The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1907-03-20
OCEANIC IS IN
HAPLESS
STATE

Il X Xxx X X X X X X X X X Il
X Chronicle, March 13: Serious 4
X obstacles are in the way of fur X
X ther operation Of the Oceanic X
X steamers Alameda and Mariposa, X
X running respectively between this X
X port and Honolulu and Tahiti. The X
X loss of the Japanese immigration X
X traffic, on account of the exclusion X
X act, will cut down the profits on X
X the Hawaiian line, and competition 4
X between the Pacific coast and Ia 4
X hiti is threatened by the reported X
X invasion of a French steamship X
X line It is doubtful if the rem X
X nant of the Oceanic's business will X
X prove sufficient to keep the CON- X
X pany afoat, in view of its heavy X
X bonded indebtedness. X
4 X Il XXX X X kk X Xxx 4 4 X
In the course of an article on the
difficulties of the Oceanic line, of which
the above excerpt is part, the Chroni-
Gle says:
The Oceanic officials do not state the
value of their property, or announce
their intention relative to the dispo-
sition of the three Australian steamers,
two of which are en- route to San Fran
cisco. The last to reach port, the So
mona, will arrive in two months, and
the trio will be given thorough over
hauling.
The discontinuance of the Australian
steamers, according to the company,
will mean loss to this city of $780,
600 year in wages and cost of pro-
visions obtained from local merchants.
The stockholders yesterday reelected
the old board of directors, as follows:
John D. Spreckels, Adolph B. Sprecke1s,
John D. Spreckels Jr., FL. E. Bothin, j.
w. Bourdette, W. D. K. Gibson and FL.
w. Thomas The directors reelected as
officers: John D. Spreckels, president;
Adolph B. Spreckels, vice president; FL.
w. Thomas, secretary.
Among the causes assigned for the
action is the withdrawal of the New
Zealand Government mail contract last
month, worth 100000 year to the
company The loss OF the contract
was the outcome of the decentralization
of the company's business at the time
of the April fire, when time schedules
were badly disarranged by one of the
vessels being held in port here, owing
to lack of a crew Several years ago
the Australian Government withdrew
ats mail contract from the company.
Other difficulties have beset the COM
pany in the way of sailors strikes, and
duties placed on certain commodities,
which caused a reduction in its freight
business of nine shiploads out of seven
teen previously carried during the year.
The tariff on salmon and paper cut the
largest figure Spreckels' report con-
tinues:
EsBut the failure of Congress to rec
ognize the necessity of maintaining the
Australasian service under the Amer
lean flag. by granting to US such rea-
sonable assistance as is accorded by
other nations to their vessels which
carry their mails to the important
in the southern hemisphere,
is the real cause which compels the
suspension of that branch of our busi
ness.
''Now that the vessels named are to
be withdrawn from service, before they
are to be operated again they should
be given the general overhauling which
six years of continuous hard usage |
demands, and be placed in condition to
meet the requirements of any other
service in which they may be utilized.
been built particularly to suit
the trade in which they have been oper-
ating, it will be necessary to make
some considerable alterations to adapt
them for any other"
1t was made known at yesterday S
meeting that the net loss during 1906
was $103,97094. An overdraft IS due
J. D. Spreekels & Co. of $1,s77, 1857.
A director of the company stated that
the company paid regular dividends
until 1902, but since then has lost sew
eral hundred thousand dollars.
1t is admitted by the company that 1t
viii probably default in its interest
payments on bonds to the amount OF
s2,405,00 held by various individuals
md concerns. If the accrued interest
$ not paid in July the property OF the
viii be turned over to the
oondholders on foreclosure. The COM
,any is delinquent in the payment OF
interest for January.