The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1898-11-08
nAW'N COM. NOW
Election Of 4. ?. Baldwin az The
New Pnsidtnt.
NEW MEN IN DIRECTORATE
Statement Made BY W. ". Castle.
Owners Of Stock 81 Past and
Future OF Property.

SAN FRANCISCO, Oct. 29.--An eX-
pected but important change was made
yesterday In the directorate OF the Ha-
waiian Commercial and Sugar Com
pany At a meeting held during the
morning in the company's offices the
members OF the temporary board, Ed
Albert Meyer, II. G. Brown and Charies
Sutro, Jr., organized three weeks ago,
after the oustlng Of the Spreckels.
handed In their designations, and a
permanent board was elected, as fol-
lows: Henry =. Baldwin, president,
Albert Meyer, James B. Castle, Wallace
Alexander, Il. NJ. Walsh. The resigna-
ton OF Joseph H. Sanford as secre-
tary was accepted and George Rolph
was elected in his stead
OF the new directors Messrs. Bald
win and Castle will continue to reside
in Honolulu to exercise personal super
vision of the plantation. The oiher
members OF the board will reside in
san Francisco. w. J. Lowrie, who Is
also a stockholder, will he the manager
OF the plantation.
William X. Castle, OF Honolulu, q
brother OF Director James u. Castle, in
an interview yesterday, gave a history
Of the deal whereby the Spreckels di-
rectorate was overthrown and the con-
troll Of the stock came into the hands
OF the island planters. He also gave
an outline OF the plans OF the company.
THE majority interest OF all the
stock" he said, "is now held In the
Islands by the Castles, Henry Baldwin,
). r. Alexander and w. j. Lowrie.
Castle Il Cooke have nothing to do
with 1t whatever. That Is an entirely
distinct AFFAIR.
The stock of the company, as may
| be observed, has been steadily advanc-
| ing until now II IL over SAG; and II is
! partly through fear that there may bf
some misunderstanding about 1t that
desire to make statement. The idea
OF the present directorate Is to put thai
property on a sound and substantia
basis for the benefit Of the stOckho!d
ers Whatever the effect may be upoI
the stock market Is entirely incidental
The property Is going to be managed
now, Just as all Hawaiian plantation
are, for the benefit OF holders OF stool
in order that they may receive divi
dends.
while 1t is true that the Spreckel
| have done exceedingly well by the con
cern, and have brought 1t up from
very low to substantial value In tn
markets OF the world, at the same tim
there Is much left to be done. The.
, had very comprehensive plans, W
find, for the future developments Of tn
plantation, and their plans were inte.
ligent and directed to the real i'm
provement OF the property. They un
, doubtedly would have brought 1t up t,
a high standard OF value. For instance
they increased the output OF the p an
tation from about 1000 tons, when the,
got II, to about 1000 tons for the pres
ent year; and next years crop, plante'
by them. will not be far from 1900 I,
$4,000 tons. w. J. Lowrie, who Is
stockholder and Is recognized as hav
fng no peer now in the Islands In plan
tation management, intends to plan
3 the coming year from 1000 to 800
acres Of new land, and the crop iron
that, with what Is already growing
will probably be not far from $1,000
tons in 1901.
1T Is the plan OF the company b
bring the yield up to 10000 tons, and
on that basis, there Is no doubt that,
sugar strikes to very low figure,
will still he a dividendpaying concern
because the improvements and meth
cd OF management will be such as :
: bring the cost OF production down I
. very low figure. The Spreckels them
selves brought the expenses OF tn
plantation down fully third.
"The improvements that are going I
be put into the plantation will be pal
for out Of the crops. There are ais
some bonds to pay up, and the plan
the Islands Is to pay as you go, II pos
sible. The consequence In the case {
: Hawaiian Commercial will be that ne,
year dividends will probably be yer
Iowa dollar or two a share, probabl
not even that"