Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1912-03-20
M'BRYDE PLANS
FOR FINANCING
CONTINUED from Page y

charge Only ten months, nut HIltduN
his work shows on every side, and
more particularly on the 1913 crop.
planted last summer
This crop. Mr.. Cooke stated, has
such a fine start that with favorable
weather and other conditions the plan
tation should be sure Of $4,000 tons Of
sugar for 1913. lie told the stock
holders that about one third Of tn"
1912 crop has been harvested To date.
The fields are over running the man
ayers estimate and so far the excess
over the estimate is some go tons.
1t now looks as il McBrydc this year
will get 1880 tons az least.
The weather has been most favor
able to MCBryde. President Cooke said.
and the reservoirs have never been
less than half fun, even In the dry
period of January. and at present there
are 7OO.OOO,OOO gallons in the rcscr-
voirs. promising good start in the
spring
Labor Is abundant and there is every
prospect Of getting the crop off
promptly.
ON the question of dividends. Mr.
I locke explained that the amount OF
, tn" dividend paid during the year de
ponds upon the price of sugar II
sugar averages anything like the pres %
cnt price. he assured the stockholders
they could be sure of dividend at 81
per share for the year. MIR. Cooke
says this will probably he paid on
actual action has been taken on the
dividend
The principal business Of the
meeting" said Mr.. Cooke this morn
ing. was the passage of the rcsolu-
tion To refund the present bond issue
on July /, 1872 The old issue viii be
taken up, and the new issue of > per
cent. tcn-twcnty year bonds will take
It's place. The total amount will he
the same as the present issue. two
million dollars, but over S45O,OOO ad-
ditiOnal assets viii he put back Of the
bond issue. This is made possible by
the payment Of Sl5O.OOO Kauai Flee
trio bonds. The payment Of these
bonds LEFT all Of Kauai ElcCtriC's prop
erty available t" lie behind the Me
Bryde issue. As these assets are
among the very best the plantation
owns, it means greatly increasing the
value Of the bond issue.
Il announced for Alexander & Bald =
win that they had agreed to under
write this whole bond issue, that Is,
to take over at par any bonds that are
not subscribed for. The present bond =
holders, however. win be given the OPP
p0rtunity to take the bonds pro rata
If desired"
IN" Stockholders were much pleased
with the guarantee the agents made
The placing at this new bond issue
means saving of 100000 interest or
nearly 81 80 per ton Of sugar
Fine Report Made.
The munugcr's report II in part as
follows;
Change Of Management.
In May, 1911, Mr.. William Stodart
after eleven years Of faithful service
resigned the position as your manager
This report includes the records left
by him, and my operations since as
Stunning control
Weather Conditions.
The first three months Of 1911 were
marked by heavy rains and cold wealth
or This was followed 10y wet sum
mer and humid warm fall, and these
conditions were very favorable to the
growing or, 2s.
Crop 1911.
This crop was harvested from be
cember II, 1910, to July 20, 1871. yield e
Ing lf,Oji IA tons of sugar, with an
average yield Of 5l5 tons Of sugar per
acre, the highest yield per acre on rec.
ord for McBrydc.
Crop 1912.
This crop, now being harvested, re-
ceived regular irrigations, tasseled gen
orally and, on account of the exCep-
tlonally dry winter, Is taking less tons
OF cane per ton Of sugar than the pre-