At that time, the largest private enterprise in China was the China Merchants Bureau founded by Li Hongzhang in Shanghai.
1873,65438+65438 On June 7th, 2008, "China Merchants Bureau for Ships" was formally established in Yong 'an Street, Yangjingbin, Shanghai. This is the first commercial enterprise in the Westernization Movement that changed from a military enterprise to a civilian enterprise and from official enterprise to government supervision. Among them, the official shares are 65,438+100000 yuan, Zhu Qi 'ang and Zhu Qi's brothers are 65,438+100000 yuan each, and Li Hongzhang is 50,000 yuan, with 4 ships, engaged in Jiangsu and Zhejiang grain transportation and various passenger and cargo transportation businesses. The company was established for half a year and suffered serious losses. Zhu Qi 'ang was forced to resign.
1June, 873, the famous comprador Tang He joined. Tang, a businessman from Shanghai, was a comprador of Jardine Matheson, England, and was the first general manager of China Merchants Group. Xu Run, Zhu Qiang and Sheng Xuanhuai are in charge of the meeting. Among them, Tang is a foreign firm; Zhu is the representative of northern water transport; Sheng is the representative of Li Hongzhang; Xu is a representative of domestic business owners with comprador background. Later Tang Dynasty went to Tianjin to run Kaiping Coal Mine, and Sheng Xuanhuai succeeded him. China Merchants Steamship Co., Ltd. approved the share capital of 654.38+000 million taels of silver, 654.38+000 taels per share, inviting investment from the society, and Xu Run attached 242,000 taels. On August 7th, 1873, the company moved to the new address of Sanma Road in Shanghai and changed its name to General Administration of Shipping and Investment. In the same year, we set up 19 branches in Tianjin, Hankou, Nagasaki and Hong Kong.
Li Hongzhang has the right to appoint directors of China Merchants. Under the protection of Li Hongzhang, China Merchants had to borrow money from the government to build the land needed for the wharf warehouse, and the goods it carried were also exempt from lijin. The trustee of China Shipping Merchants Co., Ltd. and the businessman who is the main shareholder jointly manage the company. However, policy decisions are in the hands of government-appointed officials and directors. Public shareholding has not brought about the separation of management right and ownership as in the west, but the shareholding system has adapted to the commercial tradition in China. In order to attract businessmen to become shareholders, China Merchants Group has the arrangement that major shareholders directly manage the semicolon of the company. 1873 the articles of association stipulate (article 1): those with larger shares are publicly promoted to the board of directors to assist the general manager in running business in major ports. At first, Dong Erming, Tianjin, Hankou, Hongkong and Shantou were established in Shanghai, one each. If there is another transaction in the future, or if there is a large amount of shares attached, we will choose as appropriate.
At the beginning of its establishment, China Merchants joined the fierce competition with the shipping industry of American flag Chang foreign firm and British Swire foreign firm.
1875 set up "insurance investment promotion bureau" to undertake water insurance and hull insurance; 1876 Founder and marine insurance company of joint venture between major shareholder of China Merchants and Tang. Both companies are involved in the shipping insurance market.
During the period of 1877, China Merchants Group acquired all the industries of "American Qichang Steamship Company", including 7 seagoing ships, 9 river boats and various barges, barges, docks, board houses, office buildings, etc., with a total price of 2.22 million, making it the largest shipping company. 1877 65438+On February 26th, China Merchants reached an agreement with Jardine Matheson and Swire, two British shipping companies, to monopolize China's water transport; The British-owned shipping company soon regained its dominant position because it lagged behind its competitors in system.
188 1 year, the Charter of Shipping Investment drafted by Tang and approved by Li Hongzhang was officially promulgated and implemented, and the share capital in the same year was 1 20,000 silver.
1882, the share capital of China Merchants increased to two million and two thousand, and Xu Run subscribed for another 242,000 shares, keeping the share capital ratio unchanged. Xu Run collected a large amount of capital stock from friends and relatives, which made Xu Run control more than half of the capital stock of China Maritime Bureau.
1882, Li Hongzhang appointed Zheng, the former comprador of Taikoo Foreign Firm, as the deputy director of China Merchants Bureau, 1883, and officially took charge of the company's business.