It was in May 1900 that a peerage was conferred on Baron Shibusawa, and it was the first instance in which such a mark of imperial favour had ever been extended to a business man in Japan, the rank being in his case accorded in recognition of his past services to the State. It was on his initiative, supported by Marquis Ito and Count Okuma, that the Tokio Chamber of Commerce was founded in 1878, with himself as its president, an honour which he still enjoys. He has played a distinguished part in connection with the municipal affairs of Tokio, and was mainly instrumental in establishing an Asylum for the Poor. When at a later date the Tokio municipality abolished this useful institution, he took upon himself the work of raising a fund for an asylum to exist purely as a private establishment, and to be maintained wholly independently of official aid. In the end it was taken over by the municipality, with Baron Shibusawa as its president, and he continues to be the head of the institution, which is the largest and best equipped of its kind in the land. Before he quitted the Government service in 1873 he had taken the first steps to establish a mail steamship service to China and Korea, and around the Japanese coasts. The Company formed to undertake this work was afterwards amalgamated with the Mitsu-Bishi (Three diamonds) Shipping Company, and subsequently, when another concern was started and a fierce competition arose for the coastwise trade, Baron Shibusawa induced the opponents to make terms with each other and unite in one Company which is now among the great Shipping Organisations of the world, and known as the Nippon Yusen Kaisha, or Japan Mailboat Company. He is still one of its directors, and has helped, moreover, very materially to establish a trans-Pacific line,—the Toyo Kisen Kaisha,—which runs mail steamers from Yokohama to Hong Kong and San Francisco.