The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1892-03-25
VOLCANO HOUSE.
More Improvements to be Added
Thereto.
New Issue of Stock Ordered
The Secrefary's Report
Prospects of Future
Business.

The stockholders of the Volcano
House Company held a special
meeting yesterday to consider the
advisability of the directors recon-
mendation to issue new series of
stock amounting to five thousand
dollars to be used in making some
additional improvements to the
hotel. After reading his report
Mr.. Thurston explained the con-
templated use of the money, and
when the question was put, whether
the bonds should be issued or
not, it was unanimously carried in
the affirmative. When the bonds
have been sold, the Company will
build a race track on the fiat at
the west of the hotel. This will
be the only track on the Island of
Hawaii and is expected to increase
the revenue of the Company.
The secretary's report shows that
the hotel for the past few months
has been almost on paying basis,
and it is expected that before the
year is out the hotel will be max
ing money for the stockholders.
The additional Improvements are
mentioned in the following report :;
This is not intended as full item
lied statement of the business of the
Company, since it's formation; but as
summary of the present financial
standing of the Company, and suffici-
ent of the detail of the running re-
ceipts and expenditures, and bust
ness done as compared with the same
period last year, to enable the stock
holders to understand the present
status and future prospects of the
Company.
CASH IN HAND AND DUE THE COM
PANY.
The cash in hand and amounts due
to the Company amount TO S6823.9l.
Unsold shares, available for sale, IS at
$25, $S273.9l.
AMOUNTS DUE BY THE COMPANY.
The amounts due by the Company
aggregate $S686.11.
Excess of cash liabilities over
cash assets ....."~..."......Sl S63 IL
Excess of liabilities over assets
if remaining shares are
taken up ........."............... Az ~
OF the cash assets, two items, 0. T.
Shipman $1,000 and j. r. Wilson
$11l8.S7, are for live stock and trans
portation plant sold to them respec-
lively, which are being paid for out
of their monthly bills against the
Company-O. T. Shipman by fur
nishing the Company with beef, but
ter and milk, and Wilson by trans
portation on the Kau side.
Although these two accounts will
probably be paid in full during the
year, they are not now available with
which to pay debts.
There is therefore needed to pay
all liabilities of the Company, the
amount of the above last two items,
plus the deficiency above indicated.
In order to meet this deficiency it
is necessary to borrow the amount,
or sell stock sufficient to pay it. The
number of shares which would have
to be issued to cover the debt would
be 159.
The number of shares still available
for issue is So. The issue of shares
proposed would be, therefore, 101 more
than the present authorized issue.
[Since making up this statement, Il
shares amounting to $1775 have been
subscribed for, leaving $2206.9S bal
ance to be provided for.l
THE BUSINESS OF THE COMPANY.
The following brief statement of the
business OF the Company will afford {
basis for estimating what can be re
lied upon in the future.
The Company took over the Vol
cano House and the Punalau Hotel Oh
the 1st of March, 1891. 1t was ex
pected that the new buildings woul(
be completed in July, but owing t.
the great difficulty of transportation
of lumber and material they were no
completed and ready for occupation
until about Oct. LIST.
From June to October there was al
average of over twenty workmen a
the house, making it difficult to pro
perly care for travellers with the lin
tied accommodations available. Trav
elers who came were cared for as wei
as the circumstances would admit
but no advertising was done and n
effort was made to increase travel
October list is therefore the date from
Which data should be drawn upol
which to base an estimate of futur
business.
RUNNING RECEIPTS AND EXPENSES
OCTOBER 1ST TO MARCH 1ST.
Receipts. Expenses. Deficiency
1891.
October. IS 6O3 90 $1187 50 S $50 Z
November S35 % 1106 IL 270
December 944 So 901 SO 81 8
1892.
January. 731 80 $50 90 127 l