The Hawaiian gazette., 1908-04-21
OAHU AND EVA.

ment now that expectations VIII be
OAHU AND EVA.
Oahu Sugar Company has been pay
ing dividends of one and one-half pc
cent a month. The indications nov
are that the crop will not be far from
"a. 900 tons, and that the dividend
will be increased some time during tn,
year.
Eva, which is paying one per cent
month, will have a large surplus t.
be paid out in additional dividends
either, at seems to be generally expect
ed, in extra dividends quarterly, or il
an increase in the monthly dividends
1t is said to be toss-up which viii
have the larger crop, Eva or Oahu.
OOKALA AND HIGHER PRICES.
Ookala is looking up a little. Whe-
it was decided to go into liquidation
on the basis of about $l3 a share, il
was done on an estimate of 500 ton
net for the sugar. The plantation is
now receiving about $75 a ton net
This, of course, works out to the ad-
vantage of the stockholders.
HONOKAA'S BOND ISSUE.
Honokaa Sugar Company has an
nounced a proposed issue of 100000
of bonds, to bear date of June 80, 1908
due in twenty-five years. OF this issue
100000 are to be offered for public
subscription, the proceeds to be used
to take az the existing Indebtedness
of the plantation incurred in extensive
improvements, and to enable the plan
tation to carry out its schemes of de-
velopment and enlargement made pos
sible by the Hamakua ditch. These
improvements incud those to the
mill, its railroads. its buildings, an in
crease in its livestock, the amount in
vested in SUGAR Factors Company
stock, in the clearing of over 1906
acres of entirely new land, the cultiva-
tion of which has been made practi-
cable and prospectively profitable by
the construction of the H9makua ditch
the construction of reservoirs, and OF
fumes and other appliances to make
the new land available. It is stated in
the prospectus that the crop Of 1908 is
being taken from 2460 acres; that OF
1909 will he taken from $500 acres
and that of 1910 will be taken from
S400 acres, which ought to be an aver.
age thereafter.
These bands are TO be in denomina.
tions of $1,000, bearing interest at {
per cent, payable semiannually, du,
in twenty-five years, but payable al
any interest date after ten years. This
is the first per cent. sugar plantation
bond issue to be offered in this mar.
ket for some time, and, though under
the Immediately present condition OF
the money market they might not be
taken up readily now, it is not expect
ed that there win be any difficulty in
floating the issue later,
BOND REDEMPTION.
The financial plan of using some of
the reserve profits OF the present high
prices and large crops in redoeming
bonds where plantations have bond is
sues permitting redemption, seems to
meet with considerable approval. Ii
lis practically certain that this plan will
be followed by the Alexander 4 Bald
win plantations, such of them as have
bonds redeemable at this time. Ha-
waiian commercial and Sugar Com
pany has no bonds redeemable at this
time, but il is stated that the company
will apply part OF its profits 10 going
into the market and buying these bonds
for retirement, unless the announce
ment of such intention puts the price
of the bonds so high rs not to Justify
this method of retirement. The bonds
are selling now in San Francisco
around 95, which, considering the state
of the money market there, is conSid-
cred remarkable. The annual meeting
Of Hawaiian Commercial and Sugar
was held in San Francisco April s. No
copies of the annual report have been
received here vet. From the San Fran
cisco papers It is known that the month
" dividend of 90 cents share will be
continued The officers for the year
elected are: II. p. Baldwin. president;
Albert Meyer, vice presidents; Emil
rsehumi, secretary; Daniel Meyer,
treasurer; +. Z, Baldwin, manager; di-
reetors, II. p. Baldwin. W. NJ. Alexan-
der. f. NJ. Walsh, Albert Meyer. Ed
ward Pollitz, +. b. Anderson and r. I.
Rolph.
RAINS IN HAMAKUA.
Manager Ahrens of the Pacific Mil
Company reports most eopious rains
throughout that part of Hawaii lately.