The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1902-01-17

stockholders clecting .hc directors, and
! this action was intended TO be taken
without any reason or no:iicetion betty
given or complaint made Of neglect OF
duty, non-attention to business or unfit
ness from any cause, and 1t Is submit
ted that the move was irtended to be
made and undertaken without consulta-
ton with the stockholders (some of them
residing abroad knowing nothing of the
move, and when finding, repudiating IT.,
and entirely unknown to stockholders
resident here, with, say, the exception OF
one or two, and one OF those being an
| aspirant for the presidency. Ana it is
submitted that this program was intend
ed to be carried out without taking :nto
consideration the best interests of the
| bank and its stockholders. The present
| incumbent has been informed that the
reason for the dissatisfaction of the cor
| respondents was that all OF his time We 3
not given to the institution; be that as
! it may. It Is true that l have not given
the whole Of my time to the minor de-
tails of the office business OF the insti-
tuition, but ! do say that in bringing
: business to the bank and devoting the
| best of my attention and efforts to that
end, and whatever salary has been
paid me has been faithfully earned.
and that in looking out for the
interests of the bank and seeking for
business has been and is the object and
for which the most of my time is spent
fact which is well known to those
stockholders who reside in this Territory,
and it is submitted that what has been
done and the work as carried on shows
conclusively that II has been successfully
carried through; and considering the cir
cumstances and drawbacks as to ex-
change and other matters, under which
The First National Bank of Hawaii
No. " In,
The parent institution had not nor has
this one any facilities for obtaining ex-
| change; We have to depend upon the
courtesy of other banking institutions
and personal friends of myself, and fire.
quently have to ship coin to cover our
drawings, which Is not only expensive.
but against the interests of the Terri
tory, as it reduces our coin circulation.
This bank succeeded to the commercial
business of The First American Bank of
Hawaii, Ltd, on October LIST, 1900, bring
ing forward n balance to the credit of
Profit and Loss account from The First
National Bank of s22,slO.o9. For the
quarter ending December 3lst, 1900, the
net profits were at the rate of 6l per
cent per annum but, as a matter of fact
had 1t not been for the heavy expenses
IN connection with the organization OF
, the National Bank, In the way of new
stationery, stamps on the new issue OF
stock, etc, the profits would have shown
, at the rate of about per cent per an
, mum net For the six months ending
June 80, 1901, the net profits of this bank
show at the rate of 9.5 per cent per an
mum. For the six months ending Dec
, 3lst, 1901, the net profits show q little
over 10 per cent per annum.
/ During the existence of
the National Bank the
} gross earnings have
. been ................. $3.50
The operating expenses
were ................ S33, At Is
Loss written off cur
rency shipped on the
! Rio de Janeiro ...... SOP 90
, Premium written off u.
$. bonds .............,.. 29ll SO
Dividends paid .......... 81, go 90 6, $50 s.
Leaving net balance
r carried TO profit and
loss or ..........,...,... A,OJJ
= This added to the bal
s ance brought forward
0 from the First Amer
= lean Bank of .......... 22Sl0
e Gives a total of ...... $i6s6J G
OF which $4,000 has been placed to re
serve account leaving a balance In undl
q vided profits OF slS699s
Our United States per cent bond
stand us on the books to date;
: Principal .........................$ $50 90
premium OBSERVATION-DISCLOSURES. IL, ~
9 and during the past year, as above stat
L ed, We have written off about 5000 o
: the amount Of premium Notwithstanding
q the fact that the present market valu
{ OF these bonds is 100 In New York. leay
e Ing a surplus at the present time In thi