On October 17, 1927, Chubei Kobayashi died at age 78. This was a long life for that time. During the New Years holidays the following year in 1928, many people getting together to celebrate the start of the new year spoke of erecting a bronze statue in Chubei's honor. Matsusaburo Ojima from the Nagoya branch and Seijiro Takagi, the chief editor of the Chuo Yakuron, told Kichitaro of this idea when he visited Nagoya. Kichitaro agreed with the sentiment, but told the two that he wanted to get the opinion of Tokusaburo Fujii, the president of "Ryukakusan Honpo," and his younger brother Komejiro, who had been adopted into the Fujii family.

When the two went to Tokyo to visit the Fujii household, Tokusaburo Fujii agreed immediately to the plan and they formed a committee to erect a bronze statue right then and there. The committee was named the "Friends of the Kobayashi Family." The committee raised funds from all over. Mr. Fujii felt that many small donations were more sacred than a few large donations, and they decided to raise one yen per person.

The response to the fundraising was quick, and 4,500 people from Hokkaido, Osaka, Kyoto, 41 prefectures in Japan, as well as Taiwan, Korea, China, the US and South-east Asian countries contributed donations. Donations were collected from 358 employees at Morishita Jintan and 60 from Azumi Katori Senko. It was decided that the statue would be built on top of (Yatsuji Otokikiyama) (now known as Otokikiyama in Tenpaku-ku, Nagoya) in the Nagoya suburbs, a location owned by the Kobayashi family.

The bronze statue was crafted in Tokyo and unveiled in a ceremony on November 3, 1928. More than 500 people from all quarters came from Tokyo, Osaka, and Tokai to participate in the ceremony. The cord used for the unveiling was pulled by Chubei's granddaughters Eiko Kobayashi (later the president of Kobayashi Pharmaceuticals) and Kisako Kobayashi (Fusagoro's child and later the wife of Muneji Kobayashi, the vice-president of Kobayashi Daiyakubo).

We do not know much about the statue due to the lack of materials, but a commemorative picture postcard published by the "Friends of the Kobayashi Family" committee in December 1928 gives us an idea of what it looked like (all eight pictures in the set used photographs taken on the day of the unveiling ceremony). This statue, built with the cooperation of so many people, has now been lost to us. When the Pacific War intensified, the government called for donations of metal. Even temple bells were requisitioned, and Chubei's statue was no exception. After holding a special desacralization ceremony, the statue was taken away.