Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1902-01-15

submitted that this program was IN
tended to- be carried out without TAX.
ing into consideration the best inter
ests of the bank and its stockholders.
The present incumbent has been in.
formed that the reason for the dissat'
isfaCtiOn of the correspondents was
that all of his time was not given to
the institution: be that as IL may. 1t is
true that ! have not given the whole
of my time to the minor details OF the
office business OF the institution. but |
do say that in bringing business to
the bank and dcvOting 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 o. my time Is spent. a fact
which Is well known to those stock.
holders who reside in this Territory,
and II Is submitted that what has
been done and the work as carried on
shows COnClusivcly that IL has been
successfully carried through and con.
sidCring the circumstances and draw.
backs as to exchange and other mat.
ters. under which The First National
Bank of Hawaii started. the success
has been remarkable. The parent in.
stitutiOn had not nor has this one any
facilities for obtaining exchange: we
have to depend upon the courtesy OF
other banking institutions and person.
at friends OF myself, and frequently
have to ship coin to cover our draw.
ings. which Is not only expensive. but
against the interests Of the Territory,
AZ II reduces our coin circulation.
This bank succeeded to the CONNER.
Cial business OF The First American
Bank of Hawaii, Limited. on October
LIST, 1900. bringing forward balance
to the credit of Profit and Loss ac.
count from The First National Bank
OF S22,SlO.O9. For the quarter ending
December 3lst. 1900 the net profits
were at the rate of 6i per cent pei
annum. but, as a matter Of fact, had
1t not been for the heavy expenses
In connection with the organization
/ vi the National Bank. in the way Of
new stationery. stamps on the new is.
sue OF stock. etc, the profits would
have shown at the rate OF about S per
cent per annum net. For the six
months ending June 80. 1901, the net
profits of this bank show at the rate
Of % per cent per annum. For the
six months ending December 3lst,
1901, the net profits show little over
~ per cent per annum.
During the exist.
CnCe OF the Ma.
tional Bank the
gross earnings
have been ..... s92.i5O 90
The operating eX.
pCnses were &. 1913 427 IS
Loss written of
| currency ship.
ped on the RIO
de JaneirO ..... SO2 90
Premium written
OF L. $. bonds 2,9ll 50
Dividends paid. 1850 90
800 81
Leaving a net bal.
anCe carried to
profit and loss
OF ......... s24O59 S!
This added to the
balance brought
forward rom
the First Amer.
lean Bank Of. 22,S10 OG
Gives total of SAC, S69 9S
Or which $4,000 has nccn placed tt
reserve account. leaving "A balance In
undivided profits Of Slo,, Us.
Our United Gates per cent bond.
stand us on the books to date:
Principal 0. .,,.,.....,....S5 2O,OOl
Premium ................ 1900,
and during the past year, as abov,
stated. we have written off about $1,000
Of the amount of premium. nOtwith
standing the fact that the present mar
kct value of these bonds Is 1903 In New
York. leaving a surplus at the prcseu
time in this account of over $4,000.
Our profits for the last period, had |
not been for the extraordinary eXpen
ses in connection with moving int
our present quarters, would hav
shown fully II per cent per annuH
net, and we think that the stOckhold
eTs have every cause for congratulate,
at the steady improvements in the ne
earnings of the bank as above show
from period to period.
The First American Savings an
Trust Company of Hawaii, Ltd. whic
Is operated under the Territorial law,
and does also remunerativc bushes
and has paid the same dividend, tn
services rendered were evidently ne
taken into consideration by them, tn
writer being its president also. an
serving as such without remuneratio
whatever
II the majority Of the stakeholder
or the correspondents were dissatisfied
it is submitted that in all fairness som
notification of displeasure or disSatls
faction as to the management or sci
vices should have been communicate
TO the present incumbent direct.
Sam Jones, the reyivalist, was one