The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1902-10-24

Bishop & Company, when it does come.
but the heads of that house win not dis
cuss the matter at all
Col. J. H. Soper, who had several in
terviews with Jacob Coerper, while at
San Francisco, said yesterday that he
had been informed by the promoter of
the Kona- -Kau railroad, that he had
many plans for the development of the
two districts which are to be traversed
by the railroad in question. He said,
as, reported, that he had assurances of
support financially to the extent of five
millions, and that he hoped to secure
control of the Kona plantation, which
would be the basis for much of the su-
gar development of the southern side of
the big island.
The resolution passed by the stock
holders yesterday is as follows:
Whereas, since the appointment of
M. F. Scott, Esq, as Receiver of The
Kona Sugar Company, Limited, and
under his management and control of
pany, the receipts from the sale of SUI
gar have not equalled the expenditures,
and its liabilities have increased by
several thousand dollars, and the prop
crty of the company, including plant
and rattoon cane, is rapidly deteriorat-
ing in value; and,
Whereas, lienors and creditors have
Instituted actions in the Circuit Court
fh. bi,.l rox
of said liens and to recover judgments
against the Company: and,
Whereas, the manual laborers now in
the employ of the Company are restive
and dissatisfied under the existing cir
and fail and refuse to prop
erly and faithfully discharge their sew
eral duties and engagements to and
with the Company, and have repeatedly
great loss to the Company and it's credi-
tors, and threaten to engage in other
strikes entailing additional loss upon
the Company and its creditors: and,
Whereas, it is now settled beyond
peradventure that the Company cannot
hope TO save any part of its property
without employing money in large
sum to enable it so to do, which sum,
nor any part thereof sufficient for tenn
porary use. cannot under present con-
ditions be obtained: and,
Whereas, the further conduct of said
planta ton by a Receiver, in view of
the matters above recited, cannot by
any reasonable probability confer any
sort of benefit upon the Company, but
will inevitably result in the disintegra-
ton and waste of the Company's prop
erty, thereby entailing a great, If not
"a total, loss upon me bondholders of
the Company and causing great injury
to the community, by the tendency
which such an end would have upon
the market value of Hawaiian securi-
ties abroad: and,
Whereas, this Company is under an
Impressive moral obligation TO it's bond
holders and other creditors to concert
and in every way cooperate with them
to enable them. if possible, to avert the
great loss now threatened them: there
fore, be 1t
Resolved, by the Stockholders of The
Kona Sugar Company, Limited, in
special meeting assembled, such meet
ing having been duly, regularly and le-
galiy called for this purpose, that j. NJ.
McChesney, Clinton j. Hutchins and W.
w. Hail, ESQulTes, DC anu lilSy el z
hereby appointed a Committee with full
authority to invoke such legal proceed
ings in the name of this Company, as
they may be advised are necessary to
secure the immediate sale at public
vendue of all every property of the
Company whether real, personal or mix
ed and wheresoever situated, and be it
further
Resolved, that the power and author
ity above conferred upon said Commit
tee may be exercised by any two MEM
bers thereof, or in the event of the
absence from the city of Honolulu, or
the death. or the inability from any
cause, of any two members of said
Committee to act in the premises, then
and in such event the power and au-
thority conferred upon said Committee
may oe done, performed and exercised
by the remaining member as fully and
effectually to all intents and purposes
as if he had been appointed a Com
n1ittee sole, IN the first instance.
4. S