ABSTRACT
Data arc available on investments made by the South Manchurian Railroad and Mangyo. Both of these institution contained domestic, foreign, private and government investment but their disaggregation is frequently impossible. The contribution made by the domestic private sector can only be estimated as a residual. The year, 1939, has been chosen to illustrate the channels through which capital flowed to Manchurian industry during the Manchoukuo Period. The banking system was crucial in financing the government sector. The Central Bank loaned large amounts to the Manchoukuo Government and was the most important holder of Manchoukuo government bonds. Numerous estimates of Japanese investment in the area have been made but only those of the Manchurian General Affairs Board and that presented by the Northeast China Economic Commission are compiled on en annual basis in sufficient detail for this study. The literature on Manchoukuo industrialization generally credits Japan with providing all capital, producers’ goods and skilled personnel.
