The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1900-05-28
OFFER.
Proposition to Mauna-
lei Stockholders. :
He Would Take Agency and Run The
Company at So Much
Per.

w. II. Pain, manager of the Tramways
agency of Maunalei plantation. His
proposition has been put in circular form
and sent to delinquent shareholders and
to every stakeholder within ready reach.
A new set of officers and directors was
which Gear, Lansing & Co., the present
agents of the plantation. We're left out
of the matter entirely. AS to what will
be his reward for making the change and
pling up the money due On assessments
and from the sale of delinquent stock, he
mildly states he is perfectly willing to
leave to the vote of the stockholders. The
circular reads:
The affairs of this company having now
reached stage where a change Is abso-
lutely required, the following proposal is
now placed before you which l think will
meet everyone's approval 1t is abso-
lutely assured by DR.. Maxwells certifi-
cate, dated April 18th, that the water is
suitable, and the managers certificate
that there is plenty of it, and the soil is
some of the best for sugar to be found
on the Islands. This brings us to the
question of finances, which at present are
none of the best, and the following is
the proposal that each shareholder will
undertake to pay up 80 per cent more on
his shares in calls at about the follow
a
cent during June, 10 per cent September
LIST, 10 per cent November 1st and per
cent December 25
The following is the proposed new
board and agents, viz:
President-Robert Cation
Treasurer and Agent-W. II. Pain.
Secretary-A. V. Gear.
Vice President-T. f. Lansing
Auditor-A. CARVE.
Directors-Wm. Stoddart, c. K All
The stock assessments were planned to
be made available as follows:
1T being impossible to get new mill
ready for the present crop, even If we
had the money in our hand, new en-
CINE boiler and a new nine-roller mill
equipment can be purchased and set up
and we know of enough portions of a
mill to complete the outfit, which can be
got and put up at an expense not to ex-
coed $500, 900. This together with the run
ming expenses of say IS 900 a month would
absorb 100000. Then the revenue derived
from the cane from 2e0 acres al 8 tons
per acre, 1000 tons, at 16 cents, $780,
900 (the whole of this sum will be lost
unless something is done at once to grind
by next Year,, so it follows that if the
shareholders will give a guarantee to pay
up the small assessment called for, all
should be well, and unless this promise is
given and carried out, l desire to have
nothing to do with the proposition. 1t
will no doubt be asked what | expect to
get out of it. This l perfectly willing
to leave to your vote, after the result has
Deen ObIalnfu. SnOulu you De unable TO
attend the meeting l should feel obliged
f you signify your assent and fill up the
enclosed proxy and return the same be-
fore Saturday next.
Il may add that this proposal has al
ready received the approval of more than
one-half of the shareholders"
The meeting was short" there being
less than majority of the stock repre-
scented, and nothing was done in the mat
ter. Mr.. Pain, however, talked upon his
project to some extent. Theo. Lansing
preached the subject of having the as
sessments paid up at once.
Those present took a vote and endorsed
Rhe recommendation, giving a proviso
that there should be sufficient stock rep
resented to take similar action.
A meeting may be held some time this
week to consider the plan offered by Mr..
Pain, and it is supposed that more stock
will be represented, so that definite con-
cluSion can be reached.