The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1861-01-10
Mr.. NV,iIie-- Address n Prc.idenT Of Ehe
Hawaiian Flour Mill Company. ut the
General Mceiing OF the Jth JAM. 1861.

GENTLEMEN You NEE, herc, on this melancholy
occasion, 10 consider what : proper snd necessary 10
De done IL view Of the destruction q the Comuany's
property, BY the calanIioCs IRE Of the 18Th Deem
Der.
The loss sustained by the company on that dsv, s.
estimated by the Agent. amounts 70 S23,SS7 ~
cents, leaving only assets 10 the estimated value Of
st 1872 %, 10 meet liabilities amounting = STA
/ 7qS 81 cents, besides sundry small bills which may
be outstanding. assuming these amounts 70 lie cor
rect. the assets. when realized, viii only pay shout
A. per cent. on the amount Of Liabilities, The whole
subscribed capital Of $4,000 in loo shares Of the
company a, paid up, therefore i lost
But Of the above amount Of liabilities $1,000 are
due 20 Nessrs. James r b:nson y Co, borrowed from
them 70 buy up the contract e Mr.. Weston, On a
note endorsed by three q the shareholders, On be
half Of the company. without which endorsement
the money could not have been procured. Il will De
for YOU, gentlemen, 70 take into your consideration
the case Of these endorsers, and 10 relieve them from
any liability further than their proportional shares
Of what may now &c due on their notes. In endovs-
ing that note, they acted rot for their own private
advantage, but for that Of the company whose pros
perity was incompatible with the continuance Of Mr..
Weston's contract. II the money had Tot been bor-
rowei, you would have had 10 raise II by q sub
scripuon pro rata By the extinction OF Mr.. Mes-
tons contract, the company hsd already been beuea
frei TO the extent Of Sales on their operations Of
las: year. Under the circumstances aforesaid, the
company Is virtually dissolved, and it appears 10 me
that, after settling its affairs, only a formal resolution
10 that effect. remains 10 be passed.
Although the shareholders Of the company have
lost the whole Of their capital stock, ana although
the creditors will lose part Of theirs, vet 1t IS salts
tory TO reflect that while the company existed, Its op-
eratiCns have been productive Of much pubic good.
The agent will read 10 you a statement, from which
you will see that during the FIVE years Of the CON-
pauy's existence, il has ground op,S92 bushels of
wheat, Of which 1881 were from Maui alone, and
that the company's sales, during the same period,
had amounted 10 Sl55,292. This amount has re-
NAMED in the country, IN place Of going abroad.
1t has increased the sale Of goods by our merchants
- - $3.50. a1 I.,aEral .Ln
Kings treasury TO the extent of perhaps $500 or
more.
It is. therefore, clear that a Flour Mill Co. is u
necessity both for the cultivators Of wheat, particu-
larry on Maui, FOR the merchants, and for the gov
eminent. Where all are interested, all should assist.
Although l lose $500 as a holder Of IS shares,
(besides my proportionate share Of the $4,000 which
have already referred to- | ain willing to subscribe
$1,000 towards the formation of a new company;
another shareholder is willing to subscribe $500,
AMI I hope so many more will follow the example, rs
that q new Flour Mill and u new Bakery may be
erected with the least possible delay.
For the s.ke Of economy and safety 10 the city,
I myself incline 10 a new mill 4 lie worked ty wa
ter power, and situated not IN, but somewhere close
to the city. But if the general opinion should be
in favor Of steam power, I will equally subscribe the
same sum-. provided the new mill be not situated on
the wharf, close to the shipping, and government
and merchants warehouses;, but at a distance 10
leeward-say on the point Of land on which the new
prison stands.
That you may Judge Of the necessity that existed
Of buying up Mr.. West0n's contract, | may mention,
that under that contract, during the 2i, 81, aud 4th
years, he received from the company, SIS l3 80
cents, (including S575 for powe. for the machinery,
during the latter year, while the total sales made
by the company during those 3 years, amounted 10
500, glS 65 cents. Since buying up his contract,
the company have manufactured its own -four, al n
cost of only 81, rs for the last year.
Besides those thanked on the 81 instant by the
Executive Committee for their services during the
FIRE. thanks are emiuently due TO His Excellency,
Governor Kekuanaoa, who attended upon the occasion
with n whole troup Of men furnished with buckets.
Since the last general meeting, the company have
had the misfortune to lose by death their Secretary,
the Rev. DR.. Armstrong, who was the main promoter
of its organization, and who was ever most laudably
jealous in everything tending TO the welfare Of the
of the nation.