The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1905-01-27

pare a report to be printed with the
others. 1t was only because he was
not aware a report was expected from
him that he had none ready for the an
nuaI meeting.
REPORT OF DIRECTORS.
The length of road in operation at
the close of the year was 22.965 miles,
as. follows:
King street line, Kaiihf to Diamond
Head, 7.467 miles.
Hotel street line, Wyllie street to Pa
waa junction, 4.811 miles.
Fort street line royal mausoleum
to Bishop wharves, 2.2O6 miles.
Beretania street line, Fort street to
Pawaa junction, 2.232 miles.
Alakea street line, Pauoa to Fish
market, 1.240 miles.
Manoa valley line, Wilder avenue to
valley terminus, Las miles.
Waialae road line, Pawaa junction
to Waialae ridge. PATS miles.
South street line, Hotel street to
Queen street.
Queen street line, River street to Fort
street.
The earnings from passengers
amounted to 1921, 989.O5, an increase of
$42, 116 over 1903. Freight earnings We're
$974.90, an increase of $929.6O. On this
item the report says:
Apart from hauling for our own con-
struction purposes, practically the only
traffic has been derived from "A con-
tract to haul dairy products from one
farm, which have been delivered to us
at our Waialae road terminus. The
outlook for substantial increase in
our freight haulage is encouraging"
There was no sale of current, against
$1574.92 the previous year, but attrac-
lions yielded $2593.4O all increase.
Total earnings were 1925, 557 So, an in
crease of $44, 064.OS over the year 1908.
Maintenance, in ways and structures,
cost 81, 1888, and in equipment $12,-
O45.25, increases respectively of s1S35.97
and $1161.35. Transportation, in power
plant, cost $50, 4S9.54, and in operation |
of cars SIP, 44O.41 increases respectively |
of $45217 and 25,355.S6. General ex-
penses of $31.796.76 are an increase of |
$13, 1920. All of which make the oper- |
ating expenses for 1904 $197, S77.34, an in |
crease of $42. 29S.49.
The nRt earnings from operation were |
1927 6S0.O1, an increase of $1765.59. Rent, |
$3553.52, is, compared with 1908, all |
''velvst" except $455, and $97S.95 interest |
is antitem not appearing the previous
year.
The gross income less operating ex-
penses was 1892 242. 49, which is better
than 1903 by $5S73O6. Taxes at $15.-
i7331 and interest at $39, $50. 40, exceed
hose items for 1908 respectively by
s5S23.55 and so, 952.95 the total deduc-
ions from income being $16e776.50 great
ar than those of the previous year, so |
hat the net income. $76,91S.77, was $10,- |
l03. A less than that of 1903.
From the net income dividends have
been deducted to the amount of $52,-
1926, leaving a balance of $24,4S9.52,
rom which deducting, for loss on earn
ngs of 1903, $237074. the sum of $22.-
1878 is carried to credit of surplus for
9O4. This. again. added to $126, 1872. II
o credit of surplus December 81, 1903,
makes the total surplus December 81,
gO4, $14S 40
The operating expenses, exclusive of |
axes, were COTS per cent of the gross !
arnings as against 55.27 per cent for
he preceding year. The gross earn
ngs were SIS, 05S-S5 and the net earn
lgs $59O5.91 per average mile of road '
perated. as against $17,S17.16 and ST. /
69.77 respectively for the preceding
ear.
Under the head of capital stock the
irectors report the operations by them 6
s authorized in connection with the c