Lower coast gazette., 1910-09-03
c no. 279.
Senate Bill No. 1874.


Submitting to the people Of the State
of Louisiana, at the congressional
election to be held in November, 1910,
an amendment to the Constitution
eXempting from taxation for fifteen
years from the date of full cash pay
ment of their capital stock domestic
steamships 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 of that
greatest and most virile 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 It
opens be taken possession Of by the
maritime rivals of this country; and
Whereas, great steamship com
panies domiciled in New Orleans are
the only and the absolutely necessary
means whereby trade and commerce
between the Mississippi Valley and
the countries bordering on the PACT
fic Ocean may be promoted and con
served for our own country; and
Whereas, the State proposes to tax
herself to promote a great Wofid 5
~eyposition at New Orleans to cele-
brate the completion of the Panama
Canal, and it is the States duty TO
encourage and promote the orsaniza-
ton of such great steamship com
panies in aid and in furtherance OF
this project.
Section |. Be it enacted by the Cen
pral Assembly of the State OF LOUISE
ana, two-thirds of all the members
elected to each branch thereof concur
ring that at the congressional election
10 be held in this State on Tuesday
Sth, 1910, the following
amendment to the Constitution snail
he submitted to the electors OF the
State, to wit:
"Steamship companies organized as
hereinafter set forth, together with
their capital stock and all their prop
arty, corporal and incorporeal, shall
be exempt from all taxes and licenses,
State, Parish, Levee and Munlclpal,
both general and special exclusive OF
shed or leyee dues, Tor NJ
ten years from the date of filing with
the Secretary of State proof that their
authorized capital stock has been paid
in full in cash.
No such steamship company snail
have the benefit of this constitutional
provision except upon the following
conditions;
First-That such company shall nave
been organized and the whole OF us
authorized capital stock paid in cash
within two years from January 1st'
1911.
Second-That such company shall be
iomiciled in the City of New Orleans,
Or in some other port Of this State.
Third-That such company shall
have a capital stock of at least three
dollars, payable only in cash.
Fourth-That it shall be provided in
the charter of the company that no
corporation. or firm. or individual snail
own or control, either directly or IN
directly, more than 0ne-tWentieth OF
the capital stock of the company; and
that all pooling agreements and voting
trusts between the stockholders to con-
troll the corporation shall be absolutely
null and void and no stock held IN
any such pool or voting trust shall ever