The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1900-05-24
A BIG ISSUE
McBryde Co. Bonds
Authorized.
Seven Hundred and Fifty Thousand
Dollars Worth to be Sold to
Make Improvements.

The special issue of bonds for the
MeBryde Sugar Company, announcing
W S'oo'ooo, was. authorized yesterday
morning at meeting of the stookhold-
era The board of directors was empow-
cred TO make the issue bearing per
cent, payable semi-annua.y. The
Dohds are limited to ten years dura-
tion, but can be taken up after five
years by the company if it desires to
cal them in. President Isenberg was
chairman of the meeting, at which were
represented ABOUT $4,000 shares of the
corporation. W. A. Kinney, on benaII
Oh the directors, presented the following
! resolution, when adopted became the
Dodld or directors auUnolity Ior The big
deal:
RESOLVED, That for the purpose of
purchasing and erecting sugar works
and appurtenances upon the property of
the McBryde Sugar Co., Ltd, on the
Island or hdual, &c, the board OF IN
rectors of the McBryde Sugar Co, Ltd,
Is hereby authorized and empowered
IN the name or said company to borrow
seven hundred and nifty Thousand uol-
lars tSl5O,OO0) and to issue therefor sew
en- hundred and tGty CloUD nrst mort
gage coupon ponds of the McBryde Su-
gar Co., Ltd, of the denomination OF
one thousand dollars ($l ,O0O) each, to
pear interest at the rate or six per cent
per annum, payable semi-annually,
which bonds shall be due and payable
zen years after date, with the right re-.
served to the McBryde Sugar Co., Ltd,
10 redeem and pay tne whole or any
portion of such bonds after the expira-
TO of five (5) years from the date
thereof, and as security for the pay
ment of such bonds and interest there
on, said board oil directors Is hereby
authorized and empowered 20 MAKE, ex-
ecute and deliver, or cause to be mace.
executed and delivered, a deed of trust
OF all the property of the McBryde Su-
gar 90, Ltd. excepting shares of stock
m said company now or hereafter own
ed by said company, and excepting
promlssory notes and debts in favor OF
and owing to said company by Its en-
plOyees), TO three trustees to be named
and selected by the board OF directors;
and said board is likewise authorized
AM empowered to include or cause to
be included in said deed of trust such
eIul-a, cOuultlODS ana agreements as
may be necessary, in their judgment
and to do and perform all such other
matters and things relative to the ne
gotiation and placing of such bonds and
loan, incluulng, il necessary, a commits
sion to negotiate the same as may be
necessary in the premises"
Mr.. Kinney stated in connection with
the resolution that the issuance of the
bonds was advantageous at the present
time to the company. II the issue was
not made, advances would have to be
asked of the agents, the plantation
work would be impeded, and assess
ments would be crowded upon one an
other faster than the owners of stock
could pay for them. The advantage in
putting up the mill at present prices
was an advantage, as the price of steel
was continually on the rise, and the
$4,000 necessary for the construction
of the plant would go further now than
at some future time. This had refer
ence to the machinery which was in
tended for the American Sugar Com
pany on Molokai, but which will be ia
ken over by the McBryde Company.
Brewer az Co. took 1925, o. of the
bonds at par value, and 100000 went
to Albert Wilcox, without commissions
in both cases. Whatever bonds cannot
be placed here will be disposed of by
Col. George McFarlane on the Main
land. mad