The Hawaiian gazette., 1895-01-04
SPECIAL NOTICE TO INTENDING INVESTORS.

Since this prospectus was printed gentleman who
represents large interests the sugar culture of these
islands has criticised my estimate of expense My aim
has been to make CAREFUL conservative estimate OF
the earnings and expenses of the proposed undertaking.
and my object is to inaugurate business which will
be paying investment for every concerned and
credit to this country have invited criticism from
large number of able men to whom | have submitted
my Prospectus before putting in print of whom
have responded in writing, may be in the Pros
pectus. If to be conservative must place the
hmated income of enterprise at such low point,
and the estimated expense to such high figure
that there will appear to be profit; such course
would be much mistake to make an over eStl-
mate of profit To meet the views OF my critic, and to
satisfy, if possible, any one who may question the
soundness of my figures made IN the Prospectus, i
beg to submit the fOllOwlng:-
servatve element in this country contended that the
cost of pumping would leave profit the sugar
raised Haiku and Paia plantations, on the Island of
Maui have been truly mines OF wealth for the stock
holders Great stress is laid upon the fact that these
plantations enjoy the superior advantage of flowing
water for irrigation, and hence avod the enormous
expense OF pumping Recent reports, winch are au-
thentc, give the following results:
Eva Plantation Pumping and Irrigating ....... %
Now we find by actual experience that it costs Eva
Plantation for rrgating forty cents per ton than
Paa, and one dollar and nine cents per ton more than
at Haiku difference SO small on enterprises OF such
great magnitude as to "cut no figure when the value
of water supply which be regulated at will is duly
considered
While believe the Oahu Sugar Company will be in,
position to pay dividend on the first and second crops
to be CONSERVATIVE suggest that dividends may
be paid until the second crop has been harvested The
third crop according to the plan in the Prospectus will
eeysF q I ans ne
Ratoons It not expected the crop will any year
following the third crop be less than acres though
the area of land held by the Company will admit of an
n1uch rUor caV IN
Starting then with the third year will make
servatve estimate of the sugar to be made each year
from January to July and will estimate the expense
for the entire year at the rate suggested by my
servatlye critic.
The yield of Eva Plantation in 1894 under unfavor-
able circumstances due to inefficient mill, six
and nnety-sx one hundredths tons per acre for the
entire crop harvested. While it is admitted generally
that the lands of the Oahu Sugar Company good
if not better sugar lands will place the estimate of
average yield at oneha ton per less say six and
one-half tons
ESTIMATED YIELD OF SUGAR FOR 1899
Crop to be taken off between January and July:
1000 acres at six and onehalf tons. 10000 tons
$4,000 tons, net of marketing charges (which are
not included in the estimated expense) $55 s143oooo
ESTIMATED EXPENSE 12 MONTHS FOR 1899
Agricultural labor, conducting irrigation
and milling ............. S 475,OOO
Incidentals ................ S2,100
Pumping on say 5000 of land $50. 100000
Rent estimated yield above, per
cent on 81 100000. ........... 42,900
- 100000
$4,000
The foregoing is certainly conservative estimate,
and yet the result shows $4,000 larger profit than is
represented in the Prospectus. (See page g.
ULTRA CONSERVATIVE ESTIMATE
! base the yield the average returns of "Ewas''
last crop, say seven tons per
1000 acres at seven tons. ............ .2SOOO tons
2S0oO tons sugar at $40 per ton $1,120000
EXPENSE 12 MONTHS OF CURRENT YEAR
Agricultural labor, irrigation and milling 475OOO
IncldentalS