The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1906-03-01
HONOEAA HOLDS
ANNUAL MEETING


The annual betting of tHe s.1.sh1Ii-
ers of H1r5kl9 Sugar Company Ltd
was held Yesterday mornius at the Of
flee of B.. A. scbsefer and Company
President Seb5efer read the fpuoviug
report.
Geut.meu. Q have the honor to SUBJ
INIT To- you ut your annual session "a /
few remarks to accompany the yearly
report of the manager. X. IS. Gjerdrum.
together with the yearly statistical
tables. which are prepar q iu the usual
manner
1t viii Doe unnecessary ON my part
To- further comment ON these figures as
the tables reproduce them iu come
-hensiye FORM but / beg To- call your
attention to the same .as they give
valuable statistical information.
on the other hand, the managers
report is very fun and conveys sub
stantioal information I'm regard to the
operations of last year. the extensive
permanent improvements To- the Conn
pany's boiler system, boiling house and
transportation facilities, the growing
crop for this years harvesting, the
plant cane for 1907 and the proposed
planting for ths'crop of 1905, and other
matters of general interest and linz
portance, all of which 1 commend to
your careful perusal
on the same principle which was
adopted by the stockholders at their
l To-. all h..
actual cost of permanent improvements
over a number of years, i'm order not to
burden present stockholders with eX-
penditures the benefits of which will be
enjoyed through the years to come by
themselves and their successors, the
directors have authorized am issue of
the compauys notes not to exceed a
total sum of 100000. This issue will
also covers the assessments leview byy
the Sugar Factors Co. Ltd ON the basis
of tonnage of sugar, and he distributed
over a period of five years from and
after July T. 1907. l am confident that
| this disposition win meet with your
approval.
The past year has not been as sue
! cessful a one as it was expected to be
at its commencement The high sugar
prices then prevailing gradually de-
clined, and by far the largest part of
last years crop went into market at
greatly reduced market rates, conse-
quent upon the long time sugar cargoes
were I'm transit to their destination.
The contracts with the Hamakua
Ditch Company for the construction OF
the upper ditch at an elevation of 2000
to 24OO feet will now be commenced, and
1t is expected that within a year from
now water will be supplied from that
source. This will solve the question
of transportation of cane to the mill by
Tuning The lower ditch at an eleva-
ton between 800 and 1920 feet will also
be under construction during the cur
rent year, and its water supply will
serve for irrigating as well as fluming
purposes.
In regard to dividends ! would say
that the directors have deemed it best
to continue the payment of monthly
dividends until the annual meeting of
the stockholders, when the financial
status of the company would prove the
necessity of suspending the payment of
dividends for an indefinite period. With
the unfaVOrable sugar market ana the
prospect of low sugar prices prevailing
through the year, this course of action
is the more urgently required and viii
necessarily have your support.
The Honokaa Sugar Company Is in a
most efficient condition for doing good
work and all the improvements made
in its machinery have proved to be a
complete success.
At the meeting Of the board Of direc-
tors Tuesday the payment Of dividends
was suspended until further notice. The
stockholders ratified that action yester-
day.
= The following officers We're elected
President +. c. Schaefer, first vice pre-
sident w. II. Baird, second vice presi
dent Il. POLITE, Secretary j, w. Valid
ron, assistant secretary H. schwartz
Treasurer w. LAM auditor T. A. Me
Inerny; board Of directors f. a. Schae
fer, w. H. Baird, w LAM, j. w. Wal
dron, w. L. Hopper, George Rodiek anC
! II. FoCke.
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