The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1910-09-17

Senate Bill No. 1877.

AN ACT
Submitting to the people of the State Of Lou
held in Novebmer, 1910, an amendment TO the
constitution exempting from taxation Cor
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
Of that greatest and most virile section
of this republic; and
Whereas. the completion Of the Panama
t Canal will give an enormous t sh to
sippi Valley and Orient and the west coast
OF South America 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
this new channel of trade. lest the vast
field which i opens be taken possession OF
and ' '' '' u 'A'' '
Whereas. great steamship companies
domiciled In New Orleans are the only
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;
Whereas, the State proposes to tax her.
self to promote Q great worlds exposition
Of the Psnaa a Canal. and Il is is the gtstss
! duty to encourage and promote the organ
nation Of such great steamship companies
in aid and in fuIthsranee Of this project;
Assembly Of the State Of Louisiana, two
thirds Of all the members elected to each
branch thereof concurring that at the cong
Tuesday. November 8, 1910. the following
amendment to the Constitution shall be sub
mitted to the electors Of the State. to-wit:
matter set forth. together with their capital
stock and all their property, corporal and
incorporeal. shall be exempt from all taxes
and licenses. State, Parish. Levee and NUM-.
ripal, both general and special. exclusive Of
shed or levee dues. for fifteen
years from the date OF filing with the Secre.
larry Of State proof that their authorized
No such steamship company shall have the
benefit of this constitutional provision except
upon the following conditions:
and the whole Of its authorized
capital stock paid In cash within two years
from January 1. 1911.
riled in the City Of New Orleans. or in some
,ther port Of this State.
Third-That such company shall have
capital stock Of at least three million dollars.
Fourth-That it shall be provided in the
charter OF the company that no corporation,
,r Arm, or individual shall own or control
either directly or Indirectly, more than one
twentieth of the capital stock Of the com.
Dany; and that all pooling agreements and
Foting trusts between the stockholders TO
control the corporation shall be absolutely
null and void and no stock held in any srch
pool or voting trust shall ever be voted at
my corporate election or meeting.
Fifth-That the capital stock OF each COM
pany shall be open to public subscription
By public advertisement in New Orleans
newspapers for at least three months before
he books are closed, and IL over-subscribed
shall be apportioned among the subscribers.
Sixth--1hat all vessels operated by said
company shall be common carriers on every
voyage unless the whole capacity of the ship
,hall be chartered for . particular voyage,
'or q particular purpose.
II shall be lawful for companies 30 organi-
led in addition to the powers now provided
~ the laws Of the State to incorporate into
heir charters ell or any Of the following
powers:
First-To build, charter or purchase YES
Iels.
Second-To insure goods. wares and mer-