The Hawaiian gazette., 1912-09-13


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small hold ng'
The discussion then ran into dnan
eial channels ne u affected sugar plan
iatiohs, NJ Bishop setting the aeefe
infy right ~ 20 a number Of matters
brought out ~ Mr. Goodale with refer
enrc 10 rates ~ interest. bonded In.
dehtedness for plantations, methods Of
setting aside dividends and profits gen
orally. lie said that for the fret ten
years Of the life Of Wnialua plantation
up 20 1905 no dividends we're paid out,
and profits. whatever they were, went
back into the plantation a. surplus.
The financial condition Of each plan.
tation was an open book as under the
law certificates OF its transactions had
10 be filed with the territorial
treasurer.
No Water.
al might say, Mr.. Secretary. that
we fnanciers here are not as modern
in our methods as are the business men
Of Chicago or New York. Here our
sugar corporations were financed on
their merits. Stock was sold at par
and the money went into the planta.
tion, So that our capital stock repre-
scented real and actual capital. -
"No stock dividendsf'i inquired Mr..
Fisher.
No stock dividends until the ac.
tual cash value of the property war
ranted them,' said Mr.. Bishop. "The
stock dividends meant actual capital
and not water.
The Govenorship.
Secretary Fisher then went straight
TO the heart of the investigation and
his questions finally involved those
most directly concerned in the investi
gation-GOyernOr Frear and Delegate
nianaole-Attorney Ashford and
the attitude of Attorney w. A. Kinney,
who is now n resident of Nova Scotia,
Have you given any attention to
what are the duties Of the chief eXecu-
tive of the Territoryi' asked the See.
rotary.
81 havc,' replied Mr.. Bishop. 81
have thought the chief executive has
the hardest .iob-harder than will be
found anywhere else. 1t is due to the
fact this is a small community, and
everybody knows whatever everybody
else is doing In the State of New
York the Governor is not within the
reach of all the people. Here he is ac
cessible to everybody and almost every
official act, routine or otherwise, il
scrutinized and criticized.
because of the preponderance OF
the sugar interests are there not ocea
sionally conflicts of interest, because
the Governor, for instance, may be con
nected with one side or another with
the controversyi' inquired the Secre
tary.
Whatever he happens to do he is in
an embarrassing position" said Mr.
Bishop. "You mean financially anC
socially he is on one side or anotherP
/ "Yes.D
| well, socially, we all know eaei
other"
"There is charge" continued the
Secretary, "that the Governor is con
nected socially and by family ties SC
that he is predisposed to see the one
side of a case. Is there anything il
that7'
at think that is magnified good
DEAL"
No Mainlanders.
"Suppose he is man who has ne
means; he might be accused then OF
being on the other side. 1t is claimed
that in choice for Governor he should
be independent of one or the other side
| Do you think there are a number OF
men here who are independent of the
two main interests who might be Sc
lected2'
al think SO. / suppose you are go
ing to the question of the amendments
to the Organic Act. What / am fight
ing shy of is this getting Governor
from the mainland.
81 can understand and appreciate
the sentiment in favor of having some
body from here as Governor, and the
fear that if that restriction were takeI
ments of people who are unsuited fol
| the pUslllUH oui
some of the other difficulties of people
who may be appointed from here and
who may be identified with one or the
other of the two interests here
"Take the men who are generally
chosen for executive positions-tbey
are generally lawyers" added Mr.
Bishop. "We have large number OF
attorneys here who are not connected
with the sugar industry. think, Mr.
Fisher, that it is up to the administra
ton at Washington to tell us that we
have got to provide a Governor and
that he has got to make good. We have
been working along here good many
wears and got through many rows, anC
1 think we can get through this one
don I think a Governor from the
mainland would help things here.
Everyone Disqualified.
The Secretary then turned to Mr.
Ashford to ascertain his views on thii
subject.
"I sympathize with Mr.. Bishop
sentiments said Mr.. Ashford, "bu
I / believe as expressed it in Washing
ton to you, that in looking over the lis
of eligibles it was impossible to fine
ona who ig not affiliated with the inter