The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1889-11-09


from one or both streams, flowing
on either side of the land, which
have eli by measurement in the
drycst time shown more than suili-
cient water for all irrigation and
liuming purposes required.
R.-When do you expect TO break
ground for planting?
Mr.. M.-This will not be decided
until Mr.. Baldwin's return from
Kauai.
R.-IIavc you acquired the free
hold or the lcasehold interest of the
estate!
Mr.. M.--We have acquired II 80.
year lease, which is practically free
hold for such business.
R.--On what terms do you obtain
this lease.
Mr.. MIN lieu of fixed rental
per acre we give the owners (Messrs.
Gay, Robinson and Sinclair) one
sixteenth of all the sugar produced
up to 5000 tons, one-twentieth of
the sugar above 5000 and up TO
$500 tons, and one-thirtieth of the
sugar above $500 tons and upward.
These are very favorable terms when
you consider that successful neigh
boring estate is paying one-eighth of
its sugar in lieu of rental.
R.--What are the terms OF the
concession to the company by Mr..
Watson, who is understood TO have
made the original arrangement for
starting sugar estate on these
lands!
Mr.. M.-Mr. Watson first OBJ
tanned the lease from Messrs. Gay
and Robinson for thirty-five years,
since changed TO 80 years, and
worked up with me all the surveys
and details and business connected
with the floating and formation
of the company, He transfers all
his rights under this lease to
the company for ten thousand
pounds (fl0, OO0), and his firm sup
plies all the machinery required for
the estate. The water pipes and
general material, however, are TO be
ordered from the United States, this
with the general management of the
estate being placed in Mr.. Baldwin
hands and those of a local board oil
directors. Mr.. Watson has the right
to nominate two members on the
board. Mr.. Baldwin, the President
represents the Honolulu investors
myself, Vice-President, the English
investors. Mr.. Cation, co-agent will
me of Mr.. Watson's firm, and con
sulting engineer of Mirrlees, Watson
& Co., has been appointed with mi
on the board of directors, the rest o
the board consisting Of II. p. Bald
win (chairman), G. r. Bishop, EN-
Walsh, j. A. Hopper and G. N
Wilcox.
R.-It was reported after yo'
left for England that Mr.. Watson
had abandoned the scheme owing t.
the refusal of his English friends t.
join the enterprise. Was there an,
truth in this?
Mr.. M.-Ycs, to some extent
You will of course understand tina
the average English investor object
to investing his money in leasehol'
properties, and for this reason som
of Mr.. Watson's friends had dc
clned to join him in this enterpris
unless the fee of the land was OBJ
tanned. Mr.. Watson cabled to M
in San Francisco that it would b
necessary TO obtain fee simpl
title to the land, and could this b
done? At that time Hon. Chas. Il
Bishop was in San Francisco, wit
whom I consulted in the matter, an
knowing that Gay and the Sinclair
would not part with their lands,
asked Mr.. Bishop what he woul
suggest for me to do under the Gil
cumstances. He suggested that
see Mr. Sinclair, one of the owners
who was then in San Francisco, an
try to compromise with him on 3
year lease, and that if could oil
tain that, and to give Mr.. Watson an
his English friends additional conf
dence in the enterprise, he (Mr. B.
would increase his subscriptio
from 100000 to 100000, and oil
tain Mr.. Welch's subscription fc
another 500, 900, and / could cahl
this fact to Mr., Watson. Mr.. Sin
clair conceded the 30 years to I'M
and to Mr.. Bishops liberal subscril
tion and enterprise in this matter
largely attribute having succeede
in inducing Mr.. Watson, after m
arrival in London, TO take up IL
! scheme anew, and thus avoid n pos
ponement that might have jcopa
dised the whole affair.
R.-Did the news Of the insu
rection reach you at the time {
your negotiations, and what effc'
did 1t have in London?
Mr.. M.-Yes; the news rcache
me right in the midst of my negot
ations, but as over there they see
to distinguish between revolutic
and an insurrection-the latter bcir
considered by them political u
, heaval that any country is period
, callY subject to-the news had |
, effect whatever on the intendir
subscribers to the scheme. StranG
TO say, however, the only opposite
, | had TO contend with was unfavo
able and preiudiced reports sent {
J from the Islands by parties unknov