The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1908-12-12
PLAN FOR YACHT
STOCKHOLDERS

The following letter from a commit
tee appointed by the Transpaciic Race
Committee, to the stockholders in the
yacht Hawaii, is self-explanatOry. This
letter was written after much cOgitation
and talking the matter over by those
interested. The scheme which it pre-
sents for disposition of the yacht has
been acceded to be about the only feas-
ible one by many of the prominent bust
ness men in town, and indications are
that the smaller shareholders will be
willing to do as the letter requests.
Dear Sir.-As a contributor to the
fund for building the yacht Hawaii we
wish to put before you a plan for the
disposition of the yacht and ask for
your approval thereof.
As you know, the yacht is now I'M
der the control of a committee of six,
namely, w. H. McInerny, H. E. Cooper,
Judge S. B. Dole, R. w. Shingle, Samuel
Parker and Chas. T. Wilder, who con-
stitute the Transpacific Yacht Race
Committee. There is "a debt of $4,000
owing on the yacht, which sum the COM
mittee was obliged to borrow to COM
plete her construction.
1t has become a question what dis
pOsal to make of the yacht. There are
two alternatives-frst, to sell her at
once either at private sale or public
auction; or, second, to maintain her I'M
til the next transpacific race and learn
to get the most speed out of her for the
contest. To sell her at once to the
highest bidder would be to sacrifc her,
for there are no yachtsmen here of sui"
ficent means to pay reasonable value
for her. Furthermore, the committee
are of the opinion that the purpose of
the trust can best be advanced by a
scheme to keep the yacht up during the
interval before the next race and by
practice prepare to get the best speed
out of her and thus place her in the
next race with reasonable expectation
of running first place.
AS a practical way of doing this the
committee have made an agreement
with the Hawaii Yacht Club, Limited
whereby the corporation will assume the
$4,000 debt and take the yacht, and III
return give to the contributors a paid
up share in the yacht club equal IN
value to the amount of their contTibu
ton. Any contributor may become q
regular member with vote in the cor
poration upon the payment of the regu
lar dues of So per quarter, payable IN
advance, and we would urge that every
contributor become a member of the
club, that the sport may be materially
advanced. This plan is subject to your
approval. We urge that you send your
written consent in on one of the forms
inclosed herein, addressed as indicated
thereon. AS reasons for this consent
we urge that the yacht will be in charge
of a responsible corporation composed
of men whose experience enables them
to handle the racing yacht to the best
advantage.
The Yacht will still be controlled and
in most part owned by the same people
who contributed to the fund through
their voice in the stockholders meeting
in electing officers of the corporation
1t will enable the corporation to treat
the yacht as an asset with its other
assets and to negotiate for the financing
of the next race as one owner in con-
troll of the yacht with full powers apart
from any trust. Business dealings would
thus be easier and at the same time the
committee will be relieved of their
personal liability.
Kindly look over the accompanying
blanks, fill out the one that meets your
wishes, and return to the Secretary,
Hawaii Yacht Club, Limited, at an
early date.
Yours very truly,
P. L. WEAVER,
f. A. MOTT SMITH,
a. p. WOOD,