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

upon the second Tuesday of January
as that day, and hence our meeting.
Although this institution has been
this will be our second meeting. the
first covering the period from October,
1900. to January LIST. 1901, and the
present from January list, 1901, to DE.
cember 3lst. 1901.
Since our last meeting the Board o!
Directors concluded to change the place
, of business of the institution, the old
quarters becoming too small and
Cramped by reason of increasing bust.
ness and the need Of more help, and
made arrangements for the present
, quarters with the Mcintyre Building
Co., Ltd. for a term of ten years at a
yearly rental Of $500 month.
The First American Savings and
Trust Company of Hawaii, Limited,
has its place of business on Fort street
in part of the premises leased to u.s.
thus reducing our rent by 800 a
month.
The removal from the old to the new
quarters have entailed an expense Of
over $1,000 for fixtures, etc, actually
needed. and we have today the finest
banking offices in the Territory. These
fixtures will be carried on the books "a
an asset and be gradually written of.
The business since the last meeting Of
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 insti-
tuition will justify this action.
The gross profits for the year have
been $40, 994.36, and the expenses $2j..
990.31. loss Of currency per Rio dc
JaneirO, $500, premium written OF
| United States bonds 1921 .j2, leaving
net profit for the years business ul
Si7,2Sl.53, out Of which has been paid
q dividend Of . per cent per annum.
paid semi-annually. The sum OF $40
900 has been carried to surplus &C.
count, and the balance of $22Slj3 to
| Profit and Loss account. Mr.. W. G.
Cooper, the cashier, has prepared u
balance sheet. copies Of which are to
| be distributed amongst you.
The judges OF election Ior this meet.
Ing, who are to superintend the cleo.
ton of directors. are Messrs. II. +.
Lewis, Frank Hustace and Harry Ar.
mitage.
! The present board of directors con.
sists of Messrs. NJ. =. Robinson. G.
j. Waller. l.. l.. McCandless. August
Dreier and Cecil Brown. who are all
eligible for reelection, and ask for q
reelection at your hands. In this con.
nection the writer deems II proper
and necessary in his own behalf ia
J make statement rs to what were
and may be are now the intentions OF
the correspondents of this bank in San
Francisco in relation to the Office Oi
president. Their intention accidental
ly became known to the present incum
bent, and had II not been that a mis-
take was made by them as to the date
OF the annual meeting. In all prOba
bility this intention would have been
carried through, and that without q
majority of the stockholders being
aware or cOgniZant of what was in
tended. The following Is what was
intended. as learnt from outsiders.
e., not the correspondents. II was the
intention to name a board of direct
Ors. leaving the present incumbent
out. The president Of the bank mus
be director. and Is elected to thai
position by the directors. the stock
holders eleCting the directors. anC
this action was intended 10 be takcI
without any reason or notification be
ing given or complaint made of neg
leCt o. duty non-attentiOn to business
or unfitness from any cause. and II Ii
submitted that the move was intended
to be made and undertaken withou
consultation with the stOCkhOlder
lsOme of them residing abroad. know
ing nothing of the move. and whel
, finding, repudiating it,. and entirel'
unknown to stockholders residen
here, with. say. the exception of on
or two. and one Of those being an ae
pirant for the presidency. And II /
=