The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1900-07-20
NAH|kU MAY SHUT DOWN
DEVELOPMENT TO STOP FOR ONE
YEAR.
Board of Directors Call Special Meet
ing of Stockholders to Pass on AT
fairs of the Company.

The affairs of the Nahiku Sugar
Company, Limited, have reached
climax and it has been practically de-
termined to postpone development of
the companys property for one year.
/ This will mean that practically all
work viii cease within a few days,
, only & sufficient number of laborers be-
ing retained to take charge of the prop
! erty. Stringency of the money market
! is given as the cause for this action.
The matter has not been definitely de-
cided upon however but as it is the
recommendation of the board of direc-
tors of the company it is probable that
the stockholders will endorse the sug-
gestion at the special meeting which
has been called for Tuesday, July 81.
For some days past the directors have
been considering the best means to
avoid shutting down work but after a
number of consultations they found it
| impossible to continue business. The
result of their conferences is embodied
in the following notice, which has been
| sent to the stockholders:
Honolulu, July 18th, 1900.
| To the Stockholders of the Nahiku
| Sugar Co., Limited.
| Dear Sirs:-
You are hereby notified that special
meeting of the stockholders of your
conn any has been called for Tuesday,
! July 3lst 1900, at ten o'clock a. m, at
! the rooms of the Chamber of Com
| merce, Honolulu. The object of the
meet ng is to consider the advsability
| of tire postponement of the complete
/ deve Jpment of the plantation for one
year. Your directors, after careful
consideration of the situation, regret
/ to say that the present extreme strin-
gency of the money market will not,
in their opinion, justify the continued
effort to take off your first crop by
January, 1902.
Out of a total of 33, $50 shares of as
| sessable stock in your company, over
| forty-tive per cent of delinquent stock
! has been bought into the Treasury. OF
/ the remainder payments on account of
the fourth assessment, now due and
payable, aggregate only about one-fifth
/ of the amount paid on the third assess
ment. The full payment of the fourth
assessment, with the probable addition
/ of a fifth assessment within the next
six months of, say, ten per cent, will,
in the opinion of the directors, pay the
outstanding account owing to the
agents of the company, as well as pro-
! vide for the running expenses of the
plantation for the next year upon the
basis of the postponement herein
above proposed. In case your meeting
sntGJ decide to take such course aud
ratify the action of the directors al
ready taken to this end, the force at
! Nahiku will be decreased to the bare
number of laborers necessary TO care
for the 300 acres already planted for
the originally intended crop of 1902 as
well as to take care of other property
of the plantation. By taking the above
course, we believe that comparatively
little loss will be entailed in cutting
back" this crop to become the initial
crop of 1903. Furthermore, under the
improved financial market which we
have every reason to expect within a
A.
can add to the crop already planted
an additional crop sufficient to make
our first crop of 1903 materially larger
than calculated in the annual report.
In view of the large portion of stock
which has become the property Of the
company, doubtless reorganization may
become advisable. In this event, we
recommend that the company authorize
the option being granted to all of the
present asseSsable stockholders to eX-
change assessable for paid-up stock at
par upon the following basis: All stock
= holders who shall have paid all the as
: sessments, including the fifth lin case
such assessment shall be levied within
) this year and not to exceed ten pei
2 cent?, together with all charges which
may have accrued thereon, may sur
render their shares of assessable stock
r and receive in payment in lieu thereof
paid-up stock at par to the amount oI
=
2 paid in by them, respectively.
We believe that a reorganization vii
/ be entirely practicable within "A yea
= which will enable the successful pro
. secution of the plans originally made
= in regard to Nahiku, and that by th'
g foregoing plan those stockholders wht
e win have sustained their responsi bill
= ties to prevent the abandonment of tn
, enterprise will thus be saved from los
!. ing the funds which they will have al
S ready invested.
s In this connection, we take pleasur
+ in certifying that the sum of approx
: imately $140,000.0 which has been spen
already upon your estate has been judi
ciously and carefully applied, and witt
the results as visible today at Nahik'
the stockholders can have no cause 0
: complaint, owing to the judiciOus ant
- conservative management of Mr.. Hook
ing.
You are urgently requested in cas-
u you are unable to be present at tn
&c meeting to send your proxy to the Sec
! retary.
o All of which is respectfully submtte
e by the directors.
/ AN EPIDEMIC OF DIARRHOEA.
% Mr.. A. Sanders, writing from Cocoa
- nut Grove, Fla, says there has bee
lC apfdap,fa M diarphORa thnT