The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1902-04-26

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strain. but showed also that through
economical handling the estates not
only lived. but many OF them paid from
5 TO 10 per cent dividends. He said
the present tariff on sugar is in excess
oS what will be the cost of production
in a few years. He further said that
he believed sugar could be made here
profitably. no matter what the condi-
tons In other parts OF the world.
In conclusion Mr.. Dillingham; declared
he did not agree with the courts which
did not think the investment a good
one. and he said he believed there
would be ultimate success for the ven
ture. The resolution which follows was
then passed:
whereas. the McBryde Sugar Com
pany. Limited. heretofore. to wit. on
the let day OF July, a. D., 1900, issued
bonds to the amount of $4,000 secur-
ed nv deed OF trust upon certain prop
erty or said company. which said bonds
have been sold and disposed of, and
Whereas, since the date of the issu-
ance Of said bonds, over 81. 100000 has
been expended upon the property OF
said McBryde Sugar Company. Limit
ed. in permanent improvements, for
which said sums, as well as for other
OUTLAWS, the company is now indebted
count in excess OF the amount secur-
ed by said original bonds. and
Whereas. additional permanent i'm
provements to the property OF the COM
pany will from time 10 time be required
to be made in the future as the proper
ty Of the company is developed, and
Whereas. IL is considered expedient
and necessary in the interests OF said
company that all OF its present obli-
cations. including said original bond
issue. be discharged and lquidated or
otherwise provided for, by a new bond
issue which will also provide for future
OUTLAWS and expenditures as hereina-
bove set forth; now therefore be Ii
Resolved. by the stockholders OF the
McBryde Sugar Company, Limited,
That the company be autho rized to in
crease it's bonded Indebtedness to
sum total OF two million dollars (S2,-
O00. O00) for the purpose Of discharging
all existing obligations OF the COM
pany and to provide for the further de-
velopment OF the property and business
u the company. as hereinabove recit-
ed: and, be 1t further
Resolved. That to effectuate the |
premises the board OF directors OF the |
company be authorized to issue mort |
gage bonds to said amount OF two mill !
Ion dollars. in such denominations as
hey shall deem best, bearing interest |
II a rate not to exceed per cent per
lbove all deductions and taxes which
nay be levied or assessed in the Ter
'itory OF Hawaii, said bonds to be pay
ibic at such period or periods as the
BOARD OF directors shall determine. and
otherwise to be in such form as the
'oard OF directors shall decide; and be
Resolved further. That said board OF
directors be. and they are hereby, au-
horized and directed to secure the
- II - a.. 4
ion and delivery OF a deed OF trust TO
UGH trustee or trustees as the board
Z directors shall select, covering all /,
he real and personal property now
wned by this company or which II
nay hereafter acquire. with such ex-
options and reservations. II any. as
he board OF directors shall decide r
pon. and otherwise to include in such
rust deed such terms. provisions and
onditions as they shall deem best: I
nd be II further
Resolved. That the board OF direct l..
re- aforesaid be. and they hereby are.
uthoEiZed to sell and dispose of the
aid bonds as the same may be requlr- d
for the purposes aforesaid and 70 I
How and pay such commission and :
narges for the placing OF such bonds c
: they shall see fit. said board OF d. :
ectors being expressly authorized TO ,
ypothecate said bonds or any part ,
hereof pending the sale OF the same 1
secure the payment OF any obliga- v
on or obligations whatsoever OF the =
ompany. upon such terms and provi- :
ons as they shall see fit: and be IL =
irther 2
Resolved. That said board OF direct .
rs be authorized to defer payment OF c
40 original issue Of bonds or any part K
iereof for such length OF time as they {
hall see fit. provided they keep az il
asst a like amount Of the bonds OF &
le new issue in trust TO liquidate and 4
.scharge said original bonds SO out a
landing. :,