The Honolulu republican., 1902-01-25
TRUST HOLDS
ITS MEETING
HATEkEYER MIKES HIS REPORT
EXISTING TARIFF ON SUGAR IS
: CHARGE UPON CON-
SUMPTION.
Unusual Consideration Of Benefits 70
People an Amusing Incident N
SUGAR Trust Tslk-Whst OSnaro
SAYS q Little EccoUnt-Aore
Stockholders Present Than Usual

Especial 10 The Republican,
NEW YORK. Jan. s-At the annual
meeting Of the stockholders Of the
American Sugar Refining Company
January sth. President Havemeyer
in his annual report, said
The stockholders know in a gen
eral way OF the accomplishment OF
the plan 20 increase by $4,000 COS
the capital stock Of the company. The
Increase was authorized at a stock
holders meeting held on Septe mbel
IS last With the exception Of places
where there was a want OF authority
10 subscribe. and a limited number
Of exceptional cases. the new stock
was promptly taken up By the stock
holders. The total amount Of stock
outstanding at the present time is:
Preferred si4d5s BOO common S44.
246I0O.
The new stock shares in the divi
dend commencing with the dividend
declared as OF January >. 1902.
Organized in New York.
The stockholders have doubtless
noticed the organization recently ot
a New York corporation to transact
the New York business which was
heretofore conducted by the company
For many years the legislation OF
New York was hostile TO manufac
turing enterprises. This was the
situation when the company was or
ganized. and led to its organizatiCr
in New Jersey. in which State con
siderable part Of the company's busi
ness had been transacted. Latterly
the policy Of New York has changed
BY its more recent legislation ii has
held out inducements to have manu-
featuring business in New York done
by New York corporations The com
pany has reorganized and conformed
to this as far as concerns the bust
ness of its New York refueries.
This has involved the transfer to
Jersey City OF the residue OF the
business that was heretofore carried
on in New York
Tariff Not Wanted.
1t would seem that with an over
flowing Federal Treasury mere had
disappeared any reason for continu
ing the existing high tariff upon raw
sugar Ii constitutes a charge upon
the consumption of nearly two cents
pound
This represents on an annual con
sumption of 2.360.0O0 tons sS5O00,OO0
a year or this. however. only 1860
0O0 tons are imported; yielding Gus
tom revenues Of $4,000. 600 The bal
ance. s36.OO0,OOO. goes into the pock-
cts of the planters Of the following
States:
Tons. Value.
Louisiana pltrs.S50. 900 s12, 10000
Domestic beet. $50 600 5.4OO. 900
Hawaii ...... $4,000 12.6O0.OO
Porto Rico .150,000 100000
"A removal of this duty on raw su
gar would result in a saving 10 the
consumer OF sS5.OoO,0 600.
Sales Would Increase.
Misleading statements are con
stantly being made about the benefits
TO the company of reducing the pres
cnt nigh rate Of duty. The gain would
be increased sales. The lower the
prices at which refined sugar can be
furnished. the larger is the number
within whose reach it can be brought
To this extent there would be a gain
20 the company. but the substantial
benefit of the remission or reduction
OF the duty would be TO the consumer
and the practical question is whether
the public shall continue TO pay the
enormous amount which the duty re
QuireS for the benefi; of favored in
dustries. which according to publish
I'd statements by those who are
specially interested. do not require
the protection,
ASIDE from the matters TO which
have previously referred, the bust
ness Of the company during the year
has proceeded as usual"
At the special request OF the stock.
holders present for further remarks
on the matter OF tariff legislation on
sugar. President Havemeyer said
Sugar is s necessity OF life Were
the duty removed the price would
permit of its being used BY the poor
est people. The people are begin
ming 70 characterize the tax on sugar
as a hunger tax. This. no doubt. is
due 10 the fact that surplus exists
in tie Treasury and there is no rea-
son for a tax on an article OF food
The removal Of the tax would be a
great blessing 20 the entire eommu-
nits
oxnsrd Of No Account.
As far as the beet industry is con
cerned. the farmers hsve received no
more for their beets since the tax was
r.al rf,roS.ss Than v-hau Stfrar VAS free