The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1907-11-28
TROUBLES Of
OOkALA PEOPLE
Mr.. Robertson Correets Mis-
statement of the
Matter.

The proposed liquidation of the
Ookala Sugar Plantation Company is
not the result of any inability TO reach
an agreement concerning an extension
of the leases of the plantation lands
Though the question of leases had
some weight in the matter), as
reported more or less sensationally in
the Star yesterday afternoon, accord
ing to the following letter written by
George H. Robertson, the cOmpany's
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, =
and says:
Editor Advertiser: The enclosed
slip is cut from the editorial column
of this afternoons Star.
I'm this connection I beg to say the
Star has been misinformed as to the
question OF government leases, being
the direct cause of the proposed liqui-
Co. It 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 will expire by its own limi-
tation on October 1st, 1909
GEO. H. ROBERTSON.
Treasurer Q. S. p. Co."
In addition to the letter Mr.. Rob-
ertson said:
"It 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 unofficially 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 1t 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 to 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 a special meeting OF
the stockholders and concluding as
| follows:
whereas, 1t was further shown that
| the corporation is at further disad-
vantage by reason of the fact thai
almost it's entire landed estate used
| for cane is leasehold (about two hum
dred (20O) acres being owned in fee),
and % that with the renewal of every
| lease higher rentals are demanded, ~
that the agents are not prepared 70
finance the corporation after July l.
| 1908, as a going concern, CD that the
| bonds of the corporation, $S0,00O, are
due in 1909, and it is uncertain whether
or not same can be fioated anew, OF
the bonded debt reorganized, (D tha'
! in the twenty-eight years of its eX-
istence this company has paid but
| 211b per cent in dividends, making
evident that it is property not al
vantageously located or possible &c
operate with any certainty of a reason
able profit.
."rherefore, Be it resolved by this
board of directors that it recommend
to the shareholders at special meet
| ing to be called for the purpose De-
! cember Il, 1907, that it proceed to Iiqul-
date it's affairs along the lines indi-
Gated by the foregoing memorandum
for the benefit of the shareholders, II
being understood that the present
agents will if desired continue to act as
agents of the corporation during snch
process of liquidation"
The notice calling the special meet
ing explained the object fully, as fol
lows:
..The object of the above-callet
meeting is covered by a resolution
nassed at meeting of the board o
directors held this day, as follows:
Whereas, AT meeting of the direc-
tors of the Ookala Sugar Plantation
| Co. held this day, the following memo
randum showing the probable result
of liouidating the affairs of the cor
! poration was submitted and considered
by the board, viz:
| "Proforma memoranda of possible
outcome for stockholders of the Ookala
sugar Plantation Co., should the plan
tation go into liquidation.
ESTIMATED debts to agents on
Jan. 1. 1908 ACKNOWLEDGEMENTS. t5.oo'
one wears expenses-Estd. Jan.
/. 1908 to Jan. 1, 1909, no plant
ing 10 be done ................ 14oO0l
s215.ooc
ESTIMATED crop for eso8-
7sg acres planr a 31s. 1854 T.