The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1913-12-12

of sugar shipped to Crockett than on
Eastern deliveries, it means an adyant-
age on prices Of over $4,000 per an
mum by having tn stock. Now par.
of NJ. Kinney plan of financing the
necessary improvements for swatcr de
vclopment was to sell at par the 792
shares standing in the name of tho
McBrvdc Sugar Company TO some othcs
plantation, which would thcreupon fc-
"c'rc the benefit of Crockett shinmsn $,
as well us any dividends which might
accrue.
"'rhc agents objected to disposiu-
of the Sugar Factors Company stock.
not only because it is II valuable asset,
nut because 1t meant an increased in
come for the COMPANY every year. I'm
addition to The heavy advances which
had already been made, including SG2
220 in order TO release the stock held
by Laupahochoc Sugar Company. The
agents loaned the sum Of SG7&25 ON
the 1H2 = arcs OF stock which M * N.
ney wanted 20 sell and had the same.
together with tho 7a2 shares originally
issued, placed in tine nam6 Of the Ila-
walian Sugar tompany in order to com
ply with the y.laws of the Sugar Fac.
TOYS Company, MrRrydn sugar Com
pany to receive al the, benefits of
Crockctt shipments above referred to.
AZ well us any dividends which might
accrue on the stock. Further assess
ments on this st0ci have since been
paid, making the total amount now adj
vanced on account cf This stock S1J2.-
i0n, \ dividend OF six per cent rs now
being paid by the Sugar Factors Com
pany, Limited, Of which McBtydc rte
eeiNes S9lii. BY reason of the agents
advancing up to $lj2. 900 TO save the
sugar Factors stock, the McBryde Sugar
company is ROW ahead of the game mt
'east T63, 500 on Crockett shipments and
dividends, net Of interest charges on
rs Sugar Factors stock loan.
. In the way Of reducing charges we
placed McIrydc Sugar Company on tho
same i"slS rs the other plpntations we
represent, including the Hawaisu Com.
mercla' q Sugar Company. Tho inter
est rate on overdrgft was reduced from
seven to six per cent, the commissions
on sugar sales tIom thrcc 10 two per
cent AMI ON merchandise purchases
from five to two and one. hlli ucr cent.
all of which effected "a Swing to fine
plantation Of Mt least a25,01O per an.
mum.
oyerdrart in 1910.
"On December 81. 1910. the plnpta.
ton o,grdruft was s7g3237. iat be.
cause of the high price of sugar and
increased water supply the agents an.
ucipated large profits and satisfied 10
carry tho floating debt.
In March, 1911 Mr. kinney bro.
posed thar cumulative seven Der cent
preferred stock 20 the value of $500
Vtu he Issued O. take bop the Hoatn.
debt.
Under the agency contract ~ It
then existed, su long gs the total obi
CATION OF the plantation prru. Ilr8
f-an,uNl, the agents ,opH, u sir
months uuii'r. terminate ihn agreement
md enforce che collection ul ihuIr oyer.
IItti hy foreclosure Hulr
'Thr total iulebtrlur.. OF that limo
was slju,O.O iu rNrc.s of Che .s1Tln.u
limit. lu order 90 have prevented the
uaulbHy uf four IHu'u urHf I'M.
'II'uaI contract 10 vuuId Lutp lru
'''''.nft inI ihr rt0HhH.I,s uf ihlf
,''' .' n.'' fhI..l i.H. .HH" rmur
.hr r.u eff rllNHuI
'HH NurN 'n WH.ua II'r Hmp
tIl|nn. H.Huf'l Hs ihai IhH .fnrI Nuuli
n" iIHri nH fnH DU...H. .U4 MHf nt
NnH HHi D." rtIH.i.| fH IHIr shur
n' rH'I ..H.I 800 uNIHI iU ..Er. IHlI
l. lNU Proposed #w 50. UUU.I Un.
i.ulH' lh Hf.H..I. H. II. ...... I.I
"nI HIiH rr mWl. ..u
'IsIrH br disability ia IH ra u ADJ.