Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1911-03-23
RAPID TRANSIT
FRANCHISE EXTENSION

Editor Evening Bulletin
The consequences to this city involved
in the proposed extension untll l9oo
of the Rapid Transit Co.'S FRANCHISE,
are so momentous that it should not
be passed upon either pro or con WIN
ont the fullest consideration and the
fullest opportunity for the people at
large to determine what are thelr
wishes in the premises. 1t is absurd
to suppose that there is need OF any
such tremendous hurry as to warrant
the present Legislature in rushing the
matter through, either by granting, or
refusing the extension, at the present
session. In 1898 the promoters OF that
enterprise considered a thirty year
period sufficient for their purposes, at
| least / so infer from the fact that
| they obtained no longer grant. the
reading of their franchise would IN
dictate that they obtained everything
they could think of as being prospec-
lively valuable to them, and the fact
that they did not obtain the right to
last for hundred years instead OF
thirty. would indicate that thirty
years was then considered the limit
| of reason in the premises.
Now, that conditions are radically
changed, with still greater changes In
prospect, both as regards our local
population and the development OF
| inventions concerning street trans
portation, that company comes back
and calmly asks the Legislature to
tie up all of the city streets In ITS
| grasp until 1950,--a date when, 1t is
hoped. our grandchildren will be con-
Quoting affairs in this city as we are
today. To be plain and brief in the
matt,r, no necessity for this extern
sion has been made to appear Des-
pite the bogies of opposition, ill-feel-
ing and "grouches" that the Rapid
Transit Co. has conjured up, as exist
ing to its detriment in this commun-
ity, believe that | voice the common
sentiment in stating that no factious
opposition to that company exists IL
our midst We appreciate all that
they have done, but many of us APP
preciate also, all that has been giver
to them as well as a part of what they
now ask to be given.
The statement of President Pec'
before the Improvement Club dele
. gates yesterday, brought PROMINENT,
into view one most important fact
which is, that this company, operat
ing under a franchise which has cos
: it nothing. is paying its stockholder
some s53,000.00 per year, upon an in
vestment by them, stated to be $3.50,
! 100000, (which amounts to a Fraction
over per cent per annum upon thel
[ investment In addition to these pay
ments of dividends the company ha
: earned, and re-inyested in extension
= and betterments, profits in the SUI
7 of $3.50 10000. 1t thus appears tina
their actual profits, in addition {
\ dividends distributed, already equ'
! the investment of its Stockholders
y With such a showing how can ii b
: disputed that the franchise now hel
y is an immensely valuable asset? An
let it be remembered that the con
- pany has not paid one cent TO I'll
: City or the Territory for the grant I
q the franchise by which II has Thu
= been abled to enrich It's stakeholder
p All of which suggests that If the e.
n tension is to be granted at all,
v should be coupled with terms proylt
d ing for the payment Of n very su
l. stantial percentage upon It's earning
for the benefit OF the Territorial,