The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1907-11-29
TROUBLES Of
0OKALA PEOPLE

Inc pTOpOScQ OL III
Ool1ala Sugar Plantation Company il
not the result OF any inability to reaci
an agreement concerning an extension
of the leases of the plantation land:
(thoegh the question of leases had
some weight in the matter), a:
reported more or less sensationally in
the Star yesterday afternoon, accord
ing to the following letter written by
George n. Robertson, the company
treasurer. TO the Advertiser. Mr.. Rob-
ertson quoted an editorial from the
Star, which states that the inability
OF the government and Ookala planta-
ton TO agree upon terms Of land leases,
resulting in the liquidation of the COM
pany, is the first failure TO agree of
this kind, among many possible ones, y
and says:
Editor Advertiser: The enclosed
slip is cut from the editorial column
Of this afternoons Star,
In this connection 1 beg to say the
Star has been misinformed as to the
question of government leases, being
the direct cause of the proposed liqui-
dalton OF the Ookala Sugar Plantation
Co. Il is simply a combination of
unfavorable circumstances that has
moved the directors to bring the mat
ter before the stockholders for action.
The charter of Incorporation of this
company VIII expire by its own limi-
tation on October 1st, 1909.
GEO. II. ROBERTSON.
Treasurer o. s. P. Co."
In addition to the letter Mr.. Rob-
ertson said;
1t has been considered for several
months past on the part of the agents
advisable to notify the directors of the
plantation that it would not be con-
Venient to continue as agents.
The proforma statement of posi-
bilities was drawn up by the treasurer
and unoficially presented to the larg-
est individual stockholders who in turn
presented it to the directors.
The result was that the mat
ter was taken up by the directors
in a formal manner, when it was
decided TO place the whole question
before the stockholders, OF course the
charter OF the company could be re-
newed, but the question seems 10 be
whether the stockholders would not
rather draw out now and place their
money TO better advantage"
At the meeting OF the directors, held |
on the twenty-third instant the state |
ment Of the possibilities was consider
ed and a resolution in the matter was
passed, calling special meeting OF |
the stockholders and concluding as
follows:
Whereas, 1t was further shown that
- NsNs, 4. l,,e. tsn1 a
vantage by reason OF the fact that |
almost its entire landed estate used
Tor cane is leasehold (about two hun
dred CSOol acres being owned In fee),
and "a that with the renewal OF every |
lease higher rentals are demanded, co |
that the agents are not prepared TO
finance the corporation after July l,
1908 as going concern, go that the
bonds OF the corporation, $4,000, are
due In 1899, and 1t Is uncertain whether
or not same can be foated anew. or
the bonded debt reorganized, 90 that
in the twenty-eight years of its ex-
istenoe this company has paid but
sl1s per cent in dividends, making
evident that it is a property not ad-
vantageously located or possible to
operate with any certainty of a reason
able profit.
Therefore. Be 1t resolved by this
board of directors that it recommend
to the shareholders at a special meet
ing 10 be called for the purpose De-
cember ii. 1907, that it proceed to liqui
date its affairs along the lines indi-
Gated by the foregoing memorandum
for the benefit of the shareholders, it
being understood that the present
agents viii if desired. continue to act as
agents of the corporation during such
process of liquidation"
The notice calling the special meet ,
ing explained the object fully. as fol-
lows
THE object of the above-called ,
meeting is covered by a resolution i
passed at a meeting of the board of ,
directors held this day, as follows: /
Whereas, At a meeting of the direc- ,
tors of the Ookala Sugar Plantation ;
Co., held this day, the following memo
-andum showing the probable result
IF liquidating the affairs of the cor .
,oration was submitted and considered :
by the board, viz:
"Proforma memoranda of possible
outcome for stockholders of the Ookala
Sugar Plantation Co., should the plan
alton go into liquidation.
Estimated debts to agents on
Jan. l, 1905 ................... 5 $4,000 !.
Inc years expenses-Estd. Jan.
l, 1908 to Jan. l, 1909 no plant
ing to be done ............. 100000
s215,OOO n
crop for 1905 n
7sS acres plant a S1s. 1884 T. u
GA acres rattoons a 2.-134S
1892 n
Balance credit Jan. 1. 1902. $500 e.
crop for 1909 II
s22 acres plant a So ..SOs2.5 d
1865 acres rattoons q c,
? 1-S ..2f2ls
5sO4 z