Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1912-08-10
Stock Exchange Shows Heavy
Decline for the Past
Six Days

topic, not excepting the sugar tarih
the strike Of masters and mates Of the
Inter-Island feet this week was a sen
sational eyent-not in, incidents but in
its supreme Importance 10 the com
mercial and social interests Of the
Territory. II showed how dependent
the islands are for homogeneity OF
interests upon efficient steamer com
between those other than Oahu with
between those other than Oahu with
Honolulu. Only for the incidental
availability OF transpacific steaTer
that makes Hilo port OF call, there
would have been no passenger and
freight traffic out of Honolulu for that
port since last week. One or two 9TH
er steamer were available for mails
and, had an agreement not been reach
ed on the dispute-as Is reported was
done last night-a special agreement
that would have provided for mail con-
ycyance pending settlement might
have been made. Yet, leaving the
matter OF mails out of the question,
the stoppage Of passenger and freight
carriage for any length OF time upsets
the whole fabric Of interterrito
business and social life OF the islands.
Supplies of the necessaries Of life to
many people are shortened and would
very soon be absolutely wanting,
causing great amount Of real dis
tress, while large numbers Of people
are marooned while the embargo lasts
away from their homes and, in some
cases. unproyided in pocket for such a.
situation. s sr..8
Conditions that make such q state
of affairs in inter-island relations pos
sible demand remedy. II is some
thing that might occur at any time,
for. not only is the running Of the
steamers dependent on the navigating,
officers, but the motive power crews
can tie up the vessels to enforcej
claims on the company. Legislation
Is required which will ensure. on the
one hand, that the public shall not be
sacrificed to disputes between the
company and its servants, and, on the
other, that any grievances Of the SER
wants shall be promptly and equitably
either by some public tri-
bunal or by mode of arbitration es-
tRblished by law. II has been sug-
gested. during the trouble, that theI
sole alternative, however much the
and the ssteamship inter-
ests may shrink at the thought, wouldi
be government ownership, or at least
control, OF interisland communications
with it's working services under bonds
10 stand TO duty in all circumstances
In this connection It Is appropriate to
say that the masters and mates, IN
he present instance, are entitled to
credit for having postponed their coup
until the sugar carrying season had
about expired. A strike in that time
would have been liable to involve mill
ions Of loss TO the community.
MsunaIua Ranch Leased.
8. Nj. Damon. carrying on the busi-
less or q cattle rancher under the
iame or style of Maunalua Ranch Co.,
las leased from the trustees of the
state OF Bernice Pauahi Bishop the
II of Maunalua, containing about 5000
lcres, for ten years from October ],
1912, at an annual rental of $2675.i !
from the lease are excepted kuleanas,
lot belonging to the lessons. a fish
,ond and the sea fishery rights.
,usar Refining Profits. r
One of the most interesting facts
eyealed by the statistics presented {
" Secretary w. III. Hannah, of both {
he Western and the Spreckels sugar
efining companies, in the trust inves-i
igation In San Francisco, is that
While the Western Sugar Refining I
ompany had declared $25,900.000 in I
ividends between 1891 and 1911, this q
} only return of 1867 per cent per
nnuni on the investment No diyi- !
ems were paid in the years 1892,
500, 1897, 1901, 1902, 1905, 1906, 1907, I
go and 1911. This was occasioned {
y the necessity for the use of large s
mounts of capital necessary for the I
ayment for raw material which the I
was compelled to carry. Dur. /
ne these years the surplus was used Z
q the business. fs. s
$50 ,~-~ I
uaar Closed Out.
Residents of 1loilo, p. l. protested
gainst the action OF the Bank of the
hilippine Islands in compelling them
D sell their sugar at a lower price
nan they considered ii worth. by call o
e - vans Oh 1Su0 CObiHlOulIy. JOHu c
Hord, president of the bank, in an y
lterview said in part: II e
1T is not question of recalling a
'anf. II was a question of selling 8
lgar. The bank Of the Philippines :
I'D the first opportunity or the sea- =
On few days ago to unload some of =,
he sugar ii held for its clients at a h
Lir price, and, as. the selling season ),
getting we'll along, the, bank be- .
eyed that it would be speculation to :,
fuse to. SELL as the price. offered
ould pay of the amount of the loan ;.
nd the charges and leave a fair mar =. -
n Of profit for the owners. The bank =,
elieved it the part of conservatism y.
sell at least part of the sugar at o
lie price offered, and was able to per- u
lade its clients that to refuse the,
fer was to incur speculation" y
The sugar was sold at $50 pesos a.
n picul for first grade Asked re- p
riding the future Of Philippine sugar d.
Id the probable price this year, Mr.
ord coid. GWoIl fhora boya booo q II