Foreign government loan issues on the London capital market, 1870-1913, with special reference to Japan.

This thesis examines foreign government loan issues on the London capital market in the period from 1870 to 1913, with special reference to Japan. Chapter One provides an overview of foreign government loan issues in London. Chapter Two deals with a number of more specific topics: the development of the loan issue organisations on the market, and the role and involvement of various types of financial institutions in loan issue business. Later Chapters mainly take up the detailed history of Japanese government loan issues, referring to domestic Japanese financial conditions. Chapters Three to Seven examine the development of Japanese government loan issues on the international capital markets. Throughout these operations Japan enhanced its creditworthiness by successfully spreading its loan issue operations from London to New York, Berlin and Paris. Chapter Eight discusses municipal and company loan issues, with a view to comparing them with the government's. Chapter Nine discusses the role of the Japanese government's deposits in London under the international gold standard system, and the effects of the Japanese government loan issues on Japan's foreign trade. The Conclusion summarises the main arguments of the thesis.