The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1894-12-18

The stockholders of the Volcano
House Company held an adjourned
annual meeting yesterday morning to
discuss business matters and elect new
officers.
The following gentlemen were elect
ed: President, w. X. Castle; Vice
President, John Ena; Auditor, G. l..
Wight; Secretary, s. Il. Rose; Treas
urer, l.. e.. Macfarlane.
Treasurer Macfarlane's report for
the past fifteen months was read and
showed that the real current gain fer
this period amounted to 1897. 80, or a
dividend of nearly nine per cent. on a
capital stock of $4,000. This 10 q re-
markale showing for the new board of
management as the concern was On
the verge of bankruptcy but six
months ago. The trouble was averted,
however, and from present appear
ances it looks as though the stock will
soon be considered gilt-edged. This
satisfactory state OF affairs was
brought about by the new board of
directors, who took hold when every
thing was in q terrible state of confu-
sion.
The treasurer's report is an elabo-
rate one and shows that great care and
much labor had been spent in its pre-
paration.
The Indebtedness of the Company,
as shown by the books, June 30th,
1894, was S10,529.S7. In speaking of
this Mr.. Macfarlane says: GAS the
resources of the company were made
quate to prompt settlement of same, it
was decided to issue bonds to an
amount not exceeding $4,000, payable
in five years, and any portion or all
at the option of the company as pro-
vided in the terms of the bonds them
selves. The coupons are payable
semi. annually at the rate of eight per
cent. per annum. The bondholders
were secured by trust deed of the
Volcano property TO j. +. Hackfeld,
trustee.
''The credits to coupon account are
refunds of interest by subscribers to
bonds to enable holders to draw full
coupons on January !, 1895. These
refunds are owing to bonds being
taken after July /, 1894. The total
$500. Coupons to the amount of
four per cent. of the same will be paya-
bic January ], 1885,"
Regarding the prospects of the COM
pany the report says: "Indications
point to a great increase of both tran
silent and tourist travel. The past
three months have been the most
the company. The management of
the company's hotel by Peter
Lee, leaves nothing to be de-
sired. He unites all the qualifica-
tions necessary for his very peculiar
and arduous position. Half-fare tic
kets to children under twelve years of
age are now under consideration. 1t
is probable that all parties interested
will consent to such an arrangement.
Ion rtr in he 6afa In nf
bookkeeping has been inaugurated.
From and after October, 1894, the
books will be kept at the Volcano
House, and will include in entries all
transactions in Honolulu. An elabor-
ate report, financial and statistical,
the joint production of Messrs. Thurs
ton and White, will be filled out and
rendered quarterly"
In conclusion, Mr.. Macfarlane says:
sit will be seen from my report that
the company has cancelled portion
of its Indebtedness by issuance of
bonds TO the amount of $1,000. The
balance of the Capital Stock untaken
nearly reaches these figures. 1t IS ap-
parent that no effort should be spared
to sell the balance of stock. Nor
should this task devolve alone on the
treasurer; an active canvass should be
made by the friends of the company in
this direction.
az have been immersed in a large
foreign correspondence, and have lost
no opportunity to supply Volcano lit
erature and information of advantage
to intending tourists. AS a result three
Cook Tourist Excursions will visit the
islands in the near future.
"H. b. Rice, our passenger agent in
California, is also pushing tourist
travel in this direction. A CORES
pondence conducted with the Union
Steamship Company, and the lavish
distribution of information demanded
for them, will undoubtedly result
most favorably for the Company inter
ests. In short, the outlook for the
year 1895 is q bright one."