The Hawaiian gazette., 1908-09-01
The onomea pividend.

and beets from 9 shillings 71a pence t.
reaction from shillings Az pence.
The acute cause of the lower range
among the sugar concerns of Russia by
portion of the Russian crop was thrown
is feeling that this was allowed to in
volume would Justify. But the sugar |
duties and cartes is on such an artificial
legitimate result of any factor concernii
Reduced q
But deeper and more pervading an'
sugar failures is the fact that consumpt
possibly not up to its record last year.
business on handto.mouth policy for s
while the trade, from iobbers to retailer
their regular and current requirements.
fruit crop, there does not seem to be
probabilities are that the reduction of
largely due to reduction in the amor
by the housekeepers of the country, v
remarkable increase in the number and
The hard times have kept down the
consumption of sugar in other direc-
=
consumed for one thing. The hard
times seem to be easing up everywhere,
however, and there seems every pros
pect of an increased consumption at
almost any time,
A Less Active Market.
Naturally. however, the lower price
of sugar has brought more or less of
a halt to the activity of the stock mar
ket, and investors are less anxious to
buy stock at the prevailing prices,
made at time when sugar was con-
siderably higher. and the dealing at
present is confined largely to those
stocks which cannot be Immediately nor
greatly affected by the lower range of
prices.
End of Grinding Season.
One after another the plantations are
finishing their grinding 1t is now only
month before the end of this crop
for statistical purposes. All cane not
milled by September 80 will be counteu
in next years crop. By the looks of
things, however, it is not expected there
will be great deal of this. Kukuiha-
ele, Honokaa and Paauhau mills have
finished grinding for the season. In
all of these the crop has overrun esti-
mates, as has been noted in these col.
umns before.
Manager Penhallow.
H. B. Penhallow, who is to become
the manager of Wailuku Sugar Com
pany on October /, sailed for the
Coast the other day on a vacation be-
fore taking up the responsibilities of
the position to which he is about to be
promoted. The fact that Manager
Wells, who has been so long and so
successfully the manager of this pros
porous concern, had determined to re-
tire and to devote at least two years
to travel, was announced in these col
umns last week.
ookala Plantation.
The statement in these columns last
week that there was movement look
ing to the continuation of Ookala plan
taton after the disincorporation of the
present corporation, aroused a good dea
of interest, especially among stockhold
ers. The plans for the continuation Of
the plantation may include, in thos'
who are forming them, some of thu
present stockholders, but generally
speaking, the present stakeholder
would oppose any proposition for re
organization, or for a sale of the prop
erty to new company until after thu
crop of 1910 has been taken off, or OF
a basis of the present very flatterint
outlook.
When the stockholders voted to dis
continue the plantation and disincorpor
ate, it was on the basis of an estimate
made by the agents of crops, prices, ant
expenses. for the period between Nov
ember, 1907, and the taking off of thu
crop of 1910, approximately July / O.
that year. This estimate if realized
would yield 1914 a share to stock
holders.
But the fact is that crop condition.
have been so good, and prices realized 81
much better than were made the basil
of the estimate, that the estimate o.
the agents has up to the present beer
more than realized, and the prospect
now are so good for the immediat,
future that still further improvement
on the estimates is expected. For in
stance, the estimated crop for 1908 wa,
1882 tons at $50 ton giving 1925, 800
and leaving credit balance January
l, 1909, of 5000. The crop however
has been, net. 1910 tons, and the aver
age price realized cannot have beer
less than $40 ton, making $36s, 300
or $145,000 over the estimates. The
expenses have also somewhat overrur
the estimates, though as the estimates
were for the whole year and the ex
penses have been for the grinding sea
son when they were heaviest, the ex
penses for the whole year may moi
overrun the estimates, for from now or
there is neither planting nor grinding
to be done, and because there is littl,
plant cane TO be cultivated, the ex
penses of cultivation will be below
normal. In any event, however, there
has already been gain of at the very
least $4,000 over the estimates which
is nearly IS a share.
The gain over the estimates is sucl
that the $4,000 bond issue can be tax
en- up year earlier than it was planned
to do it. The growing crop is mos
promising, so that so far as anything