The Hawaiian gazette., 1897-07-27
RECEIPTS
EXPENSES
s SS.O6s.6S

Showing a net surplus for the
year 1896 of SS9.I62.74. The sur
plus for the year 1895 was $56,-
724. a very handsome gain for the
past year. The prospect for the
present year promises to be quite
as favorable. as the traffic is con-
srantly increasing. both from old
and new sources of income. as
settlers and new branches of in
dustry locate on the route. Re
garding this the report SAYS:
Among the new industries started
along the line of your road are the
Hawaiian Fruit and Packing Co.. and
Sandwich Island Honey Company.
The Canning Co." as our freight
statistics viii show, shipped fifty-five
tons of canned fruit in 1896. The
Honey Co. who control miles of
algeroba forest. from which We are
told bees gather a superior quality OF
AAA4Na- dAt HAaLAAS NtC AANtS " L44N
thousand. and may be expected TO re-
port with return freight later. Two
thousand tons Of pineapples and other
green fruits were carried TO market
by rail last year. The growing demand
for firewood. sand and lime rock has
added considerable TO the total freight
tonnage. The successful inauguration
Of the Oahu Sugar Company brings
the assurance of a large and perma-
nent business, with a gratifying in
. crease TO the earnings of the Railway
and Land Departments.
The important business Of refund
ing. which was placed in the hands Of
the General Manager and carried
through TO q successful issue, reducing
a large portion of your Company's in
debtedness bearing interest at Z, and
g per cent, TO per cent, was certain
" g step in the right direction. The
4 consolidation of all the present prop
erty under one deed of trust, providing
therein for the extension of the line
Of road Of Kahuku by the issue of
I s.. 000. 600 six per cent. consolidated
first mortgage bonds. sufficient at par
+ to redeem all present bonded and float
ing Indebtedness; and to pay at par
for the actual cost of constructing and
F equipping IS miles extension of road;
and for the relaying of new IS Id. steel
rails on the road bed from Honolulu TO
Eva Mill-a distance of twenty miles
was a step taken as strongly in the
interest Of holders of bonds of the old
issue. as il was in the interest Of the
I stockholders of your Company In all
/ former negotiations abroad looking TO
the refunding of the old debt and to
7 securing money for the extension of
the road, fnanciers insisted that no
money for extension could be secured
without making an issue of bonds
sufficient in amount TO cover present
and prospective requirements for re,
funding existing debt and to construct
a definite number of miles OF extern
sion, such bonds to be secured by the
execution Of one deed Of trust This
has now been done, and is therefore
an occasion for mutual congratulation
TO all interested parties. Those who
now receive a lower rate of interest
on their bonds hold stronger and
better security. The capital stock OF
the Company is now s1.5O0O00."
The freight carried over the
road in 1896 amounted to 66.43O
tons, and the number of passen-
gers TO $3.50, against 7O,354 in
the previous year. The receipts
from passengers amounted to
7 S3O,993.5O. And the gratifying
statement is made chat during
the year no passengers have been
killed or injured" Three acct
dents, however, occurred to EN-
ployees. two of whom were killed
The rails on the Waianae section
4