2
Any one (in a Hsien) who buys 1,000 shares shall be a committeeman of right, and needs no election.
7. Election.--The manager-general, assistant managers, treasurers, shall be elected by the daily committeemen and general committeemen treasurer, assistant (ie., those always on committee and those who have the right to sit on committee) by vote.
The daily committecmen shall be elected by the committeemen of their own district by vote.
The general committeemen of cach Chou and Hsien shall be elected by the votes of the shareholders.
At the opening of the Company representatives may be sent.
8. Share Limits.-There shall be 3,000,000 shares at 5 dollars each.
Each share will be paid up in three instalments.
No foreign shares will be received.
A real Chinese who has been naturalized abroad may take shares, but will be treated as a Chinese shareholder. No shares can be sold to a foreigner.
All shares are to be paid in Mexican dollars.
9. Powers of Shareholders.---A shareholder with 100 shares may he made manager- general; with 50 shares, assistant manager; with 10 shares, may be elected a IIsien's committeeman. Those having over 5 shares should be elected committeemien.
After payment of annual expenses, 10 per cent. shall be held in reserve until the reserve reaches half the capital.
The remainder shall be divided into 20 parts, of which 1 shall go to the Govern- ment as a contribution, 18 parts to shareholders as bonus, and 1 part as recompense to the staff.
Interest shall be paid on shares at 6 per mille per annum, the year to be reckoned from the end of the month next after the shares are taken.
10. How Shares are to be collected.--(a.) To those who agree with our objects; (b) to those who do not agree with our objects-shares are to be allotted.
Every one possessing property to value of 1,000 taels shall be allotted ten shares; those having 2,000 taels are rated 20 per cent. higher, e.g. :--
3
Interest on corporate shares is to be paid to the original holders of the capital Taxes.---Can be raised on salt and on lotteries.
11. Regulations for Opening Expenses.--(a.) 450,000 dollars must be raised before starting work. (6.) Each Fu, Ting, and Chou must subscribe to raise this. (c.) The opening expenses shall be considered shares and hear interest. (d.) If one man pays up to value of 10 shares for opening expenses, these 10 shall count as 13, and so for every 10 more. (c.) Every one taking 10,000 dollars worth of shares shall pay up 300 dollars for opening expenses, to be paid within a period notified by the Company by letter. If he waits nutil the Company is running before paying in the 300 dollars, his shares shall be treated as ordinary shares, and not get the increase mentioned in (d).
Every Fu, Ting, Chou, and Hsien which hands over its opening expenses by the date mentioned shall have its interest reckoned from the 1st of the next moon at
per mille.
On the balance paid in as shares, not for preliminary expenses, the 3 per 10 increase shall not bear interest until the railway is running.
6
A Branch Share Company in any place shall be entitled to charge to itself as its opening expenses 2 dollars per 100 collected.
Extra clause. The General Company shall deduct from the moneys received enough to open a newspaper office at Wuchow every Hsion to buy at least ten copies and also moneys to open a bank at Wuchow.
Detailed Regulations will be made later.
(It is reported that the head of the Kuangtung Educational Department, Yu, is nominated General Manager).
Property of- Shall take-
Value.
Property of
Shall take-
Value.
Taels.
Shares.
Dollars.
Taels.
Shares,
Dollars.
1,000
10
50
6,000
120
600
2,000
24
120
7,000
154
770
3,000
42
210
8,000
192
950
4,000
64
320
9,000
224
1,180
5,000
90
450
10,000
280
1,400
Properties over 10,000 taels shall pay up
10
per cent.
Any one who will not agree to take shares shall not be recognized as having contri- buted any share to examination or other funds, shall not be recognized as a Kuangsi man, and in militia defence or foreign affairs shall be taken no notice of, and his surname, name, and birth-place shall be published in the newspapers.
Sums promised by various places :--
Wnchtow
Yulin
Hsun Chou
Nanning ..
Lung Chou
Liu Chou..
Ssn En
Chen An
l'ose
Ssu Ch'eng
Total..
Dollars.
1,800,000
1,800,000
1,600,000
800,000
600,000
600,000
400,000
300,000
300,000
300,000
8,500,000
Payments in shares.-- The price of land crossed by the railway, of labour for embankments, of material, can all be taken out in shares, given at a preferential rate.
Corporate shares.-The following can be exchanged for railway shares: (a.) People's properties, e.g., subscriptions in aid of examinations, Board schools, ancestral fields, temple property. (b.) Official properties: Future assured payments.
Inclosure 2 in No. 1.
Extract from the "Canton Daily" of October 20, 1906.
Ts'en Viceroy's excellent View on building the Kuangsi Railways.
THE disputed question of the Kuangsi Railways is one on which none of the parties will give way.
Each Fu sent a deputy to Canton to lay the matter before the Viceroy Ts'en, and these prosented to him (suggested) Regulations in a detailed Report, as previously stated in our columns.
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Now the Hsun Chou and other deputies, on presenting to the Viceroy a Petition on
· suggested arrangements for the Kuangsi railways, have received the following note :---
According to your Petition, I find that the whole of Kuangsi is decided to combine to construct railways, and therefore every one of the deputed gentlemen should consult together single-heartedly, and all combine in this great object. Supposing that there arose questions difficult to settle, the rules of the Board of Trade could ho followed by mutual consultation, and then decision be made by the opinion of the majority. Now the deputies of Liu Chou, Ching Yuan Fu, and their eleven subordinate departments are at loggerheads about the order in which the railways should be constructed with the deputies of Kweilin and Wuchow.
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According to the Report presented to me, the suggested arrangements contain two heads-(1) To have the Kweilin and Wuchow deputies brought over to the petitioners' view; and (2) to first construct lines from Liu Chou, Ch'ing Yuan, and their eleven departments to Kwei Hsien and Pakhoi.
"I find that these deputies have had frequent meetings with the Kweilin and Wuchow deputies without coming to an understanding, and that neither party can be forced into agreement.
"Now the question of railways is weighty and important one, and although combination is made to construct them, there is ever fear of their hardly succeeding.
"Suppose that divisions to be constructed were made out, each division building its own section, this were no proper method.
"The mutual consultation for raising funds to build these lines ourselves is originally founded on protecting our rights and profits, and making sure our boundaries an object far from easy, but necessary, to achieve. Should opinions split, surely hindrances will arise, and I think the patriotic and well-minded will never willingly bring this about.
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