This paper analyzes the development process of the pearl farming industry from a viewpoint of individual management, that is, capital and funds, use of patents, securing and utilization of culturing grounds, technology, culturing work and labor, management of the body. History of Oomurawan Shinju Corp. (1907-1944) used as examples is partition into for stages. At the incunabula of the pearl farming, the company started to breed the oyster and to inquiry into pearl farming. After the incidental dying in 1917, the company introduced the authoritative surgery. However, business fell into a slump due to the drop in prices and the reduction in the scale of production. In the Showa Era, further natural disasters and economic recession plunged the company into crisis. Under the wartime, the company lost its sales market and went bankrupt with a large amount of debt.