Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1908-04-07
SUGAR TRUST
Continued from Page u


pany would have decided to be rs
generous on the subject of making
such financial statement had 1t not
been for the fact that IL is required
by the laws of Massachusetts to file
statement of its assets and liabil-
tiles with the Secretary of that State
In order to transact business in
| that commonwealth. In view of this
| fact It's directors were more inclined
to go step further and make known
| its new income and surplus.
Publicity Was Opposed
1t was contrary to the policy of
| Henry o. Havemeyer, founder and
president Of the company, to give
any information regarding the COM
pany's affairs. and even its statement
of the assets and liabilities was not
published until the corporation was
forced to do so by the Massachusetts,
laws. At all the annual meetings of
the stockholders, Mr.. Havemeyer
stated publicly that he was opposed
to the giving of any information on
the ground that the company thus
would he playing into the hands of
it's competitors. Mr.. Havemeyer's
death last December opened the way
for the stockholders, who frequently
had requested more details on the
company's operations to urge their
demand more strongly than previous
ly and at the latest annual meeting
they succeeded in obtaining n prom-
Use of a new policy of publicity.
OF the total assets, $4S,S25,335
, represented rehneries plant account:
, s5,645,193, Brooklyn Cooperagc Co.
property; S375,S16, Brooklyn Trans
I port Co.; s599,435, Brooklyn Dis
. filling Co.; S25O,0OO, Insular Im-
: provement Co, of California;; s17,-
532,22G, refineries' sundry supplies.
V raw sugar, including sugar to ar
{ rive, refined sugar and stock in pro-
[ cess of manufacture; Sj,OlG,9G7
a cash; $17,665,500 loans: $5,93i, 4Sl,
d accounts and bills receivable; &c.
Il 933,S7O, bonds and stock held for
d reserve, and S22 ,052, interest in
Q beet sugar and other corporations.
h Its total liabilities included $i5,-
= 600, 900 in preferred stock; $4,000
0 600 in common stock; s9,327.269 in
d accounts and bills payable; S1,5Sj,-
o AS in unpaid dividends; $1,5OO,O
n in reserve for rebuilding; s5,459,9
l. fire insurance reserve, and $25,57G,-
IS 1886, surplus as contingent reserve
IF for business purposes, for which au-
II thority was given by the stockholders
lie at their latest annual meeting.
ir Report Asks Conservatism
Commenting upon their departure
on the subject of annual reports tifs
f. directors said:
n THE directors have had prepared
u and herewith enclose a report of the
re financial condition OF the company,
ry in accordance with the action taken
to at the suggestion of the management
of Mt the last annual meeting. The re-
e. port Is an annual one; II shows cash
of assets and cash surplus for the
to business of the year, which may seem
considerable to the stockholders, but
a. the directors wish to impress upon
at. them the importance to the business
rt- of having a large reserve consisting
lr- of cash and cash assets.
Ike "The success of the company dc,
of ponds materially upon its being pre-
nd pared ut all times to meet such cmcr
ta- gencies as are presented by the ma
ture of the business and the larg,
Sc transactions involved.
,ed "As was stated ut the annua
ro- meeting whatever surplus there 4
III belongs to the stakeholder. The dI
eet rectors are of the opinion that il 1
for to the interest of the company /,
of maintain dividends at steady rath
er than at fiuctuating rate. Tn
object of sending to the stakeholder
the enclosed report is that they shall
obtain such information as 1t is be
lieyed they may desire.
80 far rs concerns further stat
X ment of details the board will &C
upon the policy of the company hitf
erto followed, namely, that the In
formation given shall be only tina
,on- for which the stockholders at lare
'ecn may ask and that all stockholdel
own shall be treated alike.
rtu- "The directors recognize the pr
,rie- priety of giving to stockholders il
for formation for which they, as a bod
tive may call; but it should always |
TO kept in mind that at times this Il
two formation is desired by those wi
ne e wish to use 1t against the interes
now OF the stockholders. This, of cours
- tns requires that reasonable discreet,
aid should be lett to the directors, whit
! W." of they will endeavor to exercise (
'ene- the general interests.
iI6@"s 1T is quite possible that the prt
o ent agitation in regard to publci
tlbIy may result in the passage of pu
cure licity law, which will specify exa,
! ~, ly what I'm forma tinn ub,n Lo 80