The Hawaiian gazette., 1900-08-03
ULAA Is TO Ill BONOtO.
Million And a Quarter
Issue.
Reports OF Prosperous Condition Of
Plantation by Agents and
Officers.

! n meeting or the stocknolderS OF inc
Olaa Sugar Company was held yester-
day morning at the Chamber of Com
merce, to consider proposition to is
sue bonds for the purpose of assisting
in the development and equipment OF
| the plantation. Stockholders were
present or represented by proxy to the
number of 1J030l shares.
| A recommendation OF the directors
was presented TO the stockholders that
they authorize the Issue of bonds not
to exceed $3.50 600. bearing interest at
the rate of per cent. the same to be
! issued from time to time as they were
needed.
The president stated that the object
OF the proposed issue was to obv,ate
TIE necessity for calling assessments
as rapidly as would be required during
| the next few months for developing
| the plantation and paying for the mill,
| If assessments alone were relied upon.
The or ginal estimates OF the amount
necessary to bring the plantation ZIP to
paying basis were being followed
very closely. the expenditures Up to
, July LIST having exceeded the estimates
| by only $50. 900. with the exception, that
| the taking over the Kihe mill at an
earlier date than a mill would have
| been otherwise ordered had necessitat-
ed an additional payment OF about
| $25O.o0O If all the expenses of the
plantation were to be met. from now
until January next, by assessments. 1t
! would require the levying of about IS
per cent
The directors said the president, had
given careful consideration to the
I financial situation and had ascertained
that it would be difficult and in many
cases impossible for the assessable
stockholders to meet this large demand
| in so short a time. and in order that
there might be no delay in carrying on
the development and equipment of the
plantation, 1t had been decided to rec
ommend this method as being the one
| most beneficial to all concerned.
1t was not intended to discontinue as
| sessments entirely but to call them in
slowly so that stockholders would be
better able to meet them. In pursuance
Of this policy the ten per cent assess
ment which had been levied for Aug
ust first and been revoked and two
and one-half per cent or 50 cents
share payable August 10th levied IN
stead.
STATUS OF PLANTATION.
The president said he had made fire.
quent visits to the plantation and had
just returned therefrom, The cane was
in splendid condition. 4
The area planted for the first crop
was In round numbers 2,40O acres, ana
by the first week In September the
manager expected to have the full crop
Of 5000 acres in the ground.
In addition to this amount, the Olaa
mill will grind at this crop 500 acres
for the Puma Sugar Company, sou
acres being planted by outside contrac-
tors who were planting on shares on
company lands, and several hundred
acres being planted by outside land
owners, making a total crop of between
1000 and $500 acres.
AGENTS HAVE CONFIDENCE.
Mr.. j. p. Cooke OF Alexander &
Baldwin stated that he wished on be-
half of the agents to correct rumor
which had come to him chat the agents
did not have confidence in the planta-
ton. He wished to say, on the con-
trary, that the agents had every con-
fidence in the plantation, and that In
his opinion an enormous amount of
pllshed by Mr.. McStocker: that no
other plantation that Alexander Il
Baldwin were connected with had more
than 200 acres of cane in for the crop
Of 1902, while Olaa had about 2400;
that this was a remarkable showing,
which he had not deemed possible. He
thought the stockholders had every
reason to be pleased with the condition
i,I,
had been done there.
Mr.. w. o. Smith stated in substance
that he had just visited the plantation
and that the lands appeared very fer
tile. There was no question that cane
grew well upon them at all elevations,
from $50 feet up to 1000 feet; that nlaa
had the advantage in this respec: of
the experience of Waiakea and Wal"
naku Immediately north and of pahaia
on the immediate south: that Oh Pa
hala plantation cane was doing well at
much higher elevation than was
proposed to be planted on Olaa; that
different kinds of cane had been plant
ed at all elevations on Olaa. and It was
demonstrated that they would do We'll
at all points.
The speaker visited the water-heads,
where there was a flow OF l6.O0O000 to
10000 900 gallons a day, and from his
observation he believed that a very
much larger amount would be develop
ed. There seemed ample water for all
the plantation needs but he believed
that the combined railroad and Tuning
method of transportation of cane.
which was being calculated upon by
the company, would be probably the
best way Of transporting the cane.
The speaker thought that the best
method of meeting the demand for la
Dor vas by the share contract system,
which had been very successfully in
augurated on the Pahala plantation.
ard which was being inaugurated at
Olaa.
a resolution authorizing the dlrec-
tors TO issue bonds to the amount rec
commended by the directors was unan-
imously adopted.