Of petty samurai (warrior class) origin, Iwasaki began his business career as the financial manager of the feudal fief of Tosa. When the new imperial government, established in 1868, dissolved the various feudal domains into which Japan had previously been divided, Iwasaki was able to transfer the fief's shipping interests into his own concern, which in 1873 he named the Mitsubishi Commercial Company (Mitsubishi Shōkai). Under Iwasaki's management the company flourished, and the new government administration, which desired to end Japanese dependence on foreign shipping, encouraged him, in 1884, to acquire the newly built government shipyard at Nagasaki. Under the direction of Iwasaki and his descendants, Mitsubishi branched out into numerous other industrial and commercial activities.