The Hawaiian gazette., 1914-03-03
MANAGER URGES
RIGID ECONOMY
Cost Of Production Must Be Less
ened to Meet Tariff
Conditions.

At the annual meeting of waialua
Agricultural Company Friday MI Of the
former officers were reelected.
The manager reported yield Of
2o,750 tons from 53Os acres, ut the rate
Of SO tons. The crop was 1880 tons
less than the estimate, so.ne islas nav.
ing gone without water i've TO niue
months.
lIhe estimate Of 1914 crop is 2s,447
tons from $500 acres. The 1915 crop
will be harvested from 54I4 acres. fIe-
liminary estimate on this is 10000
tons.
During the year we have practically
completed the dam or the noleni.llu
Upper Reservoir This r, servoir has ah
overflow area of 26.04 acres, and ca.
pa,ity OF 14S,00O,00O gallons. There
are 5000 yarus OF earth aud llf yards
OF riprap m the dam. I'he maximum
depth OF water is to be As feet. II was
successfully tested by being filed to a
depth OF 80 feet during the heavy rains
in December
The Ok jeet Of this dam is TO provid,
storage room Tor the waters of the POa.
moho and Halemano streams, and dur.
ing the short time II has been in use Il
has been OF great value to the pianta,
tion.
Additions to the permanent equip
ment of the plantation have been main
ly for water supply, railroads ami re-
modelling the labor cumps.
Speaking OF the future the manager
says; .s
During the fifteen years that have
passed since its incorporation this com
pany has passed through a number OF
critical periods, the seriousness OF
which have probably not been fully ap
'preeiated, --or even known of, by tn,
majority Of the stockholders. At ne
time, however, have we been compelled
to overcome difficulties so great a,
those that now confront MS, and that
will surely follow the complete removal
of the duty on sugar in May, 1916, il
the price TO be obtained for our prod
net, after that date, is to be that OF
raw cane sugar, duty free, produced II
foreign countries nearer to our market,
than we are, and in direct competition
with us.
Rigid Economy Urged. n
At present the only remedy fol-
that condition seems to lie in what we
may accomplish by our own efforts "a
reduce the cost of production, by in.
creasing the yield in the fields, in tons
of cane and in the quality of the cane,
by the abandonment of improbable
fields, by the use Of labor saying ma.
chinery, by the more effective use of
water, labor and equipment, by stop
ping absolutely the expenditure of
money in development, by keeping the
costs of repairs and maintenance down
to the amount barely necessary to pre-.
vent the destruction Of our property; in
short, the largest possible crops at the
lowest possible cost. ~, "iat,i ~
1.-THE most important result to be OBJ
tanned, under these circumstances, is to
do everything possible to increase the
yield of sugar per acre to that point
where the returns will exceed the cost
of production and fixed charges. To do
this it will be necessary to reduce the
areas cultivated for crops TO be har-
vested after 1916.
1T is to be hoped also that costs
that are not now under our control
may be materially reduced. d.
1.-THE Waialua plantation has much
in its favor in its control of land and
water, and 1t rs thoroughly equipped.
{ son January /, 1913, we had to our
credit with our agents, 1896, 1888; on
January /, 1914, we had credit Of
$3.50, 56l.S2; during the year we have
bought out Of current receipts and ere
dit balance: containers for the crop
of 1914, $26,244.4s; paid into sinking
fund under terms of deed Of trust, $79,-
6l4.62; extra boilers and equipment
for locomotives, $3,4o6.S2; Wahfawa
Water Co., Ltd, stock, $3s,44l. 25;
stock in land companies, So, 400. 90; we
lave expended on bitches, reservoirs
and other permanent improvements,
93,906.1l; dividends, 3 per cent on
capital, $4,000; interest on bonds,
Y42,l73.7l; we have cash on hand,
$l4 1914; sugar of the crop of 1914,
shipped and on hand, $B9,0ll.75; the
total net profit for the year was 1912.
9II44; during the year the trustees
for the bondholders purchased and re.
tired bonds of the par value of $780,
900; leaving balance of bonds out
standing of 1888, 800. ," . y. ...E. =
According to the tr> asurer's report
capital stock and surplus are $6,642,SO7
and outstanding bonds $7s9,500. The
book valuation of the property Decefn-
Der 81, 1913, was $7,5T7 ,57s. s.
The shareholders elected the follow.
ing directors, the officers of which were
elected at directors meeting mined.
lately following the general meeting:
=. d, Tenney, president; G. II. Cooke,
wee president; t. IT, Petrie, secre.
tary; ., H. Atherton, treasurer; It.
Rich. Robinson, auditor; directors. j.
A. MeGandless, w. L. Hopper, and j.
D. McInerny. -