Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1904-09-03
PLANTATIONS AND SMALL
STOCKHOLDERS.

Revival of sugar prices brings the
attention of Hawaii back to the sugar
stocks. Quotations OF the board are
followed In a more CHEEKY spirit and
the man who has been hanging on"
for the past three years sees some pros.
pect of gaining some income he It ever
30 small a. reward for his financial
struggle.
What do the small stockholders
know of plantation management? This
question is always recurring, more par.
ticularly during the period OF annual
meetings OF on occasions like the pres.
ent, when some may be seeking invest.
ment and other deciding how to dis
pose Of their holdings. There are
mighty few people in this Territory
whose surplus, be IL large or small, Is
not invested In sugar stocks. Outside
the large holders. however, there is
very small proportion that has any
idea of the condition of the plantation
properties in which they are interested
through complete detailed information.
As "A general proposition the stock.
holders know that when the price OF
sugar Is Up, the labor supply easy, the
weather good and the leaf.hopper dis.
appearing. there Is fair prospect OF
the plantations paying their debts or
dividends as the case may be. At the
end of each year an hour or less II
spent in the annual meeting and tho
stakeholder given an annual report
which tells how much money has been
received and the amount expended,
whether there Is a deficit or a surplus.
The majority Of the stock Is hem by
agencies and agencies are the planta.
ton.
The small stakeholder Is not taken
into the confidence of the large stock.
holders who sway the destiny OF the
plantations. A very small percentage
know except In general way
of the funds expended for com.
missions or contributions In
various lines to promote the
sugar industry. Query on these points
Is likely to result In a counter query
whether the seeker for information
does not consider the property honest
ly managed. This response Is non.
sensical because II any stakeholder
feels that he is being robbed he always
has the courts to appeal TO. The stock.
holder simply wants TO know all the
facts.
What the small stakeholder wants In
10 be taken into the confidence OF the
plantation management as intimately
as the agents and there Is no apparent
reason why he should not be given this
consideration. His five or ten shares
represent money, coin that possibly
came harder than the thousands of the
large investor and In many instances
represents his total wealth. Why
should he not be as closely In the con.
hdences Of detailed plantation condi.
tons? Why should not the relations
between the stakeholder and manage
ment OF sugar plantation be as close
as regards detailed information as be.
tween the stakeholder and manage.
ment OF mercantile corporation?
Hawaii seeks to foster confidence and
a spirit OF unity toward the necessI,
ties of the chief product OF the islam ia.
The somewhat distant relation between
the small stockholders and plantation
management is largely the creature Of
custom. which, as the stocks Da,e be.
come more generally held, f. in the
estimation OF many ill-advlsed. II
would be valuable experiment that
could do no harm and might accom-.
plish world Of good II some OF our
plantation factors would start a new
custom which gives as much attention
TO the holder of five shares as is ac.
corded the controlling interest in 1--WE
thousand.