The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1912-01-22
BANK OF HAWAII
Continued from Page One.)


E. d. Tenney, vice president; Castle &
Cooke, Ltd; A. Lewis, Jr., vice presi-
| dent and manager; r. F.. Bishop, pres
ident c. Brewer & Co., Ltd; F. w.
Macfarlane, president Libby, Mcneil
& Libby, Honolulu; J. A McCandless,
president Hawaiian Electric Com
pany, Ltd; c. H. Anterior, treasurer
Eva Plantation Company, Ltd;
George r. Carter, director Hawaiian
Trust Company, Ltd; r. A. Cooke,
director Levers e Cooke, Ltd; F. b.
Damon, cashier; f. C. Atherton, sec
rotary director J. b. Atherton Estate,
Ltd.
The Presidents Report.
To the Stockholders of the Bank of
Hawaii, Ltd
Gentlemen: The year just closed
marks the fourteenth anniversary in
the history of your institution, and
the management begs to present here.
with the annual statement for the
year ending December 81, 1911, and
the same is submitted under the usual
schedules.
Gratifying Growth.
1t is a pleasure to report that your
institution has shown a satisfactory
growth in all departments, deposits
having on December 81 reached the
sum of $4,792, 2O6.92 from $4,152 ,6S5.S3,
1910; sales of exchange amounted TO
S12,5O6,211.S1. The gross profits were
$164, 1877, from which expenses and
losses were charged off amounting to
$S1, 541.49, leaving a net profit Of
S2,956.54 Out of this amount the
annual dividend of $4,000 was paid
and $34,956.54 carried to undivided
profits. ...t,t-
During the year 100000 was trans,
ferred from undivided profits account
to the surplus account, making that
account 100000, and still leaving
$50, O573J in undivided profits.
Reflects Territory's Prosperity.
The sugar season of 1911, amount
ing to 566,S21 tons, the largest in the
history of these islands, combined
with the high prices obtained, has
q made the year just completed one OF
q great prosperity for this community
and your institution has only reflected
4 the general prosperity of the Terri
2 tory.
I On July %, 1911, the Territory OF
Hawaii offered in New York $1,5OOOOC
a 4 per cent Public Improvement Bonds
i These were sold to the successful
/ bidders on an interest basis of 038S
This is the highest price at which
+ Territorial bonds have sold, and the
|, returns show the high favor in which
e our Territorial securities are rated
!, Your institution was the only loca
b bidder, and our bid for $25O,0OO al
par was too low. for us to receive
i any of the issue,
: On account of the amount of funds
. on hand and the consequent lowering
of interest rates, it was found neces
sary to lower the rate of interest PAID
on ordinary deposits in the Savings
Departments from AZ to per cent
the new rate going into effect on Jan
uary l, 1912,
. Your branch bank at Lihue, Kauai
has shown a steady gain, and an
pleased TO report that the Lihue plan
tation has agreed to sell a satisfaC
tory lot at Lihue and that shortly W,
+ hope to erect thereon a suitable build
t ing for a permanent home of tina
d branch of your institution.
g Projected Building Improvement.
l. Plans have been completed, and be
a fore the next annual meeting of on
a stockholders we hope to be in on
e enlarged quarters in this building
The new plan calls for a rectangula
s center public lobby, and will, we trust
2. give your institution most CONVEX
y lent, well arranged Office. We trus
l. that all our friends will bear with u
o during the unfortunate period of DE-
IL ing an active business while tn
It changes are going on.
70 In closing this report ! desire +
It express my personal thanks to eac
p member of the Board of Directors, a
IS we'll as to each of our employees, VIII
have so faithfully worked to advanc
the best interests of The Bank @
N Hawaii Ltd in its various depar
he ments.
II Respectfully submitted,
~ c. H. COOKE,
n President.