The Hawaiian gazette., 1905-01-27

Everything passed OIL narmOnlOuSly
at the annual meeting of the Honolulu
Rapid Transit and Land Co., Ltd, yes
terday. Reports of the directors, the
Il easurer and manager were read. The
stockholders ratified all of the acts of
the board of directors for the past
year.
A resolution was adopted authoriz-
ing the directors to take steps to have
the franchise of the company amended
so that the abuse of the transfer sys-
TEN may be prevented. AS the fran
chise stands, under Interpretation of
the Supreme Court, passenger may
ride around on one fare from the start
ing of the cars in the morning until
their stopping past midnight.
Some items from the reports are pre-
scented below. The secretary will pre-
pare q 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
nual 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, Haiihi to Diamond
Head, 7.467 miles.
Hotel street line, Wyllie street to Pa
waa junction, 4.S11 miles.
Fort street line. royal mausoleum
to Bishop wharves, 2.206 miles.
Reretania street line, Fort street to
Pawaa junction, 2.232 miles.
Alakea street line, Pauoa to Fish
market, 1.24O miles.
Manoa valley line, Wider avenue to
valley terminus, LAS miles. al
waialae road line, Pawaa junction
to Waialae ridge, 2.476 miles.
South street line, Hotel street to
Queen street.
Queen street line, River street to Fort
street.
The earnings from passengers
amounted to 1921, 9S9.O5, an increase OF
S42, 116 over 1903. Freight earnings were
s974.9O, an increase of s929.60. 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 a substantial increase in
our freight haulage is encouraging"
| There was no sale of current, against
$l574.92 the previous year, but attrac-
tons yielded $2593.4O, all increase.
Total earnings were 1926, 557.35, an in
crease of $44,064.0S over the year 1903.
| Maintenance, in ways and structures
cost 11,105.SS. and in equipment $12,-
045.25, increases respectively of $1S35.97
and $1161.35. Transportation, in power
plant, cost $50, 4S9.54, and in operation
of cars $112, 44041, increases respectively
/ of $452.17 and $25,355.S0. General ex-
penses of 1,79676 are an increase OF
S13, 1920 All of which make the oper-
ating expenses for 1904 $f97, 877.34, an in
crease of s42,29s.49.
| The net earnings from operation were
1927. 6SO.01, an increase of $1765.59. Rent
$35S3.52, is, compared with 1908, all
velvet except $455, and s97S.95 interest
is an item not appearing the previous
| year.
The gross income less operating ex-
penses was $132,242.4S, which is better
than 1903 by $5873.06. Taxes at S15,-
47S.S1 and interest at $3.50. S5O4O, exceed
those items for 1903 respectively by
$5S2S.55 and 1O,952.95. the total deduc-
lions from income being $16,776.5O great
err than those of the previous year, so
that the net income, $76.91s.77, was &c.
9O3 A less than that of 1908.
From the net income dividends have
been deducted to the amount of $751;
429.25, leaving a balance of s244S9.52
from which deducting, for loss on earn
J ings of 1908. s2s7O.74, the sum of s22,-
1878 is carried to credit of surplus fol