The Hawaiian gazette., 1914-01-23

not TO have redeemed the si5O.OO0.o0
/ bond issue Of the Kaudi Electric Com
pany, which would have resulted today
in the floating debts Of the plantation
being $50, 10000 less than az present,
and the bonded debt Of the Kanai Elec-
trio Company t15O, 10000 greater. This
bond issue, which fell due in 1915, con-
tanned mandatory sinking fund fea.
ture Of 100000 per annum, upon which
not one dollar had bedh set aside, 90
that approximately 100000 was due
thereon, upon this sinking fund at the
time the bonds were redeemed. II Is
assumed BY Mr.. Kinney that this issue
could be refunded upon the same terms
In 1915, and that by this method TIE
obligation to pay the sinking fund could
be deferred. This Is BY no means eer-
tain, as conditions may be such in 1915
that the holders Of these bonds would
look for different Investment than a
six per cent proposition at par upon
an enterprise dependent, in large mea-
sure, upon the continued operation Of
the MeBryde Sugar Company, Limited.
What is certain Is that 81 this bond
issue had remained undistnrbed II would
have been payable In lpl5 as against
which your agents have offered to carr
~ you until 1916 for practically tho
same amount and at the same rate of
interest and In the interval you will
have saved go 10000 per anniim in In
terest upon your bonded debt. The con-
elusion Of your committee being that
none Of these acts have restricted the
borrowing capacity Of the plantation in
so far as can be determined at this
time, whereas they have been distinct
advantage in reducing the operating
expenses.
Kinney's Share in Management
In so far as the. actual connection
of Mr. Kinney with your plantation Is
concerned, Il has been found impossible
to determine just how far, II at all,
he was active in the actual administra-
tion Of the property, and IL such activl
~ was benefit 70 the plantation q
with a great many financial trans.
actions conducted BY the MeBryde SUI
gar Company, Limited, Mr.. Kinney was
prominently identified, such as in the
bond Issue Of the Kauai Electric Com
pany, of the Kauai Railway Company,
tha sec,,r;no fro,,, fha ol,ustaA ~ ~,
$780, ~ rs,ta;,, sjlS NJ y'raaseA M.
A. ~ o,;c;nsi honS q n y fSs n vrr,.
theesf ~, ~ ce,t ~, N A.
witb M ,ssue ~ 6retSStsd stock NJ
InI1 ffnao,,hf a;,iv ~ iksrne N, davotad
! orest deaI ~ t;mI = Jyaat 5sai
- ane,c,, ~ ~ faeeiIt,,,,o "a - this
-, syrr;e s snd ~ sabs,iIas~ ma n M.
yb;rh ;n 81 far ~ IN " ran,,,n ars tion
received ~ MN yas aoncerned was
,r;asne - eomnarad Via, ,hs vain ~
h,s t;,., n nthlr,.;sa ,lt,ad "a 80
srns s Il dnnt thet -,itho,,t AZ ~.
ssneI ottsnt;on o,,'cn M ns,tar H., M
KINNEY. and the suceess he mot WITH IA
nlaeins some 81 the b6nds. that the
Kama; EIectric comnanv Tould not bave
mean stafted without witch ~ q IN.
nyoh.bie1 thst tbe McRrvde smear Cam.
ranv Limited canld bava continued.
finaoubtedlv he setiv;tv n his direc.
t;on was distiret advantaoa ~ 'the
niantst;on NJ 7 n
His Methods pisapuroved.
~. .a.nas,,o,, ,,,,.h 1870 - ,hasa
a. ~ ,onerst;ons M matbods am.
Naval 81, ~ H. TxSn,,sv ~ ,hss;n monev
Are not mpfhOda 0nnrOVod of nv y)uI
committee Jnones,ionablv. however
NJ w. actnatad In All his Notices nv
IN rnseIash desire 81 make the nyonerty
4 success and n Nc aetivities more
nart;enlaylv IN connection Win M Al.
ministration 81 ne nlantation affairs
proved a detr;meut 10 The enterTr -
the fuu resnon.ihilitv tharefor mnat
rcst on the hoard ~ d;yeetors who mad
full charoe Of the propertv. iJnfort,,.
nafelv fhese 1. M d;raet evidence ,sb;eh
the committee Mas heen. ana 81 sec,,re
upon this point. other Cham naragraphs
Contained IN comics ~ letsers wr;,fa,
Nv 1h.m, and those nsraersnhs ,nd;ssS !
that no suorestions a 81 far ~ he =,
the majority stockhoIders ware concern 20
I'd were ever pushed with the nIanta.
tion manager bevond certain noInt
Therefore. vour Committee Il unable 4,
report fully and intelligentiv nnon how
M Ktnnex,s eonnect;or with tx nlan.
tation has influeneaa n ana M fortnnas
Regret Kinnev,s Absence
.uft \; x...n,..1 !, III 4.
tha event 80 NJ 1880 ,''rss 'ras -
san,stixa ~ NJ K;ty ~ any 49,
othe~ =, f,,,th - 1870 ssraa ans
49, ~ \. stoo"Ve ~ PtSeons w