Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1902-04-20


weak, the dependent and the helpless
in securities that pending events might
cause to be swept into waste baskets
Of finance.
He goes on to say: while there Is
probably no immediate danger of an
open American market being accorded
to sugar grown ether in the Philip.
plies or Cuba. yet II is unlikely that
the United States will permanently as.
teblish or long continue a policy Of
lcvying an import duty upon sugar
from the Philippines, or that it will
lCng resist the opportunities Of Cuba
for admission to an open market in the
United tastes, either by reciprocity or
annexation"
Annexed or not annexed, and wheth.
CT the Plat protectorate con-
tinues the so-called republic one
continues the so-called republic one
year or ten years, Cuba can never
have the same relations to the other
nations of the world as have Mexico.
Venezuela, Hayti or any other OF the
states in its region" Much more Is
said in the same line, leading to tho
conclusion that Cubas ultimate desti-
ny is to be part of the Union. From
this position. taken with beet, sugar
development in the United States. the
Judge argues that. with the vast areas
of undeveloped sugar cane lands and
the cheapness of labor in Cuba and the
Philippines, the price of sugar must
very soon take on a permanent lower
range of values"
EVIDENCE IN THE CASE.
Before reaching the confusion Of his
Judgment quoted at the beginning OF
this abstract, Judge Humphreys quotes
+ with running comment some OF the
testimony. A few extracts are here
given:
The evidence in regard to Wulalua
Agricultural Co.. Is not as complete as
| should like to have before me: but
as further showing the remote. uucer-
tain and speculative character OF this
alleged investment, | may quote tho
evidence of Mr.. T.. ID. Tenney, Secre-
taly Of that Company as follows:
How long before you calculate the
company will pay dividends?'
We'll. that Is question that de-
! ponds altogether on circumstances. on
the condition of the sugar interests.
So many factors enter into II, would
not want to go on record as saying
when II would pay dividends. II
things are favorable dividends should
be paid within two years-unfavorable
nothing will be paid-can't tell
out of total area OF 10000 acres
OF land held by the company only
! about 2500 acres of the can land is
| owned by 1t in fee The lands are
leaseholds having an average term 10
run of about IS years. The capital
stock of the company, fully paid, is
| S4,j00000.
| According to Exhibit "A attached
to the annual report Of the company
and taking its own figures the COM
pany values its real estate at only
$7O6SO920 or nearly a quarter Of a
million dollars less than its auth0riZ-
ed bond issue"
The company is indebted 10 ts
factors In sum exceeding $500, 900
and 1t appears from the records in the
case of SopCr ct al. VS.. the waiama
Agricultural Co., ct al, that q large
number OF the paid up shares OF the
company were absorbed by the pro-
moterS."
THE McBryde Sugar Co., Ltd. was
incorporated May 20, 1899, with capt.
tai stock of $500 900. The shares are
OF the par value of $40 each and are
now all paid up with the exception OF
$500 shares which are In the treasury
OF the company. The guardian SEEM
ed TO lay some stress upon the fact
that this stock was in the treasury of
the company. lie evidently overlooked
the following provision under which
this stock Is excluded from the mort
gage, to wit: Excepting and reserv-
Ing from this conveyance and tho
operation thereof all shares of the Cant
tai stock of the grantor now or 1t any
time hereafter during the continu-
ance of these presents, held or owned
by 1t, the grantor, including all sucn
STOCK, II any, acquired by the grantor
through sales thereof for DELINQUENCY
III payment of assessments. The
company has bonded Indebtedness
OF $750,000 and is indebted to its fac
tors on open account in about the sum
OF 100000 II has never paid a divi-
dcnd although 1t has been in existence
three years, and Mr.. Miller, who oa-
cupies trusted and responsible posi-
ton with the company, says, I don
expect 1t will pay any dividends FOR
THREE YEARS ANY WAY, POS
SIBLY LONGER He also testifes
that the books show the item OF real
estate to be $l,OS2,l94 and Exhibit d
attached to the annual report Of tho
company for the year ending Deem
bcr 81, 1901, shows this item 10 bS
Sl272, 3S753. As no valuation Is pIac-
ed upon the leasehOlds as an item sep
arate and distinct from the real Cs-
tate, We must presume that they are
included in the figures just given for
real estate or else that the company
does not take them into account as
resources This valuation can hardly