The Hawaiian gazette., 1900-11-23
ITS CAPITAL
is REDUCED
KiheiStockhoIder Took
Action Yesterday,
RESOLUTION WAS ADOPTED
Baldwin, Dillingham; and Thurstcn
State Their Attitudes in
the Matter.

The stockholders of the Kihei Planta-
ton Company held special meeting yes
terday at the Chamber II Commerce,
there being stockholders present, either
in person or by proxy, representing 37,3i9
shares.
Mir. II. T.. 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 u view to reducing
its capital from $3.OOO.OO0 to S2.50O0oo; 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. 1t had since made "a 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
er was of the opinion that it would be de-
sirable to reduce the capital stock of the
company to s2.5O0.OOO; that the original
amount of stock received by him for his
interest in the land had been $500 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 a portion of
his stock.
Mr.. L. A. Thurston said that in order
there should be no misunderstanding on
the subject he would state his Views con-
corning Mr.. Baldwins action; that he was
unable to see the situation as Mr. Bald
win had seen it, and did not propose to
surrender a 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 a clear busl-
ness and aboye-board proposition. The
landowners had been offered a certain
amount of stock for their land, which
they had accepted. The terms on which
il was proposed to acquire the land were
published in full detail in the papers and
printed and circulated in pamphlet form
and were attached to the paper which
was aligned by subscribers TO the capital
stock, for their inspection. There was no
concealment or uncertainty incidental to
the matter. Under these circumstances
he did moi feel called upon to follow Mr..
Baldwin, but as Mr.. Baldwin's action was
on its face intended for the benefit of the
asscssable shareholders. the speaker did
not propose to share in the generous
bounty of Mr.. Baldwin and would there
fore surrender to the company the
amount OF stock by which the speakers
holdings would be increased in value by
Mr.. BaIdwip's action.
He did not have the exact figures in
hand but understood that this amount
was between $4,000 and 100000. This
would make the total amount OF stock
turned in to the company about $4,000,
and the suggestion was that the capital
he decreased by $500 900 to s2,500,Oo0, the
$40, 900 odd to be retained in the treasury:
that as references had been made in GER
tain papers concerning Kihei shares be-
ing manipulated" he would say that
excepting forty shares he had never
thought or sold share OF Kihei stock.
Mr. Colburn asked Mr.. Baldwin If the
condition of the cane growing on the
land had anything to do with his action.
Mr. Baldwin replied that there was
nothing in the present appearance OF the
cane which had disappointed him; that
small piece of cane cut this past summer
o., some of the poorer land of the COM
pany had yielded about seven tons of SUI
gar to the acre although the cane was not
ripe; that IL the cane had been fully ripe
It would have yielded eight or nine tons;
that the land now being planted he con-
sidered the equal of any on Maui. He said
further that the dust which had been
made so much OF, was simply temporary,
owing to loEE lack OF rains on the open
laHuS. llIdl liil5 "IllttI y tht
extension of cultivation would probably
remedy all that
MIR. DillinEllm made a statement con-
corning IS connection with the promo
ton of TIE company. more particularly
with relation to the value of the land He
stated that tHc area of cane land was
practically the same as that of the Oahu
plantation that In his opinion the soil was
Just as good as that of Oahu: that he
considered IL we'll worth what was paid
for IL: that not one dollar of the money
paid by the subscribers to the assessable
stock had gone either to the landowners
o. to him as promoter that when the
company was organized II. p Baldwin
showed his faith in II and In the valua-
ton placed on the land by taking 100000
worth of the assessable stock. which he
still held: that the speaker himself sub
scrihed for t25O.OO0 worth of assessable
stock, OF which his wife still held $4,000.
and the only reason why he had sold any
~ II was that Mt that time he took as
sessable shares TO a large amount In both
Olaa and McBryde and he was unable TO
carry all OF them at once; that his faith
in Kihei WAS a. great as when II was
organized. and he looked forward 10
prosperous future for the place regard
less Of Mr.. Baldwln's generosity.
A resolution was offered and unani-
mousiy adopted, accepting the proposed
surrender Of stock and reducing the cap
ital TO .,,O0,0o,
resolution was also adopted thanking
Mr.. Baldwin and MT Thurston for their
action,
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