The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1907-10-17

the laws of New Jersey, with a cap,
itaI of one million dollars, of which
| the All. s. S. Co. shall subscribe
| sixty per cent. and the island interests
| forty per cent, at par, shares to be
! one hundred dollars each: that q
| bond issue be authorized--say fo1
| 5000. 600; and stock be issued te
an amount sufficient to provide for the
| difference between that derived from
| the sale of bonds and the cost of the
| steamer-S1, $50, 900 minus 5000, 900, equal
| $3.50, 000
We have obtained preliminary plans
for steamer about five hundred feet
long, sixteen knots speed, to accommo-
date between two hundred and three
hundred saloon passengers, and carry
about nine thousand tons of measure
ment cargo and five thousand tons
weight of sugar, with refrigerating
plant and special provision for carry
ing bananas. Such a steamer we
W oulu expect to be up-to-date in every
respect, and be able to make the trip
in five and one-half days, and main
tain a schedule of twenty-one days.
We are, of course, not in a position
to obtain a definite bid. but we esti-
mate the cost at 1880, 900, including
interest charges.
Should we decide to take up this
enterprise, the placing of bonds would
naturally devolve upon us; and upon
the condition of the money market
would depend the rate of interest-fve
to six per cent. The owning company
to make a contract with the All. S.
S. Co. to operate the steamer, paying
the All. S. S. Co. an annual fixed
reasonable price, to be mutually agreed
upon, to cover administrative services,
and the full and free use of the or
ganization of the All. S. S. Co., which
to account to the owning
for every dollar expended and
received, so that the actual net re-
ceipts of the passenger steamer will
go to the owning company. Officers of
the owning company shall receive no
salaries
The arrangement between the All. /!
S. S. Co. and its general agents, and I
its general agents for the Pacific !
Coast, shall be extended to the pro-
posed steamer; and a satisfactory COM
mission arrangement shall be made
with the sugar shippers. A reasonable |
freight tariff shall be arranged with |
the shippers, and the passenger tariff
shall be scaled according to accommo-
1ations on the basis of minimum of
so one way.
There shall be no passes issued to
lnyone-not even to officers of the
All. S. S. Co. 1t is vital that this
ule should be made at the outset.
The ALI. S. S. Co., on account Of
he service it will establish between
san Francisco, Honolulu and Salina
Truz, with sailings every twelve days,
hall arrange so that these steamers
hall not conflict with the proposed
passenger steamer in the freighting
BUSINESS between San Francisco and
honolulu.
There would, of course, be a con-
ract with the sugar shippers which
7ould guarantee the steamers full
apacity of sugar during the season.
By an analysis of the above, you will
eadily see that less than four hun
red thousand dollars would have to
e provided by the Honolulu commu-
ity, while this company would have
) provide, including the marketing of
onds, over a million.
AS there is some prospect of the
ubsidy Bill passing the present Con-
ress. which might, result in making
large demand upon the shipbuilding
oncerns of the country, it is desira-
lie to bring this matter to a head as
arly as possible.
With the assurance that this COM
any would do all in its power to pro-
ide a most suitable steamer and give
square deal all the way round, 1 am,
ruly yours,
(Sgd.) GEO. S. DEARBORN,
President.
October l. 1907.