amount of its desired purchases for and during not less than one or more than two years from the date of such advances, one-half of such advances to be payable on the tender of such security and the residue to be payable on the actual bona fide commencement of such manufacture.
Fourth. That to maintain the supply to each of our companies of such articles as shall be necessary to them before they can be manufactured here, and to procure those materials for repairs and manufacture which cannot be procured in the Confederate States and are immediately needed, the companies here represented, and others who may desire to unite with us, will send to Europe a competent agent, furnished with the necessary funds, who shall purchase for each company such articles as it may order and supply the means of purchasing, at such prices as such agent may deem necessary to pay to insure their early shipment to the Confederate States.
Fifth. That such agent shall be appointed by an executive committee selected from the officers of the companies here represented and now to be chosen by the meeting, to whom he shall give bond with security, to be approved of by them, for the due application under their instructions of the funds to be placed in his hands, who shall for that purpose receive from each of the said companies the funds supplies for their respective importations, and themselves give bonds to such company for their due application of the same, and who shall be charged with the entire and confidential control and management of such importations, of the proper distribution thereof, and of all matters incident thereto; and that all such orders shall be furnished to the said committee within - days from the 1st of February, 1862.
Sixth. That the amount of purchases ordered for each company shall be equal to what they will need of such supplies during the two years succeeding the 1st of January, 1862, and shall be not less than $ 100 per mile of the length of its road.
Seventh. That the prices to be paid by each company for the articles ordered by it shall be ascertained and determined by the executive committee by adding to the prices first paid for them abroad by the said agent the expenses of importation, including import duties (if required by the Government), and not including in such expenses of importation the proportion which each company may be required to bear of any loss which may be sustained by marine disasters or the public enemies. Any loss by marine disaster or the public enemies of any of the articles purchased by any of the associated companies shall be borne by all of the said companies, respectively, in the proportions which the purchases so made for each of the said companies shall bear to the amount of all the purchases made for all the said companies.
Eighth. That such agent shall receive for his compensation a commission to be determined by the executive committee, and regulated by the extent of his purchases.
Ninth. That the executive committee be authorized to employ a clerk and accountant to settle accounts with the several companies concerned.
Tenth. All articles imported or manufactured under the foregoing resolutions during the existing war shall be transported over the railroads of the companies here represented for tolls, which shall not exceed the cost to them of such transportation, provided the companies for whom they are transported shall agree to transport upon the same terms articles designed for the companies here represented.