本稿は，林業地に展開した大規模林業会社の視点から，両大戦間期の日本木材市場の動向を検討した。事例として取り上げた秋田木材会社は，近代日本最大の林業会社で，木材類売買，伐木・植林事業，製材事業，電気事業，製材機械製造事業へ多角的に展開した。秋田木材会社が林業会社として長期にわたる経営を継続できた要因は，本業の林業部門，とりわけ製材事業を支える電気事業を兼営していたことと会社の不動産資産の価値を維持し続ける植林事業の継続であったと考えられる。一方，近代日本で秋田木材会社に次ぐ大規模な林業会社であった飛州木材会社は，製材事業への展開に失敗したため，電気事業とうまく関係を作れず，むしろ電源開発に伴う木材流送の途絶の打撃を受けた。その意味で，林業会社の経営展開にとって，水力電気事業との関係性が重要であったと言える。
This study investigates the trend of the Japanese lumber market during the interwar period from the perspective of a large-scale forestry company established in the forestry sector. For example, Akita Mokuzai Company, the largest forestry company in modern Japan, had diversified into lumber trading and logging and afforestation, lumbering, electric power, and lumber machine manufacturing businesses. Akita Mokuzai Company was able to maintain its long-term management as a forestry company because it concurrently operated its main forestry business, particularly the electricity business that supported its lumber business. Moreover, the company continued its afforestation business, maintaining the value of the company's real estate assets. Meanwhile, Hishu Mokuzai Company, the second largest forestry company after Akita Mokuzai Company in modern Japan, failed to expand into the lumber business. Hence, it was unable to establish a good relationship with the electric power business and was rather harmed by the interruption of lumber flow owing to the development of electric power. Thus, the relationship with the hydroelectric power business was critical for the management development of forestry firms.

論説