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he entered a fierce bidding competition with Mitsubishi million yen, and only by scraping fields of modern business.

and finally acquired them for 4.5 million yen, outbidding Mitsu­ bishi by a bare 2,000 yen. Masuda had to fight for that purchase against the closed ranks of most prominent Mitsui men who felt reluctant to enter this new, unexperienced field of mining. Mitsui Bank refused a needed loan of We find Masuda frequently in the company of Shibusawa, pro­ moting modern business wherever it seemed reasonable. We find his name along with that of Shibusawa at the foundation of the Osaka Spinning Mill, the Kyodo Shipping Company, the Tokyo Fertilizer Company and others. In the Tokyo Chamber of Com­

While the House of Mitsui was an old merchant house modernised after the Restoration, the Mitsubishi Company started as a new enterprise. But both these zaibatsu owed their phenomenal growth to a combination of personal ability, chances given by the specific economic conditions, and last, but not least, to heavy-handed favours bestowed upon them by the government. Indeed, these two zaibatsu are prime examples of seishō.