The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1905-05-19
OLAA BUYS PUNA
Continued from page one.

Spencer A. w. Bottomley, b. F. Dill
lingham, e. A. Mott-Smith, ). NJ. Da-
mon and w. o. Smith.
In the absence of President L. A.
Thurston, 5. NJ. Damon moved that b.
f. Dillingham; take the chair
The chair announced that 153, 66}
shares We're represented present out of
219,OOO.
The minutes of the previous meeting
were read and approved. Chairman Dill
lingham announced the object of the
meeting was to consider the acquisition
of Puma if it could be done on advan-
tageous terms. His letter to the Olaa
company was read by the secretary. 1t
pointed out that the Puma property
should be taken over to save if possible
the 100000 already invested by Olaa
therein.
w. r. Castle moved, seconded by f.
NJ. Hatch, that Dillinghams letter be
accepted and placed on file.
Castle offered the following resolu
ton:
Resolved, That the directors of this
company be and hereby are authorized
and directed to purchase from the
bondholders of the Puma Sugar Co,
Ltd, through 3. f. Dillingham;, all of
the bonds of the Puma Company in ac-
cordance with the suggestion contain
eG in letter dated April "a, 1905, Of b.
f. Dillingham; to this company to wiz:
for $444, 900 par value of bonds, 22,O00
paid-up shares of this company: for
5000 par value of said bonds S1S,66G.65
cash.
w. O. Smith stated that he was rep
.resenting w. r. Shipman and was in
structed to vote for the acquisition OF
Puma. The question in his own mind
was whether Puma was worth having
or not, whether it might not be better
for Olaa to stand the loss which it
would have to sustain by such a course
rather than to assume the property.
However the Puma property was valu-
able and might be a great acquisition.
The feature of the necessity of the IL
nancial credit of Olaa being sustained
was, in Smiths opinion, most impor-
taut, and the Olaa and Puma interests
were greatly involved in the public eye.
He had, he said, approached the mat
ter with hesitation, but he was con-
Z
ing Puma was a sound one
A. w. Bottomley as one of the di-
rectors who had visited Puma, made a
detailed statement respecting the con-
dtion of affairs at both Puma and Olad.
5. NJ. Damon handed in a statemen.
as from the agents of Olaa which ran
as follows:
| AS shareholders we do not con-
slider it I'm the interest of shareholders
/ OF Olaa that so large a portion of the
assets of the Olaa Sugar Company
should be given to the bOndholders of
Puma for their bonds.
THE debt of Olaa today to its agents
| is $4,000, and under present circum-
stances, we are not prepared to make
any advances to the Olaa Sugar Co
Ltd, for the purpose of carrying on
Puma Plantation"
| w. r.. Castle said that what the fl
nancial men said on so large a proposi-
tion was of course of the greatest inn
/ portance.
! S. NJ. Damon then gave an account of
the financial difficulties that had s.
burdened 1t, and the measures that hal
been taken TO meet them. When the
present agents took hold of Olaa againF
the advice Of friends, it had been THEN
policy then to cut adrift from Puma
and to devote every dollar we could gel
to Olaa The results have justified this
policy. And today Olaa is second to nc
plantation i'm the Islands in its future
prospects. BY concentrating it's efforts
on Olaa alone and not spending money
on Puma or the Hilo railroad, We shall
develop a splendid property. 1t has H.
600 acres, is has water facilities anC
everything else i'm resource If 1t hal
the 5000 600 which it has advanced I,
Puma and Hno railroad it would not b,
i'm the condition It is. That money IL
gone and there is no use crying owe
split milk, But the lesson is, the poin
| want to make is, that if we coniin'
ourselves to Olaa and don't divert GU
attention to Puma or Hilo railway vi
n No "a ,.fog,f tta gnnNua pttrealUag a.