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the former

guild structure; the internal organisation within the firms; the formation of an industrial labour force with corresponding management-labour relations. We can expect from the outset that this side of the modernisation of business posed specific difficulties since it was closely dependent on attitudes, and inter-

The official promotion resulted of course in a rise of prestige for company officials who were treated as the gentry of the new era, displaying their insignia of rank, Western suits, golden watches with big chains and such bummei kaika paraphernalia. But while many companies were not much more than change of names, quite a few genuine joint stock enterprises did emerge after 1878, and once the Matsukata deflation had run its course, very successful joint stock enterprises sprang up in fast succession in the fields of cotton spinning and railways. Such companies actually drew capital from rather large segments, with usually over 100 and under 500 shareholders.