The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1900-04-30
.OLAA ANNUAL MEETING
STOCKHOLDERS HEAR OFFICER s
REPORTS.
First Crop is Estimated at 10000 Tons
VIII be Taken off January 1, 1902
Financial Statements.

VIII be Taken off January 1, 1902
Financial Statements.
The adjourned annual meeting of the
stockholders of Olaa Sugar Company !
was held at the Chamber of Commerce
rooms this morning. There was a very
large proportion of the stock of the
company represented by about fifty
different stockholders. The officers of
the company were reelected unani- |
mously: L. A. Thurston president; II.
p. Baldwin, vice president; A. w. Car
ter, secretary; ]. b. Castle, treasurer,
and b. F. Dillingham; and DR.. A. +.
Nichols, directors.
Printed copies of the reports of the
treasurer and the manager for the pc
riod ending December 81, 1900, together
with DR.. Walter MaXwell's report on
the soils of Olaa Plantation, were dis
tributed. Supplementary to these re-
ports, j. b. Castle made an oral report
on the finances of the company at the
present time, together with a supple
! mentary report on the water supply.
| President Thurston also made supple
| mentary oral report on the work of the
! plantation up to the present time. The
treasurer, in his printed report, says:
1T will be of especial interest TO
! stockholders to know that in spite of
! the protracted financial depression
caused by the plague, but a very small
! percentage of the stock has become, or
gives signs of becoming, delinquent.
| After as careful an estimate of the
needs of the plantation for the first
| years work as, under the circumstan-
ces, it was possible to make, the direc-
! tors determined, with the desire to dis
| tribute the burden of assessments into
as small payments at regular intervals
as practicable, to levy the same, month
| ly al mr. naoh Opfnhnr
1899, to July 1, 1900. The assumption by
| our company, however, of the factory
contract of the Kihei Plantation Com
! pany with the Honolulu Iron Works,
! brought within this period heavy pay
ments which were not expected to ac-
crue until subsequently to July l, while
the publication of assessments to that
date precluded any addition or increase
of the same in the interim. While the
purchase of the Kihei contract proved
from every point of view advantageous
| to the Olaa Sugar Company the. pay
ments on account of the contract and
the enlargement thereof will be respon-
sible for the greater part of the antlci-
pated debt balance with your agents on
July next. This amount, together with
the remaining payments on the factory
| contract, as well as it's second crop,
will all necessitate a heavier average
assessment for the period of 16 or IS
and the first returns of sugar, than
for the first year of your work. We
now estimate that the total assessments
levied between August LIST and January
| LIST will amount to 80 per cent, or Sc, per
share. 1t will be the aim of the direc-
tors to divide the remaining 80 per cent
assessable during 1901 in as moderate
instruments and at as regular intervals
as practicable"
The exhibits in the treasurers report
shows the expenditures charged to the
crop of 1901-02, less realizations of
$1,270. 81, to have been $1S3 ia 43. The
stock expenditures, which includes all
other than the foregoing. including
buildings, real estate purchased by the
company, live stock, first payment on
mill machinery, water expenses, and
other payments, have been 1924. 5S3. so.
The resources of the company includ-
ing the land obtained for the $2 lac, $50
of paid up stock, are set down as $2,-
692, ZIG. "a. The liabilities of the COM
pany are $419, 1872. 81 stock assessments
paid; S2146,5S0 paid up stock; $40, 1913. A
unpaid drafts; $33 599. 81 advanced by
the agents, and 42,4S1.0 S due on per-
sonal accounts.
The managers report is clear and
comprehensive. 1t shows that the
plantation area including land under
contract of purchase is, 1S,S72 20 acres,
mostly held in fee simple. There is a
teaming outfit of 402 mules. Buildings
have been erected to accommodate the
live stock and 1900 laborers. The esti-
mate for the first crop to be taken off
January /, 1902, is 1000 acres, which at
five tons to the acre would make a 20, OOO
ton crop. The total number of planta-
: tion employees is 1929.
]. b. Castle reported that the water
supply was ample, and that even now
there was a supply sufficient for 10000
acres, and capable of indefinite in
! crease. l., A. Thurston reported that
the mill site had been located about
half mile below the junction of the
Puma and Volcano roads, and that
clearing for it had begun. the Hilo
! Railroad will run through the mill yard
and seventeen miles beyond. BY the
) end of May the rails to the mill site will
have been laid. The mill machinery
, will be on its way by July l, and the
1 work of setting it up will begin not
later than November l. The question
I of CHAMBERS among the live stock had
been much mooted. The safe side hat
been taken. Five animals had been shot
: five others had entirely recovered, anC
a number were in quarantine.
y The agency contract made by the di'
reotors last June with Alexander q
Baldwin, was read and approved. Il
is almost identical with the agency con
tract with Kihei. 1t is GOr fifteen years
and provides for the payment of $500
a month up to the time of the sale OF
the first crop of the plantation. Aftel
that the agents are to receive two ant
a half per cent commission on all pur
| chases made outside of the Hawaiian
Islands, and two per cent on al! sale
of produce. Advances are to be mad
q If necessary, not to exceed $3.50, 600, I'D
[ VaHces and plantation money in tn
e hands OF the agents are to bear interes
y respectively at the bank overdraft rat
at the time.
Fine Book and Commercial Printing