The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1902-10-24
To POCKET THEIR
LOSS AND QUIT
ACTION OF KONA STOCKHOLDERS
GOOD MONEY TO FOLLOW BAD.

At the special meeting of the stock
holders of Kona Sugar Company yes
terday, committee consisting of j. NJ.
McChesney, Clinton J. Hutchins, and
w. w. Hall was appointed to take the
necessary steps to petition the Circuit
Court to sell the property of the CO..
poration and wind up its affairs.
There was represented al the meet
ing 1885 shares out of the total of 5000.
The following is the resolution adopt
ed to give effect to the intentions of
. the stockholders and the reasons for
it.
Whereas, since the appointment of
NJ. f. Scott, Esq, as Receiver of The
Kona Sugar Company, Limited and
under his management and control of
| It's affairs at the plantation of tn COM
pany the receipts from the sale of SUI
gar have not equalled the expenditures,
and its liabilities have increased by
/ several thousand dollars, and the prop
erty of the company, including plant
and rattoOn cane, is rapidly deteriOrat-
| ing in value and,
| Whereas, lienors and creditors have
instituted actions in the Circuit Court
/ of the Third Circuit for the foreclosure
! of said liens and to recover judgments
against the Company: and,
/ Whereas, the manual labOrers now in
! the employ of the Company are FESTIVE
and dissatisfied under the existing cir
cumstances, and fail and refuse to
properly and faithfully discharge their
several duties and engagements to and
, with the Company, and have repeated
ly engaged in strikes, thereby causits
great loss to the Company and It's
creditors, and threaten to engage in
other strikes entailing additional loss
upon the Company and it's creditors:
and,
Whereas, it is now settled beyond
peradventure that the Company can
not hope to save any part of It's prop
erty without employing money in 2
large sum to enable it so to do, which
sum, nor any part thereof sutfiCienc
for temporary use, cannot under pres
ent conditions be obtained: and,
Whereas, the further conduct of said
plantation by a Receiver in view Of
the matter above recited, cannot Ly
any reasonable probability confer any
sort of benefit upon the Company, but
will inevitably result in the disintegra-
ton and waste of the Company's prop
erty, thereby entailing great, if nos
a total, loss upon the bondholders Of
the Company and causing great injury
to the community, by the tendency
with such an end would have upon
., the market value of Hawaiian securi-
ties abroad: and,
Whereas, this Company is under an
impressive moral obligation to its DOhi-
holders and other creditors TO concert
and in every way cooperate with them
to enable them, If possible, to avert tie
great loss now threatened them: there
fore, be it
Resolved by the Stockholders of The
KOna Sugar Company, Limited, in
Especial meeting assembled, such meet
ing having been duly, regularly and le-
gally called for this purpose, that j. NJ.
lMcChesney Clinton j. Hutchins and
w. w. Hall, Esquires, be and they are
hereby appointed a Committee with full
authority TO invoke such legal proceed
ings in the name of this Company, as
they may be advised are necessary to
secure the immediate sale at puzzle
vendue of all every property of the
Company whether real personal +
mixed and wheresoever situated, and
be 1t further
Resolved, that the power and author
ity above conferred upon said Commit
tee may be exercised by any two mem-
bers thereof, or in the event of the
absence from the city of Honolulu or
the death or the liability from any
cause, of any two members of said
Committee to act in the premises, then
and in such event the power and 1u-
thority conferred upon said Committee
may be done, performed and exercised
by the remaining member as fully and
leffectually to all intents and purposes
as If he had been appointed Com
mittee sole, in the first instance.