In this paper, the author attempts to clarify the development of middle-scale landlords in modern Japan, taking the Takato family as a case study. The Takato's accumulation ofland proceeded from the 1880s to 1890s and they were in possession of 20 cho in the 1890s. The main_ sources of Takato's income were farm rents, and interest loans on the security of Somen Noodles. In the 1890s, new industries developed in Japan. Takato had invested their surplus funds in stocks and gained dividends. Ikuzo Takato established Kamogata-Warehouse Bank with some middle-scale
landlords in July 2, 1896 and had selected head of this bank. Then he borrowed money from the bank to invest in stocks. By the effective management, his profits increased. So, the investment in stocks soon exceeded the investment in land. Therefore, the income from dividends
increased gradually in the early 1900s. Takato was elected as a member of the prefectural assembly from 1899 to 1911, and took the chair from 1907 to 1909. Further, he was a member of the House of Representatives from 1917 to 1920. During this period he had been to Korea as part of an inspection party. As a result of this experience, upon his return to Okayama, he and the other member formed a group to purchase land in Korea. Takato had continued to purchase land in Malaya and New York. The Takato family succeeded in accumulating property through such
diversified management. Other middle-scale landlords failed in their business, and disposed of their land. It can be summarized as follows: many middle-scale landlords attempted to make different styles of diversified management of land, stocks, bank and other enterprises during the time of the Japanese Industrial Revolution. Consequently, some succeeded whereas others failed.