The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1910-11-26

Senate Bill No. 1877.

AN ACT
Submitting to the people Of the State of Lou
isiana, at the congressional election to be
held in Novebmer, 1910, an amendment 10 the
constitution exempting from taxation for
fifteen years from the date of full cash
payment of their capital stock domestic
steamship companies engaged in foreign
commerce. and fixing the conditions of such
exemption
Whereas. the City of New Orleans is the
natural gateway of the Mississippi Valley
through which should pass the commerce
Of that greatest and most virils section
Whereas. the completion Of the Panama
Canal will give an enormous stimulus to
trade and commerce between the Missis-
sippi Valley and Orient and the west coast
OF south Americs and OF our own country |;
Whereas, the people Of the Mississippi
valley and Of the whole South must be
prepared to take immediate advantage Of
field which it opens be taken possession Of
by, the Maritime rivals of this country;
Whereas. great steamship companies
and the absolutely necessary means
whereby trade and commerce between the
mississippi Valley and the countries bor-
dering on the Pacific Ocean may be pro-
NOTED and conserved for our own country;
and
Whereas. the State proposes to tax her
self to promote great worlds exposition
Of the Pana. Canal, and it is the States
duty to encourage and promote the organ
ization Of such great steamship companies
in aid and in furtherance Of this project.
Section l.. Be it enacted by the General
assembly Of the State of Louisiana. two
birds Of all the members elected to each
branch thereof concurring. that at the cong
November 8, 1910. the following s ny
amendment to the Constitution shall be sub
nitted to the electors Of the State. to-wit:
steamship companies organized as here,
took and all their property. corporal and
ncorporeal shall be exempt from all taxes
nd licenses state, Parish, Levee and NUM-
Wharfage. shed or levee dues. for fifteen
ears from the date Of fling with the Secre-
airy OF State proof that their authorized
No such steamship company shall have the
eneht OF this constitutional provision except
pom the following conditions:
Frst1fhat such company shall have been
apital stock paid In cash within two years
rom January L. 1911.
Second-That such company shall be domi-
Their port of this State.
Third That such company shall have .
apitai stock Of at least three million dollars.
Fourth That it shall be provided in the
harter Of the company that no corporation,
: hrm. or individual shall own or control
ither directly or indirectly, more than one
wentieth of tho capital stock OF the com
any; and that all pooling agreements and
citing trusts between the Stockholders to
ontrol the corporation shall be absoluteiv
ull and void and no stock held in any such
DOL or voting trust shall ever be voted st
ny corporate election or meeting.
Fifth That the capital stock OF each com
any shall be open TO pablo subscription |
y public advertisement ia New Orieans
ewspapers for at least three monfhs before
10 books are closed and IL over-subscribed |
1nli be apportioned among the subscribers. 1
Sixth-That all vessels operated BY said |
,mpany shall be common carriers on every |
oyaee unless the whole capacity Of the shin \
u particular purpose -
II shal! be 1awfnl for companies 50 oresnf. |
ID In addition to the powers now provided |
the laws OF the State TO incorporate into |
leir charters all or any of the following |
Is.
Sscond-To insure goods. wares ana mer.