The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1903-01-14
FIRST NATIONAL BANK
REFLECTS OFFICIALS
G. NJ Wilcox Is the Only New Member of
the Board---Mnority Files
Protest.

Tie election of the new board of di-
irectors of the First National PanH OF
Hawaii took place yesterday afternoon
in the directors room at the bank, the
Cecil Brown element electing all its
nominees Colonel McFarlane, repre-
senting the minority stockholders, was
not present, Judge Henry Highton being
there as his proxy and attorney and not
voting. Judge Highton filed a written
protest against the proceedings, re-
hearsing practically the same griev-
ances which occurred at last years
meeting The total number of votes
present was ISIS, and the number OF
votes cast 2.7s5. representing full ma
jority for Cecil Brown and associates.
| The election resulted as follows: NJ.
P Robinson, George N. Wilcox, August
Dreier, G. ]. Waller and Cecil Brown.
The following letter to the stockhold-
ers of the National Bank was read at
the meeting:
Another year has passed since our
last annual meeting, and this being the
day named in our Articles of Associa-
ton as our annual meeting day, we
meet here for the purpose of electing
our board of directors and hearing the
report Of business done and profits made
during the past year.
The judges of election for this meet
ing, who are to superintend the cleo
ton of directors, are Frank Hustace,
Harry Armitage and L. c. Ables. The
present board Of directors consists Of
Messrs M. P. Robinson, G. ]. Waller,
L. L. McCandless, August Dreier, and
Cecil Brown, who are eligible for reelec-
ton, and with the exception of L. L.
McCandless (who, at his own request,
wishes to retire from the board), viii
accept a denomination and election at
your hands. In losing the active and
faithful services and attention of Mr.
McCandless, the board will suffer a Sc
we're loss, and, upon behalf of the board.
wish to tender Mr.. McCandless our
thanks for the efficient services render
ed during his term of office.
During the past year the board OF
terest of the stockholders to change its
correspondents in San Francisco, and
with that end in view sought to make
arrangements with the First National
Bank of San Francisco. and L am happy
to say we have been successful in cur
efforts and succeeded in obtaining
terms from that bank as to credit and
discount rates much more favorable
than that allowed or granted by rhe
Anglo-California Bank, our former
agents and correspondents.
The gross profits for the past year
have been $73.175.92, and the expenses
500, 1895; written off premium United
States bonds, $4,000; written off furni-
ture and office fixtures, $1,5647S; written
off to bad and doubtful debts. SIS. 283.02;
leaving a net profit of $50, 56S.27 for the
years business, which. added to the :
Of $1,s69.9S brought forward ]
from 1901, makes a total of $35. 4Ss. %.
out Of which has been paid a dividend ]
Of per cent. paid semi-annually, I
to $4,000, and the sim of |
S10, 900 carried to surplus account. This /
leaves a balance of $43S25 to be carried S
to 1903 account A balance sheet has I
been prepared showing the state of the! i
Institution as of December 81, 1902, {
which is made a part of this report. G
Our business shows a slow but steady 6
Increase, and feel justified in asserting /
hat the coming year will not go behind /
n volume of business done, than that t
With which we have been favored and r
md patronized in the past. Respect s
ully submitted, CECIL BROWN. i
Dated, Honolulu, January 13, 1908. 4
MACFARLANE'S PROTEST. u
Colonel Macfarlanes protest. submit o
ed by Judge T1ighton, was as follows: :
70 the First National Bank Of Hawaii, .'
it's acting directors, its acting officers, 4
and especially Cecil Brown. esquire, L
it's acting president. and w. G. Cooper, s.
its acting cashier: ie