Nakagawa, who brought farmers from his home territory of Tokushima, launched one of the major reclamation projects by taking about 91 hectares in the Nagura (名蔵) area of Ishigaki Island.

The Corporation for Yaeyama Reclamation (Yaeyama kaikon kumiai 八重山開墾組合) was established in 1894. Then, it merged into the Yaeyama Sugar Industry Corporation (Yaeyama tōgyō kabushiki gaisha 八重山糖業株式会社), which was established in 1895 by nine founders with two hundred thousand yen of capital (Ichiki 1965, 599).

The inaugural general meeting, chaired by the renowned Meiji entrepreneur Shibusawa Ei’ichi, was held in Tokyo in November 1895. At the meeting, Ōe Taku was appointed the chief executive director, Nakagawa Toranosuke was chosen the executive director, and Shibusawa Ei’ichi was appointed as auditor. The head office of the Corporation was kept in Tokyo, and the branch office that took over the machinery and facilities of the Corporation for Yaeyama Reclamation was placed in Nagura, Ishigaki Island (Shibusawa Sei’en Kinen Zaidan 1956).