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Updated: May 2, 2025
In 1899 the family acquired from the Government the concession of the Meike coal-mines, and there was then formed the Mitsui Kaishan, or Mining Department, which has the management of this mining concession together with many others which have since been acquired.
Each is allowed 10 per cent. interest on his wages up to three years on condition of its being deposited in the Mitsui Bank, with the proviso that the sum shall be forfeited in case of the embezzlement of any of the Company's money.
And there are many great houses in Japan which, although not ostensibly bankers, cannot be left out of consideration in any remarks on this head. They occupy a position somewhat analogous to that of the Rothschilds in this country. Let me take for example the house of Mitsui, the name of which constantly crops up in Japanese finance.
To-day the house of Mitsui consists of eleven families under a system of joint liability bound together by the old rules drawn up close upon two centuries back. The wealth of the collective families is unquestionably great, and the confidence of the people of Japan in this great financial firm is shown by the immense amount of money it holds on deposit.
If you had a republic as they have, I believe you would nominate an Iwazaki or a Mitsui to be president, whereas they don't think of nominating a Vanderbilt or a Gould." It was not long before a storm was raging around his head because of this reference to a republican form of government as a possibility in Japan.
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