is engaged in passenger transportation and water transportation, and is the first modern shipping company in China. Zhu Qi 'ang was forced to resign due to serious losses after the opening. In July of the following year, Li Hongzhang changed the ship investment promotion company to the ship investment promotion bureau, appointed Tang Tingshu, a Shanghai comprador, as the general manager, and Xu Run, Zhu Jiang and Sheng Xuanhuai as the general manager. In 18 76, there were 11 ships, and in 1877, 16 old ships of American merchant flag Changyang Company were bought for 2.22 million taels of silver, as well as their wharves, warehouses and other properties, and China Merchants took shape. China Merchants Bureau is located in Shanghai, with branches in Tianjin, Niuzhuang, Yantai, Hankou, Fuzhou, Guangzhou, Hong Kong, Yokohama, Kobe, Luzon and Singapore abroad, with a capital of more than 4.2 million, making it one of the most successful civil enterprises.
The first approved capital of China Shipping Merchants Bureau was 1.2 million yuan, which was increased to 2.2 million yuan in 1882. Li Hongzhang has the power to appoint directors to China Merchants Bureau. Under the protection of Li Hongzhang, China Merchants Bureau for Ships has to get a loan from the government to build the land needed for the wharf warehouse, and the goods it carries are also exempted from lijin. Despite such favorable conditions, businessmen were initially very suspicious of the official-supervised and commercial China Merchants Bureau, and they were not enthusiastic about investing in shares. The shares of China Shipping Merchants Bureau are mainly sold on Dong's private network. It was not until 188 that things began to change and business was popular in Shanghai.
at the beginning of its establishment, China Shipping Merchants Bureau joined the fierce competition with American flag Chang Foreign Firm and British Taikoo Foreign Firm. In 1877, China Merchants Group acquired all the industries of Qichang Steamship Company, including ships, docks and office buildings located at No.9 on the Bund in Shanghai, becoming the largest steamship company. China Merchants reached an agreement with two British-owned shipping companies, Jardine Matheson and Swire, to cut off China's water transport. The British-owned shipping company soon regained its dominant position because it lagged behind its rivals in system.
The trustee of China Shipping Merchants Bureau manages the company together with the businessman who is the main shareholder. However, policy decisions are in the hands of officials and directors appointed by the government. Public shareholding has not brought about the separation of management rights and ownership rights, as in the West. On the contrary, the shareholding system has been adapted and absorbed into China's business tradition. In order to attract businessmen to buy shares, China Shipping Merchants Bureau has the arrangement that major shareholders directly manage the semicolon of the company. In 1873, the articles of association stipulated (Article 1) that the person with larger shares should be publicly promoted as the business director to assist the business manager in the major ports. At first, Shanghai set up Dong Erming, Tianjin, Hankou, Hongkong and Shantou, one each. In the future, if there is another trade, or if there is a large amount of shares attached, it will be selected as appropriate. Before the board of directors was elected by shareholders in 199, shareholders could only participate in the management of company affairs in a very small amount.
The articles of association of China Shipping Merchants Bureau indicate that "there are commercial bureaus of ships and foreign companies, which were originally handled by pooling shares in imitation of the articles of association of western merchants". In the actual establishment process, it has already possessed the basic characteristics of modern capitalist joint-stock companies in terms of fund-raising, organization and management, profit and distribution. In the way of fund-raising, China Merchants adopts the form of shares, that is, dividing the capital into several shares to raise funds for the society; In terms of operation and management, China Merchants has realized the separation of ownership and management rights, and its articles of association stipulate that the specific management and implementer of the bureau affairs is the business association and the business directors; In the aspect of profit distribution, dividends are paid according to shares, and shareholders' certificates take interest. As can be seen from the articles of association of China Shipping Merchants, it is essentially different from the original partnership. Its stock is the only coupon, which is irrevocable to a certain extent and can be freely transferred. China merchants is also relatively standardized in organization, and the management organization elected by shareholders-the board of directors.