The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1901-02-14


60 500 OOO appealed the amount above that
assessor appealed generally.
The assessment appealed FROM the year
before $2,500.0o. During that year the company
acquired 1880 of land under lease $4,000 year. and
cleared of it. and made other improvements addi
lions plantation and the output 1881 ton and the
net profits 4o5 3s than during the previous year.
In 1897, appeal the Supreme Court placed the value of
the plantation 000 of the st of January of that
wear TAG Assessment 4ppedls II Haw. 245. Then the
land consisted $40 simple 900
scres easehod 1900 consisted of 1910 fee simple
and 2O15 leaehod of which 434 fenced
forest land exempt from taxation
The yield per largeabout tonand the supply
Of water from streams The yield would be somewhat
larger but the caneborer which prevails that district
The output increased from 554S tons 1892 to 8SO3 IN
1896 and 112S4 in 1897 1924 in 1898, and 16245 IN
1899
The dividends in 1892 $4,000 From 1893 1896
they averaged $16975O The gross receipts running expenses
profits and dividends Tor the years 1920 10 lo99 were @
follows:
Receipts Expenses Profits. Dividends
1895 231 II 1854 6s3 SO $233547 SO S2SO000 90
1897 1921 50 456,9s1 As 292,74o Oh 100000
1898 $50 665 81 556,377 48 374,2sS oe 100000 90
1899 1,03a,012 05 e34,319 10 406,693 # A2o,ooooo
It is exceedingly difficult to value property of this kind
especially wher as this instance sales of stock in the
company have taken place for years Many things besides
@ facts as forth above TO be considered Some OF
these bear general conditions such the political status Oh
e Islands, which the last decision been annexed to
be United States the that sugars will not be
liable to duties the prospects in regard to the supply OF
labor the money market and other things which affect Vane
generally But after ALL it impossible to accurately estimate
the value with fair degree OF certainty IN
Of this kind different persons though the most expert
such matters would vary greatly their opinions to the
extent of hundreds of thousands OF dollars
The burden the appellant show that the decision Oh
e Tax Appeal Court is In my opinion, neither
nnnt has succeeded in doing this The valuation by that
court seems to be reasonable and far In my opnon
should be sustained, and both appeals dismissed
Einnev Bqllou McClanahan and d. f. Prosser for the
company
Holmes d Stanley for the assessor
coNcURR1Ne OPINION OF GALBRAITH, j.
concur in the above decision, but have been unable to reach
the conclusion that the fu cash value of the property OF the
Ihue Plantation Company, January l. 1900 was $500
and s35Ooooo 1t possible that some one
with the plantation its 'fu cash value at that he put
none of the offered by venured to TESTIFY TO the
fact The only interested produced by the pantaoh
was the husband of stakeholder His vision seemed to be SO
uded by essmsc ideas the political social and economic
conditions of the Islands that his testimony to values was not
very definite He did testify however, that ne
would advise sell her stock she could get pow
per share but that he would pay than par Tor It, lie
added that for reasons his wife would not sell her
stock % 90.
Its shown by the that the plantation controls
acres of land in the Island of Kauai and that 1870 acres OF
this owned fee simple, but does not appear Wnetner m
full cash value of this land one dollar OF one ~
Lara pr acre Proof of the value of this land, part OF the
combined property would have been of material assistance 10 e
court in arriving at the value of the entire property
satisfied that the evidence ]ushes 1h e:,aa - show
assessor but am convinced that the appellant tailed 10 "
the valuation of the Tax Appeal Court to be excessive
DISSENTING OPINION OF PERRY, j.
respectfully dissent In my opinion, the valuation IN
question should, upon the, evidence be placed at TWO o
FIVE hundred thousand dollars.
N THE SUPREME COURT OF THE. TERRITORY OF
HAWAI-
DECEMBER TERM, 1900
oD,1, - - - ,,-l, IT, fsl,tpANy !, r X FARLEY
q Tax Assessor.