William D. Wray presents an in-depth analysis of the origins and institutional growth prior to World War I of Mitsubishi, today Japan's largest industrial group, and the Nippon Yusen Kaisha (NYK), now the world's leading shipping enterprise. The study, however, is much more than a history of two companies. It provides extensive analysis od decision-making in the Meiji government, the finances of the Imperial House, trading strategies, international commercial diplomacy, and the shipping industry's response to war.