The Hawaiian gazette., 1912-03-08
.OLAA PLANTATION IN
SPLENDID CONDITION
Annual Report Shows Property
Has Paid More Than Quar-
ter Million Indebtedness.

wiped out s34o, 1873 of it's floating in.
lebtedness - The above statement
made by s. NJ. Damon on behalf Of
Bishop & Co., the agents of the plan
tation, sounded the keynote of yester-
days annual meeting Of the Olan Sug-
ar Company.
The plantation had the best financial
year in its history, during 1911, both
the crop and the profit thereon, being
the largest on record.
! The 1911 crop amounted to 25,096
tons, harvested from 6,4Sl acres, or an
average of S.s7 tons of sugar per acre,
as against 3.lS tons per acre for 1910
and an average of $50 tons for 1909.
Manager Jno. Watts estimate of the
tonnage of the crop was exceeded by
1905 tons.
/ The profit on the 1911 sugar crop
alone, was $3l7,426, other receipts
bringing the total up to the amount
above stated by Mr.. Damon.
Increased Acres.
The manager Is report states that the
crop for 1912 will be harvested from
6,253 acres, and he estimates the
amount of sugar yield therefrom to be
about $4,000 TONS Those who have
recently seen the plantation consider
this conservative estimate.
The 1913 crop will be from 6,021
acres with possibly 200 acres of short
ratoons in addition.
Mr.. Damon also brought out the fact
that the remaining floating debt
amounted to $3S4,153 but that as
against this there were outstanding ad-
vances made to planters to the amount
of $l49,649, and an investment in Fact
ors Company stock to the amount of
$23S, 452. If these two amounts were
balanced off against the floating debt
it would show a balance of $3,94S to
the company IS credit. AS a matter of fact
Mr.. Damon estimated the value of the
Factors stock to be $780, equal to
a further increase in value of the avail
able assets of the company of $l26,74S.
Debt Liquidated.
If the present price of sugar holds,
and the crop comes up to estimate, the
floating debt should be entirely wiped
out during 1912, leaving a fair cash
surplus to begin 1913 with.
The following is Mr.. Damon s state
ment in full:
Representing the agents of the Olaa
company, and supplementary to the in
formation contained in the annual re-
} port just submitted, | would like to add
some additional facts and figures which
will perhaps give shareholders clear.
err understanding of the present stains
' of their property.
!. s'"During 1911, the plantation wiped
!. ont $S49, 1888 of its. floating indebt
:, edness,s leaving an amount of 1884,
/. 1896 still owing, as shown by the bal
!. ance sheet. Contained in this last named
. sum, however, is $149,649.41 of ad
: yances which the planters owe the plan
r tation and which, if called in, would
j. leave the company's floating debt al
!, 1884 ,503.65.
:. Buys Stock.
: H'Then again, from the period wher
: Bishop g. Co. became agents of thu
: company, the plantation has acquired
r 1926 shares of the capital stock of this
|, Sugar Factors Co., Ltd, paying for tn,
d same in assessments levied from tim,
e to time. This stock is now very valu
:. able, being probably worth about $500
j a share or $365,200.00. But figuring i
:. as worth only the amount paid for it
|. pany paid for the money advanced t,
}. plrchase it, the value is $685., 452.00.
i, "There is not the slightest intention
5. to part with this stock but assuming
for argument s sake, that it was sold
u the last named figure, and also that al
p advances to the planters were collect
I. ed, the Olaa company would have
/ credit with its agents of $3,94S.35 a
! Il let noonr,hnr ms af ~
,s overdraft as shown in the accounts
IS and this credit balance would hav
I. been further augmented by approx
D. mately 100000 had we not spent thi
l. amount of money, during the past year
t. in betterments, which have of coarse
s. increased the assets of the company.
'. Additions to Property.
'fThe most important additions t
,r property and plant during 1911 were
4, new Baldwin locomotive costing $40
e, $500, second sugar dryer costin
Id $4,000, new houses for laborer
SIS 81 ,95S97, and $1,975.64 for developip
ra n tributary water supply in the hills
in help keep the fumes better filed du,
d, ing dry weather.
+, "When the position of the compan
n, is thus analysed it seems, TO my min
III to be very satisfactory indeed an
y with larger crops IN sight the outloc
nd is most encouraging.
ie, ''Both at Oiaa and Puma there a
n, still large tracts of land owned or co
", trolled by the plantation which can
20 brought under cane and which W
III gradually be planted up as labor conc
an tons justify.
nd "Aroand Mountain View, which is
nd seventeen miles, Volcano road, there
nd large area lying fallow principally /
ig, cause our standard cane, Yellow Cal
Ill donna, and other varieties which '
w. have tried there have not hitherto be
nd success. Now We appear to have fou
ms. cane well adopted for this secti
b. which has an elevation of about l,6
Il, feet This is the Demarara 1875 a
og we are taking OFF l0-acre patch of
Ids this season which the manager es
EN-, mates viii 60 five tons of sugar I