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

| p loan mp to slG0.OO0 10 be used cxcepl
as otherwise expressly authorized by
stockholders after payment OF our
floating debt to our agent, IN keeping
Z the plantation aloat and running dur.
ing tho next five years, in this way
vu.apruiating McJryde Stockholders
for the 100000 lost TO them as II re-
source 1y retiring the Kauai Electric
bonds aud $4,000 that the Kauai
! Electric Company should be able 60
borrow on its guaranteed yearly rent
net over all deductions received from
the McBrydc Sugar Company, Limited.
aud which is cut OF unucr the proyis-
ions of the new Trust Decd, and also,
Tor what we should be aDlc to Dor.
row on the Sugar Factor : stock owned
| by the McBrydc Sugar Company, Linn
tcd, which has been exempted from
1 the operation of the new bond issue
al make the above AS suggestion,
but would be willing TO accept any
other method Of procedure that will Sc
cure Ike results and protection to the
stockholders of the McBryde Sugar
Company, Limited.
"Thc critical condition of the Fl.
. hbl'tN VI CIV NINblN WV WI anu lnN
/ McBryde Estate, Limited, and other
! considerations compel me to ask for
an extremely prompt reply to this de.
mand, which you will please communi-
cate to Il. IT, Trent, my agent in Homo
lulu, who has instructions to cable the
same to me here in San Francisco.
Having to act on hcarsay ms to the
contents of the new trust deed, the
foregoing statements are made subject
to correction, il the terms of the trust
deed are in any particular different
from what | assumed in writing this
letter, and of course without prejudice
''GOuIs truly,
(Signed) "W. A. KINNEY
On receipt of the above Alexander &
Baldwin wrote to Mr.. Kinney stating
that they had called special stock.
holders meeting and invited him to
be Present in person at the meeting.
This letter was sent in time to give Mr.
Kinney ample opportunity to appear at
the meeting if he cared to come.
Statement to Stockholders.
Alexander 4 Baldwin Ltd. through
their secretary. Elmer T.. Paxton, and
as agents for the McBryde Sugar Com.
pany, Ltd, issued statement to the
McBryde stockholders, dated Honolulu
December s. 1913. This statement is
rs follows:
You have heard the sweeping
charges made by Mr.. w. A. Kinney
against the good faith, honor and in.
tcgrity of Alexander X Baldwin, Linn
tied, as plantation agency. You
have also heard the suggestions nude
by him in his letter of November 3rd
for rcinstating the old issue of six per
cent bonds in place of the existing
five per cent bonds.
g II is not our present purpose TO at
tempt to reply to all of the charges
made by Mr.. Kinney, nor shall we do
more ut this time than deny his state,
ments with respect to undermining
and iniuring the private credit of
himself and certain other henefciarics
under the so.called McBrydc stock
pool. All of his charges will be fully
answered in court, when he brings his
threatened suit against the parties
named in his communications
'We would only call your attention
to fact which must be evident to you
from the letters from Mr.. Kinney, that
the underlying note of his entire com.
plant against Alexander & Baldwin,
Limited, is that of bad faith toward
the Stockholders of McBrydc Sugar
Company, Limited.
awe have addressed Il letter to
your Company requesting the appoint
ment of committee to look into the
affairs of MclIryde Sugar Company.
Limited. and the conduct of its AGENTS
with relntiop thereto.p
Entering into review of their gen.
eral policy In handling the affairs OF
the company, they say that they pc
came the agents for the plantation De
cembcr ~, lNO9' They assumed liza
nllity ON hehaIi OF Mcbryde OF direct
onhgations totaiirg SSl5,I4l and an in.
"lreet hapllltN OF S",puo
AleSandcr baldwin 5 directors eX-
alnlned the property before signing the
agency contract and decided that they
would have to increase the water sup
Ply decrease produeuon costs and pro
VIDE improved marketing facilities.
Inc noaung debt portion of the total
2nlgatlons was To56,OOo' About $780,
uUo was needed Tor new power units at
WANNA and Tor reservoirs and pumps.
MI Kinney wanted 20 sell the McBryde
sugar Factors stock to laisc cash for
water upNplOnmpuf. The uupnts nh