The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1904-01-16
NAH|KU CD,
STOCK SOLD
Shareholders Paid
$O.40 on Each
Dollar.
Offer From Alexander &
Baldwin to Buy
Accepted.
Total Cost OF Settlement With
Control OF Assets TO
A. 6 B. 500, 7Ol.

y are offered forty cents on the dolla
for the money they have paid upol
their shares. majority of them a
the annual meeting of the compan,
yesterday afternoon signed their &C
ceptances of the proposition subnitte,
: in writing by Alexander & Baldwin
Ltd, the company's agents.
The meeting was held in the board
room of Alexander & Baldwin, Ltd, a
p m., w. H. Hogs, president, in tn,
chair.
Among the first items of business
was the reading of the treasurer's re-
port. This showed the debt due to the
agents, on last previous report, as $34,
1903. The expenses to Dec. 81, 1903
We're s5,47385. Receipts from water
rights, etc, were $5,675.SS The debt to
Alexander & Baldwin, Ltd, on the
same date was 1916.
officers for the ensuing year were
elected as follows:
w. II. Hogs, president.
j. F. Morgan, vice president
G. NJ. Rolph. treasurer.
HI. 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
of the offer mentioned when he declined
: a nomination as director, saying that
| he ~ tot 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 au-
thorized in May, 1902, was a rental
equal to g per cent per annum upon the
money paid in by stockholders.
He concluded by suggesting that
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
only obtain an offer for purchase or
lease ana submit it to 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 a
vote to sell the property at this meet
ing would not bind stockholders who
We're not present. Alexander & Bald
win had talked over the matter of
what they would give for Nahiku stock.
OF course if they bought a majority
the stock it 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 & 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
it an attempt to freeze out the small
stockholders" he put as a 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
stock as the quickest way of winding
up the company as a sugar-p planting
proposition.
On a suggestion to take 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
all present forthwith signed an agree
ment to sell their respective shares
Mr.. Hooking moved a vote of thanks
to Alexander & Baldwin for their gem
erous treatment Of the stockholders, in
carrying the company over for the past
two years, which had made it possible
for them to get something back
This was well received and unani- !
mously adopted.
Mr.. Castle spoke the appreciation of
Alexander & Baldwin for the express /,
sion, contrasting as it did with the !,
recriminations sometimes heard upon