The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1898-08-25
.NAkIHU SUGAR COMPANY
NEW ENTERPRISE TO BE OPENED
ON MAUI.
Company win Furnish Sugar Mill to
Grind Cane for Individual Planters
in the Vicinity.


The Nahiku company is the latest
project before the public as an in
vestment for superfluous capital. Sen
ator Hooking is the promoter of the
company, but it is understood some
heavy capitalists on Maui are behind
him. The company is to be incorpo-
rated under the laws of Hawaii and
to commence operations this wear.
The capital stock will be 100000. di-
vided in shares of 500 each. 10 per
cent of which is to be paid before in
corpration.
The company proposes to erect
sugar mill on land owned 10y the pro-
motors of Nahiku for the purpose OF
manufacturing sugar from cane
grown and planters owning land i'm
the vicinity. The planter to plant,
cultivate, strip, cut and pile the cane
alongside the fumes or cars: the
company to transport the cane, weigh
it, and pay so much per ton of cane.
manufacture it into sugar, and mar
ket the same. The price TO be paid
for the cane is based on an average
per pound which the sugar will bring
during the year in which it is manu-
featured and marketed.
Nearly all of the cane can be trans
ported by tiume, as there is an abund-
ance of water available and the land
slopes just right for the purpose. r.
rigation of cane lands at Nahil<u Is
not necessary owing to the heavy rain
fall, but the company intends to pro-
vide against drouths by running dit
ches and pipes so that the land can
be irrigated when necessary. The
planters who own the land adjoining
and who have agreed to furnish the
cane are mostly men with families.
The promoters of the company have
already entered into preliminary
agreements with parties owing from
$500 to 1000 acres of good sugar land
in close proximity to the proposed
mill site and landing at Nahiku condi-
toned that they will furnish cane to
the mill for thirty-five years. There is
also another thousand acres available
| for planting either by the company
or by private individuals, and some
1000 acres a few miles distant which
can he reached later. The mill VIII
stand on land owned in fee simple by
the company.
There will be about 700 acres plant
ed for the first crop, to be increased
so that after the second crop there
| should be cane taken off about 400
acres in each year.
The present intention is to put in
first class modern mill of larger ca
pacity than is necessary for the first
two or three years, as there is plenty
of additional land available for rails
| I'M IN co
the mill will be ready to take care
of them without having to enlarge the
plant.
The estimated expenditure for the
first year is computed as follows: For
buildings, $1,000; main ditch, seven
miles, 100000: thirty miles of fiume,
$4,000; tools and live stock, $4,000;
tracks and car system at mill, $10,-
600; scales for weighing cane, $1,000;
advances to planters, estimated at
$4,000. Total, $111,O0O
For the second year there will be
needed modern mill complete, $780,
600; advances to planters, $4,000; OPP
Grating expenses and marketing first
crop, $4,000; contingent fund, $780,
600, or a total expenditure of $3S9,0O0.
Deduct from this the returns of the
| IlTSI crop OH iUU dcItS. tSllllldltO at
1920 tons of sugar, at $50, S252,000,
and advances returned from planters,
say $4,000, or toal estimated in
come of $500, 900. Out of this there
will have to be paid the planters
S126, 600 for $4,000 tons of cane, at
$3.75 per ton. Allowing for the pay
ment of 10 per cent dividend to the
stockholders, $4,000, the company
should have on hand at the end of the
second year cash balance of $4,000
For the third year the receipts and
expenses are estimated to be the same
as the second. and allowing for 1C
per cent dividend the cash balance II
the end of the year should be about
the same as the previous year.
For the fourth year cane will be
produced and a dividend of 10 pei
cent is figured out with an increased
cash balance. For the fifth and en-
suing years the profits of the co'n.
pany will be determined largely by
the amount OF surrounding LAND
brought into cultivation in the mean
time.