Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1907-12-31

day authorized by meeting of the
stockholders which had been called to
consider the matter. All those pres.
cnt agreed on the advisability of the
gale, the only opposition being made
on account of the fact that immediate
cash payments could not be arranged
for. There were 90 persons present,
representing 1862 shares of total
Of 10000.
The business of the meeting was
opened by the reading of the following
resolutions:
Whereas, The Kihei Plantation Com.
pany, Limited, has not since its com
mencement produced sugar at u
profit; and
Whereas, There is no present pros.
| pect of change in this respect; and
Whereas, 1t Is believed by those
voting for this resolution that Il will
be in the best interests of all of the
stockholders of this company, to sell
al of the property and assets of this
company, divide the net proceeds pro
rata among the stockholders of the
company and disincorporate the com.
pany; now, therefore, be 1t
Resolved, That the directors be. and
they hereby are, authorized and direct
Cd to use their best endeavors to sell,
;ssign, transfer, deliver and convey
rot later than July /, 1908, all of the
property and assets OF the company,
| tor the highest sum and upon the best
terms and conditions which, in their
discretion, they can secure, but for a
sum not less than five hundred thou.
sand dollars over and above all debts
of the company then outstanding; and
they and the proper officers of the
company are hereby further author
lied to execute and deliver in the
name of the company and under its
seal any and all contracts of sale,
deeds and other instruments in writ.
ing necessary for the cfTectuatiOn OF
such sale and the conveyance aud dc.
livery of said property hereunder.
That upon the receipt of the pur.
chase price, upon such sale, the said
directors be, and they hereby are, d.
rected to take the necessary steps to
| disincorporate this company and to
distribute and pay to its shareholders,
PRO rata upon the stock held by each,
The net proceeds Of the sale Of the
property and assets of the company,
herein authorized.
Cooke further stated that the COM
pany had last year suffered "a net loss
Of $4,000 although it had had as much
water as 1t could expect. On Dccem.
Der ] last, according to the reports
presented, the company was in the
mole $4,000. On December 81, this
year, estimated, the indebtedness of
the plantation was $5j,536.S7, made up
as follows:
Balance due Alexander Il
Baldwin, Honolulu .....$ 80, $50 81
Sugar Factors Assessment 1,595 90
Merchandise account, Dec. LIP 90
December pay roll, estimat-
ed OBSERVATION-DISCLOSURES. 5000 90
$4l,S97 80
Less from Sugar Factors
Company, December 80. 1921 90
$3S,G16 81
Bal. due Alexander & Bald.
win, San Francisco ..... 1920 90
Payment for oil, etc, since
estimate .............. 5000 90
Total to Dec. 81 1907 s. So, $3.50 81
"Kihei has been great disappoint-
nent to us ALL" said II. p. Baldwin.
ut has been great disappointment
10 me. have struggled long to make
II pay and am among the heaviest
losers in having to abandon the plan
lation. II Is a thorn in my flesh to-
think that so many have lost in this
Yenture. Every other thing | have
attempted in the sugar business Is n
success. We had wrong information,
1T least | had, regarding the cost Of
pumping with the high lift pumps and
the expense was greater than we had
anticipated.
Il think now that 1t would be better
TO sell to some already existing large
plantation, which perhaps can do
something with 1t. While we are all
going to lose heavily by this, yet
think It is the best thing to do and
think that there is Il good prospect
now of being able to put through the
deal You all know who the prOspeC
tive buyers are, but | will not an
Eounce them publicly for fear that
further complications may arise.
There has been some little compiled
ton already but think now that the
negotiations can be put through and
the company receive 100000 net for
the stockholders.
Some questions were raised in re.
gard to when the cash payments
would be made, some of the stockhold-
Crs wanting their money Immediately