The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1905-07-10

the WatChfulness of two distinct bodies
is entirely lost.
The committee has read all the min
utes of the executive committee from
May 1903 to date. Nne-tentths of
these minutes consist simply of the
statement of those who are present,
together with the following:
The minutes of the last previous
meeting were read and confirmed, and
all transactions completed since that
date were reported and approved"
The only acts of the executive COM
mttee, aside from the formal state
ment above made, consist of periodical
resolutions covering dividends to policy
holders. There are perhaps half a
dozen resolutions authorizing the APP
pointment of general agents, or the
purchase or sale of important pieces of
real estate.
There are no resolutions whatever
bearing on the salaries of officers or
others. The closest approach to this
being resolution advising the direc-
tors to grant pensions to two retiring
medical directors.
In addition to the formal minutes of
the committee, there is a large amount
of what are called Memoranda min
utes." These are typewriter sheets
containing a list of securities bought
and sold and it is assumed that in each
case the executive committee approved
of such transaction.
The executive committee appoints
subcommittee of two to adjust salaries
There are no minutes covering the re-
Of
verbally stated that the sub-commit-
tee gave direct Instructions to the COM
roller as to the rates of salaries to
be paid. The committee fixed salaries
of higher executive officers only-those
of subordinates being arranged by
their chiefs
The last Subcommittee on salaries
of which there is a record on the
minutes December, 1902 was COM
posed of two persons, one of whom re-
ceiVes salary from the society, and
the other a salary from an institution
i'm which the society is largely interest
ed.
There are, in 1906 thirteen Q3) exc
cutive officers in the society who held
the same position in 1900.
In 1900 these thirteen officers re-
ceved salaries aggregating 1921, 500
In 1905 the same officers received sal
aries aggregating $44S,5OO, an increase
of $15OO0O, or 81 per cent.
OF the thirteen afficers three have
received no increase in salary since
1900. Deducting these the average rate
of increase to the other ten has been 81
per cent. The salaries of six of the
thirteen show an average increase of
Sc per cent.
The salary of the vice-president,
which was $4,000 in 1900 and 1901, was
advanced to $4,000 in 1902, and to $780,
coo in 1908. The rapidity of these in
creases is not only unusual, but there
can be no warrant for them through
any question of ability to retain the
officers services at lower rates of com
At the time the vice-president re-
ceived a salary of $4,000 he was TWEEN
ty-four years of age. When his salary
was increased to $75 900 he was twenty
six and when it was again increased to
S100 900 he was twenty-seven years old.
These facts indicate that the expert
ence of the officer in question could
hardly have been considered a factor
in the estimation of the value of his
1t is found that the vice-presdent of
the society, in addition to holding the
purely honorary position of
director in over forty corporations, is
of three companies from
which he receives salaries aggregating
S27, 900.
The sal ries received by the vice.
president from sources other than the
society itself are as follows:
From the Equitable Trust Co.,
Now York Observation-Disclosures 12, 900 90 |
From the Mercantile Trust Co.,
New York. Observation-Disclosures. 10, 500 90 |
From the Commercial Trust
Co., Philadelphia. $500 90 |
Total. .......................$2 1927, 900 90 |