両大戦間期組合製糸の経営財務分析　―長野県下伊那地方の事例―

The aim of this paper is to analyze the financial management of the cooperative silk−reeling filatures in Shimoina County, Nagano Prefecture between W. W. I and W. W. II. The earlier researches elucidate that the cooperative silk−reeling filatures in the Ina area produced comparatively high grade thread, but those researches have not focused on their managements including the financial conditions. This paper conducts a comparative research on the financial management of five cooperative silk−reeling filatures in the county. Through this research, the following facts are cleared up. First, during the 1920s the sources of capital changed. Local banks had previously supplied capitals for the cooperatives, but during the 1920s the investments in the cooperatives of their members increased and local credit cooperatives, which were their affiliates, injected capital into them. As a result their equity capital was reinforced. Along with the previous loans from local banks, Sangyõ kumiai chuõkinko (the central bank for cooperatives) financed them as a national agricultural policy. During the 1930s, when the Great Depression occurred, their high equity ratios were maintained. Although the investments of their members and the local credit cooperatives declined and the national loans of Sangyõ kumiai chuõkinko started to compose the main portion of their budgets. Second, during that time the spending policy of their budgets was converted. In the early 1920s, when the cooperatives were established, the price of silk cocoons was kept higher than the market price of them to maintain the cocoon supply from the cooperative members. In the late 1920s, when the cooperative achieved high management performance, they started to invest their profits in their production facilities. The cooperatives continued to apply that strategy to a countermeasure against the Great Depression. One of the remarkable examples is Taishõkan filature of Yamabuki Cooperative Association, which introduced multi−ends reeling machines under the economic hardship of the Great Depression. Finally, those cooperatives took various measures to ensure high−quality cocoons for high grade thread. For instances, they standardized the sort of silkworm eggs which they recommended, sent technical supervisors to their members’ houses, and provided extra incentives for cocoons of fine quality.