The Honolulu republican. [volume] (Honolulu, T.H.) 1900-1902, 1902-01-15

place Of business OF the institution.
the old quarters becoming too small
and cramped By reason Of Increasing
business and the need OF more help.
and made arrangements for the pres
ent quarters with the Mcintyre Build
ing Co, Ltd. for a term OF ten years
ar a yearly rental Of $500 a month.
Best Offices in Territory.
The First American Savings and
Trust Company of Hawaii. Limited.
has its place OF business on Fort
street in a part of the premises
leased to Us. thus reducing our rent
by 500 a month.
The removal from the old to the
new quarters has entailed an ex-
pense Of over $1,000 for fixtures, etc.
actually needed. and We have today
the finest banking Offices in the Ter
ritory These fixtures will be carried
on the books as an asset and be grad
ually written OFF The business since
the last meeting OF the stockholders
has greatly increased, and We feel
perfectly justified from that fact in
making the move we have done. and
in making the expenditures caused by
such removal, and also feel sure that
the future business of the institution
will justify this action.
The gross profits for the year have
been s76,994.S6, and the expenses $685.
999.3l; loss of currency per "Rio de
Janeiro," $500 Premium written off
L. S bonds. s29l1s2. leaving a net
profit for the years business of SAT-
2S1.53. out OF which has been paid
a dividend of five per cent per annum,
paid semi-annually. The sum OF 500,
600 has been carried 70 surplus &C
count. and the balance of s2.2S1.5S to
profit and loss account Mr.. w G.
Cooper. the cashier, has prepared
balance sheet. copies OF which are to
be distributed amongst you.
New Office of President.
The judges of election for this
meeting who are TO superintend the
election of directors are Messrs. H. F. /
Lewis, Frank Hustace and Harry Ar
mitage.
The present board of directors con- /
sists of Messrs. NJ. p Robinson. G. J.
Waller. L. L. McCandless, August
Dreier and Cecil Brown, who are all
eligible for reelection. and ask for a
reelection at your hands. In this con-
nection the writer deems it proper
and necessary in his own behalf to
make a statement as 10 what We're
and may be now the intention OF the
correspondents OF this bank in San
Francisco in relation to the office Of,
president.
Their intention accidentally became
known to the present incumbent and
had il not been that a mistake was
made by them as to the date of the
annual meeting in all probability this
intention would have been carried
through, and that without a majority
of the stockholders being aware or
cognizant of what was intended.
Proposed Change of Directors.
The following is what was intended
as learnt from outsiders. i. e., not the
correspondents. 1t was the intention
to name a board of directors. leaving
the present incumbent out. The pres
ident of the bank must be director.
and is elected TO that position by the
directors the stockholders electing
the directors and this action was in
tended TO be taken without any rea-
son or notification being given or com
plant made of neglect of duty. nom
attention TO business or unfitness
from any cause, and it is submitted
that the move was intended to be
made and undertaken without consul
tation with the stockholders (some
of whom residing abroad knowing
nothing of the move and when find {
ing out repudiated itl, and entirely
unknown 10 the stockholders resident
here with, say. the exception of one
or two, and one OF those being an as
pirant for the presidency.
Banks Interest Not Considered.
And it is submitted that this pro-
gramme was intended TO be carried
out, without taking into consideration
the best interests of the band and its
stockholders. The present incumbent
has been informed that the reason
for the dissatisfaction Of the CORES
pondents was. that ali of his time
was not given TO the institution; be
that as il may. il is true that | have
not given the whole OF my time 10
the minor details of the Office BUSH
ness OF the institution, but I do say
that in bringing business to the bank
and devoting the best OF my attention
and efforts to that end. whatever sal ,
airy has been paid me has been faith
fully earned. and that in look