The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1902-03-28
M'BRYDE'S
ANNUAL MEETING
STOCKHOLDERS WILL HAVE sPE-
CIAL MEETING TO CONSIDER
NEW BOND ISSUE.
REFLECT BOARD OF OFFICERS
AND DIRECTORS.
Managers Report Estimates $1,000 Tons
For 19O3-Little Business Transacted
At this Mornings Session.

The annual meeting of the McBryde
Sugar Company was held this morning
in the assembly hail of Castle and
Cooke. A quorum was present repre-
sented by the votes and proxies of stock
holders, among whom the following
were present. f. NJ. Swanzy, b. +.
Dillingham;. II. Won Holt w. f. Allen,
y. Give Davies, George Davies, w. A.
Kinney Paul Isenberg, =. z. Paxton.
II. NJ. Won Holt suggested that the
election of officers, the next order of
business, should be disposed of by a
ballot being case by the secretary for
the reelection of the old board of di-
rectors and officers and made a mo-
ton to that effect. Secretary George
Davies asked that he be released from
the duties of secretary as he expected
to be absent some three months this
summer and also the greater part of the
early spring of next year He suggest
ed his brother r. Give Davies i'm his
place and II. NJ. Won Holt with the
seconder of the motion accepted the
amendment.
The secretary then announced the
board of officers as directors for the
ensuing year to be ballOtted as follows:
President. ID. p. r.. Isenberg: vice.
president b. +. Dillingham;; treasurer
f. NJ. Swanzy; secretary, T. c.. Davies;
auditor, Y. r. KeywOrth directors: A.
NJ McBryde, Albert Wilcox. r. w r.
Purvis j. NJ. Lydgate w. d. McBryde
Treasurer f. NJ. Swanzy explained
that the cost of running had been hea-
vier than had been expected and show
ed the disposition of the first bond issue
of $750,O00 which had been exhausted I'm
I Indebtedness to agents and running eN-
penses with $325,OO towards the mill.
He stated that it was the intention Of
amount to be settled upon but one much
larger than that of the previous issue.
The matter was originally to have been
taken up at the meeting this morning
| but that it had been found better to
postpone the matter to a special meet
ing which would be duly notified and
called some ten or twelve days hence.
He further stated that of the original
10000 shares of capital stock 25OO had
never been issued and 6.SO6 were now
in the treasury through the assessments
not having been paid. $2S,121 i'm assess
ments, representing S,363 shares were
! yet to be paid in and the full amount
was expected within a short time.
| Otherwise all the assessments are paid.
There being no further business the
meeting adjourned upon the motion of
/ Il. Il. Paxton, to reconvene at the call
| of the president. The report of William
| StOdart manager of the plantation
| of a reasonable return from the invest
ment even with low prices for sugar and
gives the estimated yield of 1903 at 15,-
| 600 tons His report reads in part as
| follows:
The past year has been noteworthy
in two respects we have had except
| iOnally abundant rains well distributed
/ throughout the year, and the weather
| conditions generally have been favor
able. on the other hand labor condi-
uons, until late in the year, We're at
their worst.
The storm water we were able to save
with the reservoir capacity then COM
pleted reduced the pumping to pc
riod of less than three months.
To Offset this saving came abnormal
labor conditions which fell with peCu-
liar force ON this plantation. Among
the group of new plantations started
after annexation had become assured,
the McBryde Sugar Company was
about the last to incorporate, and had
developed but a small part of It's per-
manent improvements when the pinch
i'm labor came. Prices of material and
supplies also advanced excessively. The
rest of the development work had to go
forward under these handiCaps, and
the demand for labor for this work re-
acted on the labor engaged i'm running
the plantation resulting in an abnOr-
NAL outlay for operating expenses as
well as for permanent improvements
Later I'm the year, owing to a better
understanding between the plantations
on the labor question, and other causes
l have been able to out down our eX-
penses very considerably, and there is
] room for still further material reduc-
tions this year.
BY far the greater portion of oul
! permanent improvement work has beer
completed and what remains can be