Lower coast gazette., 1910-09-24

Submitting to the people OF the State
Of Louisiana. at the Compassionate
election to be held in November, 1912
an amendment to the Constitution
eXempting from taxation for fifteen
wears from the date of full cash pay
ment Of their capital stock domestic
steamship companies engaged in for
eign commerce, and fixing the con
ditiOns of such exemption.
Whereas. the City of New Orleans
is the natural gateway Of the Mis-
sissippi Valley. through which
should pass the commerce Of that
greatest and most yirile section Of
this republic; and
Whereas. the completion Of the
Panama Canal will give an enor-
nous stimulus to trade and com
merce between the Mississippi Val,
ley and Orient and the west coast
Of South America and Of our own
country; and
Whereas, the people of the Missis.
sippi Valley and the whole South
must be prepared to take immediate
advantage of this new channel Of
trade, lest the vast field which II
opens be taken possession of by the
maritime rivals of this country; and
Whereas. great steamship com
panies d0miciled in New Orleans are
the only and the absolutely necessary
means whereby trade and commerce
between the Mississippi Valley ana
the countries bordering on the Pact
fic Ocean may be promoted and con
served for u W country; and
Whereas, the State proposes to tax
herself to promote a great worlds
exposition at New Orleans TO cele-
brate the completion of the Panama
Canal, and it is the States duty to
encourage and promote the O%rganlZa.
ton of such great steamship com,
panies in aid and in furtherance Of
this project.
Section !. Be it enacted by the Cen
,ral Assembly of the State of Louisl-
ma, tWO-thirdS of all the members
elected to each branch thereof conCur-
ing that at the congressional election
be held in this State or Tuesday,
November Sth, 1910, the following
amendment to the Constitution shall
ye submitted to the electors Of the
State, to wit:
steamship companies organized as
hereinafter set forth, together with
heir capital stock and all their prop
,rty, corporal and i]ncOrpOreal, shall
)e exempt from all taxes and licenses
State, Parish. Leyee and Municipal,
10Th general and special exclusive of
wharfage, shed or levee dues. for fiji
years from the date of filing with
he Secretary of State proof that their
authorized capital stock has been paid
n full in cash.
No such steamship company shall
nave the benefit of this constitutional
provision except upon the following
conditions:
First-That such company shall have
been organized and the whole Of its
authorized capital stock paid in cash
two years from January Isl,
1911.
Senond-That such company shall be
tOmiciled in the City Of New Orleans,
or in some other port Of this State.
Third-That such company shall
nave a capital stock of at least three
dollars, payable only in cash.
Fourth-That it shall be provided in
he charter of the company that NJ
corporation. or firm. or individual shall
own or control, either directly or in
more than one-twentieth Of
he capital stock of the company; and
hat all pooling agreements and votin"
between the stockholders to con
.rol the corporation shall be absolutely
null and void and no stock held in
any such pool or voting trust shall ever