The Hawaiian gazette., 1904-01-19
NAH|KU co.
STOCK SOLD
Shareholders Paid
$O.4O on Each
Dollar.

ceptances OF the proposition submitte
In writing by Alexander & Baldwin
Ltd, the company's agents.
The meeting was hello in the boar
room of Alexander & Baldwin, Ltd, a
p. M, w. II. Hoogs, president, in tn
chair.
Among the first items of bushes
was the reading of the treasurers re
port. This showed the debt due to tn,
agents, on last previous report. as $34,
1893. The expenses to Dec. 81, 1903
were s5,473.S5. Receipts from water
rights, etc, were $5675.sS. The debt tc
Alexander & Baldwin, Ltd, on the
same date was $33, 1916.
Officers for the ensuing year were
elected as follows:
| W. H. Hoogs, president.
j. F. Morgan, vice president.
G. M. Rolph, treasurer.
II. Armitage, secretary.
John Guild. auditor.
A. Hooking and J. A. Magoon, in ad-
dition to the officers. directors.
Jas. b. Castle gave out the first hint
or the offer mentioned when he declined
nomination as director, saying that
he was present as d representative Of
the agents. He added that there was
possibility of making an arrange
ment with Haiku, Paia and Hawaiian
Commercial & Sugar Co. plantations
for their utilization of Nahiku water
on terms similar to the Hama lease that
fell through That transaction nu-
thorized in May, 1902. was rental
60 No =.
money paid in by stockholders.
He concluded by suggesting that a
resolution be adopted authorizing the
directors to use their best endeavors
to negotiate the sale of water rights
at figure not less advantageous than
was proposed to Hama Plantation Co.
Mr. Hooking reminded the meeting
that, besides water rights, the COM
pany had quite a little block Of land.
Mr.. Castle said that all that the plan
tationS in question could utilize was
the water. That was all the value of
the land.
Mr.. Morgan thought the resolution
went too far in authorizing the actual
disposal of the water rights by the di-
rectors. He would have the directors
oiiS ottttiii al lOE DuTCUaSe OF
lease ana submit it to a meeting of the
stockholders.
Mr.. Castle replied that the proposal
was identical with what the company
had agreed to do before. AS to an
offer for sale he was convinced that n
vote to sell the property at this meet
ing would not bind stockholders who
were not present. Alexander & Bald
win had talked over the matter of
what they would give for Nahiku stock
or course if they bought a majority
the stock 1t would give them control of
water rights and everything.
why not make the proposition
here" President Hogs asked
Mr.. Castle in reply stated that all
that Alexander & Baldwin were willing
to pay was forty per cent. of what had
been paid in. This offer would remain
open during January. AS to a lease,
it was possible that Alexander e. Bald
win might do better than in the pro-
posal to Hama.
President Hoogs, after a little gem
eral talk, asked shareholders by name
what they thought of the offer of forty
cents on the dollar. do you consider
1t an attempt to freeze out the small
stockholders" he put as test ques-
ton, explaining that it was to avoid
having any after criticism.
There was practical unanimity in
answers favorable to accepting the Of
fer. one man reserved his opinion, as
he held stock in trust, while another
did not care to decide Offhandedly.
These two were the only exceptions to
the opinions in favor of selling the
up the company as a sugar planting
On a suggestion to take a stock vote |
Of those present on selling out, Mr.. |!
Castle sent into Alexander & Baldwin's |
office for their proposition to buy the |
stock, in black and white, When the |
document was brought and read, nearly |
Ill present forthwith signed an agree |
nent to sell their respective shares.
Mr.. Hooking moved a vote of thanks |
% Alexander & Baldwin for their gem
srous treatment of the stockholders, In |
carrying the company over for the past |
.wo years, which had made it possible |
or them to get something back.
This was well received and unani-
nously adopted.
Mr.. Castle spoke the appreciation of
Alexander & Baldwin for the express
sion, contrasting as 1t did with the
'ecriminations sometimes heard upon
he failure of enterprises.
After the meeting Secretary Armi-
age saw other stockholders on the
outside, with the result that signatures
If holders of more than 5000 shares.
were obtained before night.
rhe total number of shares alive Is
1,7O9. This represents ss1.963 paid in.
Forty per cent of this, which Alexander
Baldwin offer. makes s327s5, which.
dded to the debt of S33,916 due them,
mounts to s66,7Ol they pay for control
4 the assets of the Nahiku Sugar Co.
'hese include about 800 acres of land
n fee simple. which comes into Alex
paar G. paIduin'o ahaolnta control nj I