Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1903-07-16

Inere was lively time at the meet
ing OF the Kamalo Sugar Co. in the
Elks hall last evening, the session be-
ing the first for two years or more.
There was nothing much done and
special meeting was called for August
I. at which time a report on the fin
ances of the company Is promised
The meeting was called to order by
David Dayton, president. There we're
Present between 30 and 40 OF the
stockholders and 1867 shares of the
total holding of 1880 were represent
ed. After the showing Of stock had
been made, President Dayton an
nounced that each stakeholder was
entitled to examine the books. Some
one asked where the books were. Mr..
Dayton continued his remarks by stat.
i,g that the following were the ques.
tons to be considered:
1. Shall the company close up its
business?
2. II the company Is reorganized
shall all expenses be cut down?
.. If the Kamalo Co. continue shall
the stock be reduced from one million
dollars to Ave hundred thousand and
shall enough money be borrowed to
pay the debts?
Mr.. Dayton. by way of concluding
his remarks, stated that there was but
one suit of 81 400 remaining, on which
execution had been issued. The total
debt amounted to $4,000. The delay
had been caused by expensive law.
suits. J. Lucas remarked that II had
been good thing for the lawyers and
Mr.. Dayton agreed saying that they
had taken the cash but had not touch.
I'd the stock.
l.. ii. Dee. as auditor. said the books
Of the company were in the deposit
vault and that they were correct up to
the time John Ouderkirk quit. Mr..
Dee thereupon stated that the books
showed r. II. Hitchcock to be $500
short. On this account, he could not
audit the books. Mr. Hitchcock had
been sent for but had not come down
Mr.. Dee said he had made a statement
OF all but the $500.
J .Lightfoot here read document
dealing with the litigation of the com.
pany. He reported on all the litigation.
concluding with Judgment for $35 900
in cash and 5000 shares OF paid ND
stock and an award Of $4,000 to the
lawyers by Judge Humphreys which
was reduced to $500 by the Supreme
Court Next came detailed account
OF the payment of the Judgment in
part and the steps taken to collect the
balance. All but $31 1928 had been col.
lected by the lawyers on the Judgment
and it was charged that Hustace had
fraudulently converted his property to
escape judgment.
Dr. MouritZ here announced that he
wanted to find out about certain
piece of property purchased by the
cCmpany-the Foster homeland upon
which an unsecured note had been TAX.
on and the credit of the company
pledged. Mr.. Dee replied that he had
raid for the land himself to save the
company The amount was $1,000 in
gold. This had been his own personal
transaction after the company had re.
FUSED to buy in the property because
OF cloud on the title.
MT. lsuCuS remarked tnat the report
of the lawyers did not correspond with
that statement and Mr.. Dee answered
that 1t did. He had bought the land
and saved the company $3.50. 1t was
worth $4,000. Dr. Mouritz suggested
in question that the company had
not authorized the purchase of the
land. Mr.. Dee answered that It had
not but he had bought the property
after the directors had refused to
have anything to do with 1t.
DR.. Mouritz replied that this was
satisfactory.
II was next proposed to adopt the
attorneys report, but DR.. Mouritz OBJ.
iccted to the portion advising further
litigation. Mr.. Dee replied that more
litigation was necessary to protect the
interests Of the company. He moved
TO file the report. J. II. Craig wanted
report of the trustees before that of
the lawyers. Mr.. Dayton answered