The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1905-04-21

Honolulu, April Ifth, l9U0.
Honorable d. p. r. Isenberg,
President of the Senate,
Territory of Hawaii.
Sir
The Directors of the Honolulu Rapid
Transit & Land Company having re-
viewed the report of the Senate Com
mittee, appointed under Resolution II
re this Company. note with surprise the
startling conclusions of the Committee,
and by order of the Board [ beg TO
represent to the honorable Senate the
following:
FIRST: The answers made to ques-
tions 1 to V, inclusive, set forth on
pages l to S of the report, and slgneu
by your Committee s Accountant, Mr..
Allen w. T. Bottomley, are presumably
correct, the books of the Company hav-
ing been thrown open to Mr.. Bottom
ley, and every facility afforded him by
the officials of the company for aseer-
tanning and tabulating the items set out
in his own report to the Committee.
SECOND: | would respectfully rep
resent that the tables and deductions
in the body of the Committee s report,
as set out on pages 2S to "a thereof, in
so far as they adhere to the records
OF the Company s books, as set out IN
detail by Mr.. Bottomley, are also pre-
sumably correct; but such adherence
goes but a short way, and as Mr.. Bot
tOmley has disclaimed any responsible
ity for any exhibits in the entire report
not over his signature, the Boaro
feels called upon thus to make known
to your honorable body that no member
on your Committee has requested any in
formation of the officials of the Company
in connection with the report, neither
has any member thereof visited the Of
fees of the Company nor seen any of
its books or records in relation there
to, nor has any person on the Commit
tees behalf, other than Mr.. Bottom
ley, made any effort whatsoever, as far
as known to the Board, to get any in
formation for the report from the of
6cers or books of this Company. The
Board submits herewith a copy of its
published Annual Report for 1904, and
represents that certain
findings OF tho Committee cannot prop
erly or cons stently be based thereon,
nor, except as to minor points, on the
Bottomley report.
THIRD: The actual cost of the
property of the Honolulu Rapid Tran
ut q Land Company, as per vouchers
- h1iSs e'S VI DCSSIiDcI c1St- ISOt, WAS,
is shown in the Annual Report here /
With, 1,56S, ,S02.43, which includes the
let cost on that date of the Hawaiian !
Tramways purchase, amounting to
'292, 1899, and certain equipment and
upplies.
FOURTH: The outstanding capital
took of the Company as of the sa.re
late, amounted 20 81. LA 2nC 10 which
vas less than the actual cost of the
'ompany's property by $425, 1924 and
ess than its assessed valuation for
axation purposes during the prpvions
ear by $209,215.OO, said asses 5ed
alue having been $1,352, ,215.0O. In
smuch as the honorable Committee has
ssued public report stating in effect
hat the stockholders of this Company
ave already appropriated to them
elves over three dollars of common
tock for each dollar paid in, in cash
which action, it alleges. could be only
or the purpose of defrauding the Ter
tory of Hawaii from any compensa-
ion whatever under the provision of
ne franchise for a contingent divis-
IN Of earnings with the government),
is evident that the Committee has
cen mlsled by ex parte assertions of
1me person or persons in the commu-
Ity who, for reasons unknown to this
Continued on page 81 J.