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轮船招商局在其实施“官督商办”体制的早期历史中,1873—1884年属商办性质相对突出的特殊时期。在此时期,李鸿章始终未对该局的“官督”性质予以职位上的落实,作为北洋官方委派的盛宣怀,在局内也从无凌驾其他管事诸人的地位。这为以拥有商本股权为背景执掌该局经营大权的唐廷枢、徐润,留下了相当大的施展才能和实现理想的空间。因此,招商局的发展演变具有两个可能的趋向,一是完全在商人主导下向近代企业演变的发展趋向,
In the early history of its implementation of the “Governor-General’s Merchant-run System”, the China Merchants Steamship Bureau was a special period with relatively prominent nature in 1873-1884. During this period, Li Hung-chang did not always implement the post of “bureau-governor” of the council. As the official delegate of the Beiyang, Sheng Xuanhuai also lauded the position of other governors in the bureau. This gave Tang Ting-shu and Xu Run, who hold the power of management of the council in the background of having the stock ownership of the company, leaving a considerable space for displaying their talents and realizing the ideal. Therefore, the development and evolution of China Merchants has two possible tendencies. One is the development trend of completely evolving into a modern enterprise under the guidance of businessmen,