Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1912-03-07
Statement MADE
BY DAMON
Continued from Page y


kenzie, director; Robert Cation, di-
rector.
Mr.. Damon's statement Is as fol-
lows:
Representing the agents of the
Olaa Company, and supplementary to-
the information contained in the an
nual report just submitted, | would
like to add some additional facts and
figures which will perhaps give share
holders a clearerN understanding of
the present status Of their property.
During 1911 the plantation wiped
out s349,757.53 of its floating indebt-
edness, leaving an amount of 1884,
1896 still owing. as shown by the
balance sheet. Contained in this last
named sum, however. is s149,649.41 Of
advances which the planters owe the
plantation and which, II called in,
,' leave ave, tnea eompany's floating
Then again, from the period when
Bishop a. Co. became agents of the
company, the plantation has acquired
1926 shares of the capital stock of the
Sugar Factors Co., Ito, paying for the
same in assessments levied from time
to time. This stock Is now very val
liable, being probably worth about
$500 share, or 1855, 200. But fgur-
ing 1t as worth only the amount paid
for II, plus the interest which the
Olaa Company paid for the money adj
vanced to purchase II, the value is
$23S,452.
Credit With Agents.
There Is not the slightest intention
to part with this stock but assuming,
for arguments sake, that 1t was sold
at the last-named figure, and also
that all advances to the planters were
collected, the Olaa Company would
have a credit with its agents of So
1885 as at Slst December. 1911. in
stead of an overdraft as shown in the
accounts, and this credit balance
would have been further augmented
by approximately $4,000 had we not
spent this amount of money during
the past year in betterments which
have of course increased the assets of
the company.
The most important additions to
property and plant during 1911 were
Il new Baldwin locomotive costing
SlO,S32.O9, a second sugar dryer cost
ing 5000, new houses for laborers ST.
953.97, and $l975.64 for developing a
tributary water supply In the hills 10
help keep the fumes better filled dur
Ing dry weather.
When the position of the company
Is thus analysed 1t seems, To my mind
to he very satisfactory indeed and
with larger crops in sight the outlook
Is most encouraging.
Both at Olaa and Puma there are
still large tracts OF land owned or
controlled by the plantation which
can be brought under cane and which
VIII gradually be planted up as labor
conditions justify.
Around Mountain View, which Is at
II Miles, Volcano Road, there Is a
large area lying fallow principally be-
cause our standard cane, Yellow CAL
edonia. and other varieties which we
nave tried there have not hitherto
Deeh Il success. Now we appear to
nave found cane well adapted for
THIS section, which has an elevation
OF about 1900 feet This is the Dema-
rara 1875 and we are taking of 10
acre patch of 1t this season which the
manager estimates will go five tons
OF sugar per acre, Close by, about 80
acres OF younger cane of the same va
rlety gives promise of equally good
results at maturity, II our hopes are
realized with Demarara 1885 we eX-