The late Mr. PS Young laid the foundation of a business enterprise, which was to play an important role in the development of Glen Innes and district, and to establish a reputation for honesty and enterprise.

PS Young was a kind man - I know of people whose children would have gone without food, but for the generous credit extended by him. There are men on the land who owe, in no small measure, their present day affluence to the helping hand of Mr. Young and family in early years, when seasonal or other strains left them with but a feeble hold on their acres.

Kwang Sing & Co. was able to build up reserve during prosperous years, and was able to give farmers extended credit during hard times. Those farmers who benefited were forever thankful. The pioneering entrepreneurial spirit of PS Young is remembered as a storekeeper who was always willing to help when needed.

The Chinese society prides itself on a common sense and conscience-driven outlook on life, in particular taking responsibility for what he has done. The way to do that was to repay his debts.

The transaction of the shareholders Red Book:

• Co-partnership Business.
• A draft of the regulations
• 11th July 1939

The new Kwang Sing & Co., Glen Innes NSW was taken over by Kwang Sing & Co., stocks equipment and accounts. The price was Ten Thousand Two Hundred and Seventy-two Pounds, Nine Shillings and sixpence. The Manager of Kwang Sing & Co., Stan Young, with New Kwang Sing & Co. Manager, Harry Yu, exchanged business contract, witnessed by Mr. Tommy Young. The business name was changed to Kwang Sing & Co., omitting the word 'New'.

Trading as a general store.

• List of shareholders capital
• £4,400.00
• From this day on the interest rate will be calculated at 6% annually.

After we have taken over the business, we aim at being righteous, share responsibility being all equal, forget the confusion of official and private affairs. Whether big or small, shareholders will receive a shareholder document to keep.

List of Company regulation.

• Each shareholder's capital should be paid 6% annually.
• The company should stocktake once a year to show profit or loss.
• Pay off all debts, and if showing a profit, pay all dividends annually.
• Yearly report of the business, for shareholders to inspect.
• Shareholders wishing to sell their shares and venture out, may only sell their shares to existing shareholders. Should the existing shareholders choose not to purchase the shares, then they may be offered to an outsider.
• If the business shows a profit, 1½% should be deducted from the profit to reward the Manager shareholders and staff accordingly.
• When employing staff, choose their ability, do not favour a personal person.
• The Manager and shareholders are not allowed to buy and sell goods through the shop for their own profit. Nor are they allowed to purchase goods totalling more than their wages.
• Staff should observe the regulations or face the consequences.
• Most importantly, staff and shareholders should look after their customers.