ The average price of one chôngbo of medium quality paddy land in the Chôlla area in 1940 was 2,880 yen (n.b., fifty-six hundred acres amounts to 2,369 chôngbo). CfRengōkai, Zenkoku Keizai Chōsa Kikan, Nempo, p. 238.Google Scholar

¹⁶ CfNakamura, , Yoroku, 1927, p. 140; 1935, p. 133.Google Scholar

¹⁷ CfAkihishi, , Nempo, p. 61.Google Scholar

¹⁸ CfAkihishi, , Nempo, p. 148.Google Scholar

¹⁹ CfKyōkai, Chōsen Orimono, Chōsen seni yoran (A Review of Korea's Textiles) (Tokyo: Chōsen Orimono Kyōkai, 1943), p. 115.Google Scholar

²⁰ CfIn-hwan, Pak, Kyôngbang, p. 17.Google Scholar

²¹ Ibid., p. 121–2.

²² Wholesale prices in Seoul increased some four hundred percent across the thirty-five years of colonial rule. CfKi-yông, Chang, Chosôn kyôngje yônbo, III, p. 145.Google Scholar Such inflation prompted indigenous investments especially in land, but also in commerce. Industrial investment was relatively unpopular among Korean investors.

²³ CfIn-hwan, Pak, Kyôngbang, pp. 542–3.Google Scholar

²⁴ The Hansông Bank had taken over the banking operations of the Haedong in January of 1938. The Haedong Finance Company was then formed as a holding company for the assets of the Haedong Bank. CfYôn-su, Kim, ‘Kim Yôn-su,’ p. 82.Google Scholar

²⁵ CfIn-hwan, Pak, Kyôngbang, pp. 122–3, 547–8.Google Scholar

²⁶ Ibid., pp. 106–7; Pauley, Edwin W., Report on Japanese Assets in Manchuria to the President of the United States, July 1946 (Washington D.C.: Representative on Reparations, 1946), pp. 222, Appendix 12 I-K-8.Google Scholar

²⁷ CfIn-hwan, Pak, Kyôngbang, pp. 516, 518, 523 and 525.Google Scholar

²⁸ Ibid., pp. 517, 519.

²⁹ Subsidies (Japanese: hojokin; Korean: pojogûm) covering thirty to fifty percent of the total costs were provided to agricultural entrepreneurs through the Agricultural Bureau of the Government-General. CfKyoku, Chōsen Sōtokufu Nōrin, Chōsen nōgyō (Korean Agriculture) (Keijō: Chōsen Sōtokufu Nōrinkyoku, 1940), pp. 31–3.Google Scholar

³⁰ The company pioneered large-scale reclamation projects on the peninsula, reclaiming six thousand acres of paddy on its Okgu estate in North Chôlla Province already by 1922. CfHatsumirō, Utsuki et al. (eds), Zenra Hakudo hattenshi (A History of Development in North Chôlla Province) (Tokyo: Chōsen Hōko, 1945), p. 250.Google Scholar Fumi was organized as a joint-stock company in 1924 (Fumi Kogyo Kabushiki Kaisha), operating with a paid-in capital of four million yen by 1935. Nakamura, Cf., Yoroku, 1935, p. 210.Google Scholar

³¹ Na Yong-gyu (pen name Paekbong 1896–1984) was also a large landowner in the Chôlla area. CfOh-ok, Kwôn, Inch'on Kim Sông-su (Seoul: Donga Ilbosa, 1985), p. 411;Google ScholarSang-hong, Kim, Samyang, p. 122.Google Scholar He had completed a smaller project of some 240 acres and was familiar with administration officials. Pak Yong-ch'ôl was president of the Japanese-owned Chosen Commercial Bank (Chōsen Sangyō Ginkō) from 1932 to 1939. CfKaoru, Abe, Chōsen kōrōsha maikan (A List of Distinguished Leaders in Korea) (Keijō: Minshū Shibosha, 1935), p. 59;Google ScholarSûng-jae, Ko, Hanguk kûmyungsa yôngu, pp. 192–3.Google Scholar

³² CfSang-hong, Kim, Samyang, p. 122.Google Scholar

³³ The average price of one chôngbo of medium quality paddy land in the Chôlla area in 1940 was 2,880 yen (n. b., 936 acres equals 390 chôngbo). CfRengōkai, Zenkoku Keizai Chōsa Kikan, Nempo, p. 238.Google Scholar

³⁴ CfSang-hong, Kim, Samyang, pp. 128–9.Google Scholar

³⁵ CfIn-hwan, Pak, Kyôngbang, pp. 103–5;Google ScholarSang-hong, Kim, Samyang, pp. 134, 147.Google Scholar

³⁶ Cf. July 26, 1939 issue of Donga Ilbo, p. 2;Google ScholarWôn-sôp, Ko, Panminja Choesanggi (Account of the Crimes of the Anti-nationalists) (Seoul: Paegyôp Munhwasa, 1949), pp. 66–8;Google ScholarCh'ôl-yông, Han, ‘Kim Yôn-su non (A Study of Kim Yôn-su),’ Sint' aeyang (July 1956), pp. 162–9. Kim was also appointed to the Kyônggi Province Council for a three year term from April of 1933, and to the Central Advisory Council from May of 1940.Google Scholar

³⁷ Kyôngsông's white cotton broadcloth had been popular among traders in northern Korea and southern Manchuria from the early 1930s, but difficulties in procurement of raw cotton and transport of the finished product had frustrated the company's development of the Manchurian market. CfSang-hong, Kim, Samyang, pp. 134, 148.Google Scholar

³⁸ CfIn-hwan, Pak, Kyôngbang, pp. 106–7;Google ScholarPauley, , Report, p. 222.Google Scholar

³⁹ Responsibility for a loan of this magnitude nearly doubled the company's liabilities, rising from 4.46 million yen in May of 1940 to 7.37 million yen six months later. CfIn-hwan, Pak, Kyôngbang, p. 397.Google Scholar

⁴⁰ Cho Ki-jun listed only fourteen Korean-owned agricultural companies with a capital of 500,000 yen or more in 1943, and only ten industrial firms. CfKi-jun, Cho, ‘Ilche singminji t'ongch'i ha ûi minjok shihon (National Capital under the Rule of Japanese Colonialism),’ in Pyông-hi, Yun, Yông-ha, Sin and Pyông-jik, An (eds), Hanguk kûndaesa non (Lectures on Modern Korean History) (Seoul: Chisik Sanôpsa, 1977), I, pp. 236–41.Google Scholar

⁴¹ Regarding competition with Japanese firms, see Su-ryul, Hô, ‘1930 nyôndae Kunyo kongôphwa chôngch'aek gwa Ilbon tokjôm chabon ûi chinch'ul (The Policy of Industrialization for Military Needs in the 1930s, and the Advance of Japanese Monopoly Capital)’ in Ki-byôk, Cha (ed.), Ilche ûi Hanguk singmin t'ongch'i (Colonial Administration of Korea under Japanese Rule) (Seoul: Chôngumsa, 1985), pp. 271–7.Google Scholar

⁴² The Chosen Shokki Kabushiki Kaisha was founded as a joint-stock company in 1918 with headquarters in Pusan. The company listed a paid-in capital of five million yen in 1935. Cf. Nakamura, Yoroku, 1935, p. 130.Google Scholar Cho Ki-jun has noted the superior position of Chosen Spinning and of the Japan-based Tōyō Spinning Company in Korea's textile markets. CfKi-jun, Cho, ‘Hanguk minjok kiôp kiônsôl ûi sasangjôk paegyông (The Intellectual Background in the Founding of Korean Nationalist Enterprises),’ in Oh-ok, Kwôn (ed.), Inch'on Kim Sông-su ûi aejok sasang gwa kû silch'ôn, p. 147;Google ScholarSang-hong, Kim, Samyang, p. 134.Google Scholar

⁴³ CfSang-hyông, Kim (ed.), Sudang Kim Yôn-su, pp. 159, 169;Google ScholarIn-hwan, Pak, Kyôngbang, p. 59.Google Scholar

⁴⁴ The Sole exceptions were Matsuyama Masumichi, a director of Kyôngsông from 1941, and Makatomi Kazuhiro, an auditor from 1940. CfAkihishi, , Nempo, p. 61,Google Scholar and Nakamura, , Yoroku, 1940, p. 148.Google Scholar

⁴⁵ CfKi-jun, Cho, ‘Hanguk minjok kiôp kônsôl ûi sasangjôk paegyông,’ pp. 147–9;Google ScholarWells, K. M., ‘The Rationale of Korean Economic Nationalism under Japanese Colonial Rule, 1922–1932: The Case of Cho Man-sik's Products Promotion Society.’ Modern Asian Studies 19, 4 (1985): 823–9.CrossRefGoogle Scholar

⁴⁶ We should note also his support of Posông College, and establishment of the Yangyonghoe scholarship foundation in July of 1939 with a contribution of 400,000 yen. With its capital increased to one million yen by 1940, the foundation provided scholarship for Korean students at home and abroad. CfSang-hyông, Kim, Sudang, pp. 227–9;Google Scholar see also a less sympathetic or detailed, but nonetheless factually similar account in Yông-jin, Kim (ed.), Panminja taegong p'angi (Records of the Public Trials of the Anti-Nationalists) Seoul: Hanp'ung, 1949), pp. 95–7.Google Scholar