The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1891-10-24
HAWAIIAN TRAMWAYS co.
Report of the FOuyth Annual Meet
ing-A Dividend Declared.

Report OF the FOuStb Annual Meet
ing-A Dividend Declared.
The following report of the Ha-
waiian Tramways Co.'s annual meet
ing is from a late London paper. 1t
shows rather satisfactory state of
affairs for the corporation
The fourth ordinary general meet
ing of the Hawaiian Tramways Com
pany (Limited) was held yesterday
at the City Terminus Hotel. Colonel
G. M. Davidson presided, and in
moving the adoption of the report re-
minded the meeting that last year
they had on the nine months work
ing deficit of 2,0S5; that deficit,
with some alterations which came in
afterwards, stood in the present
balance-sheet as fl ,943. This year
practically the first complete II
months-showed a great improve
ment on the last, for after paying
debenture interest and all expenses
they had net profit of fl,6SS, out
of which they recommended divi-
dend of 2 per cent, less income tax,
leaving balance of 1888, which
they proposed TO carry to a reserve
fund.
The contractors account stood in
suspense at the time of the last re-
port. This years report would have
been in the shareholders hands a
fortnight earlier had it not been that,
after the accounts were completed
and ready for the press, settlement
was proposed by the contractors,
which the directors recommended the
shareholders to confirm. The con-
tractors were entitled to be paid
f90,00 in money or shares on the
completion of their contract. Their
engineer certified to that completion,
and left the country; but Mr.. Pain,
their manager-to whom they were
all much indebted called their at
tenton to various defects of omis-
sions, for which the contractors were
to certain extent liable. After a
great deal of correspondence and
much negotiation the solution ar
rived at was that they should issue
the balance shures-1,2 07-to the
contractors, and that the latter
should pay the company f2,524 in
cash, thus settling all liabilities on
either side and enabling the directors
entirely to wipe out the deficit of
last year. There were certain other
matters connected with the grading
of the roadways, the responsibility
for which would still remain on the
contractors. A settlement as re-
garded the issued shares had been
granted by the Stock Exchange.
With view to the future they had
obtained an Act from the Hawaiian
Government giving the company
power to use electricity. This might
prove of great advantage to them.
At present their horsing cost them
4'46d. mile, and if they could
lessen that cost it would be q great
gain. The London expenses had
been materially decreased. The
office was now at sol, Camberwell-
road, where he could daily superin-
tend the company's business. There
had been "a steady increase in the re-
ceipts as compared with those of last
year, and although they were suffer-
ing from very large increase in the
price of fodder, they were in hopes
that the great harvest in America
would cause a material decrease in
the price of feeding stuffs. Political
affairs in Hawaii were rather unset
tied, and the sugar trade was still
dull, so that altogether they had had
a combination of adverse circum-
stances to contend with, which had
prevented their industry from be-
coming at once the profitable bust
ness they had hoped. Mr.. Il. r.
Armstrong seconded the motion,
which was unanimously adopted
Resolutions were afterwards passed
approving a provisional arrangement
for settling the disputes with the
contractors, declaring the dividend
mentioned, and re-electing The retir-
ing director and auditors.