The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1900-11-21
ITS CAPITAL
IS REDUCED.
Observation-Disclosures Took
Action Yesterday.
RESOLUTION WAS ADOPTED
Baldwin, Dillingham; and Thurston
State Their Attitudes in
the Matter.


The stockholders of the Kihei PIanta-
ton Company held a special meeting yes
terday at the Chamber of Commerce.
there being stockholders present. either
In person or by proxy. representing 1888
shares.
Mr.. N. II. Baldwin stated that the OBJ
ject of the meeting was to consider a
proposition for the surrender by himself
and Mr.. l.. A. Thurston of certain shares
OF the company. with a view to reducing
It's capital from 100000 TO Sa5No.OO0; that
since the Incorporation Of the company
the price of labor. Of coal and OF material
had largely Increased. and although the
company had originally intended TO erect
a mill. IL had since made contract for
grinding its cane at the Hawaiian Com
mercial mill. The speaker was Of opinion
That as long as the company could get its
cane ground by the Hawaiian Commercial
on the terms of this contract Il would not
pay the company TO erect a mill: that in
consideration OF the foregoing the speak
or was Of the opinion that Il would be de-,
sirable TO reduce the capital stock of the
company TO s2.500.Ooo; that the original
amount OF stock received by him for his
interest in the land had been $4,000. and
he proposed to surrender to the company
half OF that amount: that he had discuss
cd the matter with Mr.. Thurston, and the
latter would also surrender portion of
his stock.
Mr. l.. A. ThurstOn ssid that In order
there should be no misunderstanding on
he subject he would state his views con-
corning Mr.. Baldwin's action: that he was
unable 20 see the situation as Mr.. Bald
win had seen ~. and did not propose 20
surrender pro rata amount of the stock
held by him In the same proportion as
was being done by Mr.. Baldwin: that the
transaction by which the Kihei land was
sold to the company was clear bust
ness and above-board proposition. The
and-owners had been offered certain
amount OF stock for their land. which
they had accepted. The terms on which
~ was proposed to acquire the land wer,
published IN full detail In the papers and
. printed and circulated in pamphlet form
and were attached TO the paper which
was signed by subscribers To the capita
stock for their inspection. There was m
cOncealment or uncertainty incidental q
the matter. Under these circumstances
he did not feel called upon TO follow Mr.
Baldwin. but az Mr.. Baldwin's action wa
on It's face intended for the benefit OF tn
|, assessable shareholders. the speaker di
not propose TO share in the generou
bounty Of Mr.. Baldwin and would there
fore surrender to the company tn
amount Of stock BY which the speaker
holdings would be increased In value b
Mr. Baldwin's action.
BE did not have the exact figures Il
hand but understood that this amour
i. was between $4,000 and 100000. Thi
would make the total amount OF stoc
turned In to the company about 5000
and the SUGGESTION was that the capita
~ decreased by 10000 To s2.50.co. III
AbOoo odd to be retained in the treasury
that as references had been made In Gel
tain papers concerning Kihei shares b,
ing manipulated" he would say tina
excepting forty shares he had neve
bought or sold share OF Kihei stock.
Mr. CoIburn asked MIR. Baldwin II th
condition of the cane growing on -th
land had anything To do with his actor
\ Mr. Baldwin replied that there wa
nothing In the present appearance ot N
u cane which had disappointed him: that
small piece OF cane cut this past summ'
o., some OF the poorer land OF the con
pany had yielded about seven tons OF 81
gar TO the acre although the cane was NJ
ripe: that ~ tho cane had been fully ri
n would have yielded eight or nine ton
that the land now being planted he CO..
sidered the equal OF any on Maui. He sa
further that the dust which had bee
made so much OF, was simply temporar
owing TO long lack Of rains on the op'
lands: thai this winters rains ana Il
extension Of cultivation would probab
remedy all THAT.
Mr. Dillingham; made n statement co
corning ans connection with the prom
ton OF the company. more parScular
with relation TO the value OF the land.
stated that the area Of cane land WI
practically the same as that OF the'Oal
plantation that In his opinion the soil W
just as good as that Of Oahu; that