The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1904-03-02
HONOLULU INVESTMENT
COMPANY'S AFFAIRS
Committee of Investigation and New Board of
Directors Proposition by Secretary May
to Wind Up Company

and liabilities of both companies have
been extensively published in connec-
tion with the action taken by the In
surance Commissioner to revoke the
license of the Fidelity The sum OF
$12.SOo was owing by the company on
certain of its properties.
! INVESTIGATION
T. J. King moved, seconded by
Thomas Lindsay. that a committee Of
three be appointed TO investigate the
report and see if it was correct.
President Gear. when it came to the
voting, said that as he regarded the
motion one of want of confidence in the
directors he would vote his shares and
proxies mo"
Secretary May stated that the books
We're open to any stockholder, and
while voting mo- he would allow Mr..
King to go over the books at his pleas
ure.
T. F. Lansing remarked that as Mr..
May said anybody was welcome to
investigate the books there was no bet
ter time than the present
Mr.. harrington asked if Mr.. Lansing
doubted the statement that the ac-
counts had been audited The items
had been compared with the books and
found to agree. They did not certify
that the vouchers were examined
-
that the person who kept the books
should object to their examination.
Mr.. King withdrew the motion and,
seconded by G. Schuman, moved that
a committee of three be appointed to !.
investigate the affairs of the company.
This carried and the. chair, being re-
quested to appoint the committee,
named t. J. King, S. A. D. Jones and
Jonathan Shaw. 1t was agreed that
the committee report within a reason-
able time, when ready, notifying the
president who should call a special
meeting to hear the report.
BOARD OF DIRECTORS.
An election of directors to fill vacan-
cies resulted as follows:
G. schuman, T. j. King and S. A. D.
Jones. for three years; w. Henry, for
two years, and Q. H. Berrey for one
year.
The board of directors now consists
of A. V. Gear, Emmett May, John D.
Holt. Jr., Geo. D. Gear, G. schuman, T.
]. King, s. A. D. Jones, w. Henry
and Q. II. Berrey. Mr. Gear called a
meeting of the directors for Friday
next
PROPOSITION MADE.
Mr.. May. when the business on the
table had been despatched, said he
wanted to submit proposition. He
had been secretary and acting as man
ager for the past three years. Real
estate was low and the insurance busi-
ness in a bad way. Things were going
from bad to woEse with the company.
He had been neglecting his personal
business trying to make ends
rect. a few people had been around
knocking the company, for what rea-
son he did not know. He had about
come to the conclusion that there was
10 use expecting to make any money
'ut of the company under present cir
He had talked with the
Faterhouse people about their taking
'ver the properties and insurance busi-
less. His idea was to wind up the
Honolulu Investment Co., but they
.ould not put the property on the ma
let in the present state of affairs. and
1e did not see that things would be
'etter for two or three years.
Therefore he would make a motion
hat the directors be authorized TO turn
'ver the property and business in trust
0 some good corporation for say three
ears on reasonable commission and
t the end Of that time sell everything
ut for the benefit of the Stockholders.
thus they would cut oBt the running
expenses. It was necessary to have
omebody to look after the property
nd collect the rents. There was $15.-
% in bills payable against the COM
any. and two mortgages were coming
ue this year The Henry Water
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