The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1912-03-30

do not like It."
Mr. Jameson, of the same firm,
said:
If there was no duty, do not think
the beet would be so prosperous, and
we would probably sell more sugar.
1t would enable us to run more con
stantly."
Mr.. Jameson wished the duty en-
tirely removed, but he was willing to
say that he thought it ought to be re-
moved by degrees. Against the rea-
sonings Of the gentleman from Georgia
LMr. Hardwickl that the removal Of
this duty will not tend to kill out the
beet-sugar industry in the West, cite
the opinion of this practical business
man, daily engaged in the selling Of
sugar, who knows thoroughly what
competition is and what it does.
Mr.. Atkins, of Boston, the vice-presi-
dent of the American Sugar Refining
Co., favored a reduction of the duty,
and said that his company could get
along under free sugar, inasmuch as
the advantage from the present differ
entail on refined sugar was of so little
advantage to the refner that it was
not worth discussing.
Mr.. Thomas shows that a cane refin-
cry that has no interest in the beet
sugar industry is in favor of reducing
the duty, and in so far as the Ameri-
can Sugar Refinery Co. was engaged
in the cane-refining business-and
that is by far the greater part of it's
business--it was undoubtedly inter
ested in the reduction of the tariff
/ call the attention of gentlemen
Mr.. Sterling-Who is Mr.. Thomas?
Mr.. Hinds-EIe is one of the direc-
tors of the American Sugar Refining
Co. He is a director and possibly an
officer otherwise.
will call the attention of gentle
men here to the fact that the Ameri.
can Sugar Refining Co. holds about
$4,000, 600 of the stock of the western
beet-sugar companies. l will also call
attention to the fact that this property
was acquired under the old domina-
ton of the company by militant mo-
nopolists. The men who waged that
campaign to control the beet-sugar in
dustry have passed out of its manage
ment and no others Of similar pur.
poses appear to succeed them. So far
as l have been able to discover from
the testimOny-and | think the testi
mony of Mr.. Atkins bears out this
idea-they are anxious to get rid OF
that entangling property as fast az
they can.
Mr. MurdOcX-I would like to ask
the gentleman what per cent of the
total is $15,OOO,OO? What per cent. Of
the whole sugar-beet capitalization is
that $15,OOO,OOO?
Mr. Hinds-The $l5,OO0,OOO repre-
sents the book value, the face value
of the stock is considerably larger.
think it is something like thirty-odC
millions. That thirty-odd million, as
l understand it, would represent less
than half of the capitalization of the
total beet-sugar industry.
Mr. Madden-The total capitalize
ton is over $1OO,OOO,OOO, is it not?
Mr.. Hinds-I believe it is so stated
Mr.. Martin of Colorado under
stand that the showing of the trust
lied condition, so called, of the bee.
sugar industry, is arrived at from g
consideration of the fact that the SD
gar Trust owns forty-one per cent .!
the stock in those companies, which
produced fifty-four per cent of the
product
Mr.. Hinds-I think that is a fail
statement.
Mr.. Martin of Colorado-So that, as
a matter Of fact, the Sugar Trust owns
only twenty per cent of the entire su
gar product may say, further, thai
my congressional district contains
eight beet-sugar factories, and the Su
gar Trust never owned a dollar il
any one of them or had any connec
ton with them whatever
Mr.. Hinds-Undoubted the proper
ton of the beet-sugar factories out
side Of the dominion of the trust IL
large-over one-half-and is growing
all the time, because the trust is dis
posing of its beet sugar property al
fast as it can, apparently.
Mr.. Fordney-It should not be un
derstood that the amount of stock tina
the American Sugar Refining Co
holds in the subsidiary companies II
more than one-half of the stock 0
these companies. II is not so. The!
do not own one-half of the stock o
any company, with the single excep
= tion Of one concern.
Mr. Hinds--ls not the gentleman in
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