The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1886-10-20
PLANTERS L. AND S. co.
Annual Meeting of the Shareholder

TUESDAY, October 10Th.
The shareholders of the Planters Labor
and Supply Company resumed their an
nual sitting at 10 a. IN. Tuesday, Mr. II
2. Baldwin presiding.
Mr.. J. NJ. Homer, Chairman of the
committee appointed yesterday to revise
the Constitution, reported that he was
sorry the committee had not been able to
do very much, as the time was so short.
They had arrived at the conclusion that
there was not much to be done unless a
radical change were to be made, and that
would take long time. They recommended
that bylaw IL be amended to read as fol-
lows:
The Board of Trustees may levy assess
ments on the capital stock of the company
as provided in article 8, and may fix the
date mot less than thirty days from the
time of passing the resOlutiOn) at which
said assessment, if unpaid, shall have be-
come delinquent, and any stock upon
which any assessment may become delin-
quent shall be advertised by the Secretary
in some one newspaper published In Homo
lulu for the period of thirty days, and if
the said assessment shall still remain un-
paid, the Board of Trustees shall declare
the same forfeited to the corporation, and
the holder or holders shall be debarred
from any rights or privileges based upon
the possession of such shares of stock [prO-
vided that any member may at any time
surrender any part of his stock to the
Treasurer of the company upon his pay
ment of all assessments that may have be-
come due and payable on such stock so sur
rendered up to the time of such surrender.
And the Board of Trustees may then issue
new certificates of stock in place of shares
so forfeited Tor surrenderedl, the same as
if the forfeited Tor surrendered shares had
never been issued.
The words in brackets constitute the
amendments added.
Mr. Horner said the object of the com
mittee had been to allow tn ose who have
more shares than they thought they ought
to pay assessment for to surrender, so as
to bring them more on an equality.
Further, he said, the committee recon-
mended and urged upon all parties inter
ested in the sugar industry throughout the
Islands to help to carry out more vigor-
ously the objects of this company by sub
scribing for one share approximately for
every three tons of their yearly average
production. They urged the adoption
of this recommendation as a resO-
luton. If this could be carried out the
assessment would probably not be more
than 10 cents per share, and the associa-
ton would be held together as organ
lied body ready for action whenever it
l. oI all no
mittee had been able to accomplish, and
on these points they were unanimous, ex-
cepting Mr.. Dole, who had not yet seen the
form in which the recommendations had
been drawn up.
Mr. A H Smith considered delinquent
shareholders should pay all assessments
for the previous twelve months, being en-
titled to the privilege provided in section
IL, as amended and moved an amendment
to that effect.
Mr.. ]. NJ. Horner seconded the amend
ment.
The President said this amendment in
section II was intended to meet the case of
those who were friendly towards the COM
pany and who had not actually severed
their connection with it.
Mr. J. Austin wished for further infOr-
nation How many shares are there
which would come under this provision at,
say, % cents2 1t should be so arranged
that the delinquent shares pay Il reasona-
BILE amount of the expenses.
The Secretary said that those who went
out with the Spreekels Sugar Company
were no longer on the books. There were
1895 delinquent shares, the assessment
amounting to $2,o15.
Mr. A. H. Smith asked whether delin-
quents would Invariably have to pay up
their assessments for the year, or whether
this could be arranged by simple resolu-
ton.
The Secretary said if the idea is to let in
all delinquents, including such as the
Spreckels Company, why not say so in the
bylaws?
Mr.. Austin moved that it be left TO the
discretion of the Trustees, and that the
bylaws be passed without prescribing the
exact manner.
Colonel Spalding said he did not feel
like talking much this morning. gen
tleman, after reading the report of yester-
days proceedings in that mornings AD-
vERT1sER, wanted to know whether 1t was
the planters meeting or Colonel Spalding's
meeting He would like the ADVERTISER
to change its headings. In relation to this
amendment, undoubtedly any mem
Der can give up his stock at any time.
They had allowed their members to give
up their stock by giving office to the Sec
rotary. Some have not done so, and they
stood as delinquents; others were not
treated so. Therefore, there was a sort of
anomaly. Many had notified the Secre-
tary that they were no longer members
others had not. This amendment simply
made it more explicit. At the same time
it is the intention of the bylaws that other
certificates may be issued. In reality it is
lust the same in either case, only without
the amendment the Trustees have to sell
the stock OF delinquents. That is where
the amendment comes in. 1t does not
say they shall issue to every man who ap-
plies, but if the Board see fit they may.
The stock, having no intrinsic value, but