Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1914-04-13

| committee with the addition OF the dI-
| rector general, with the merely nOmi-
nal capital of $3.50. AS soon as the
| filing mark was placed on the articles
| OF association, and we seven were re-
solved into a legal corporation, we
acted under the privilege of increas-
ing the capital stock and adopted a
resolution, right in the territorial
treasurers Office, increasing our CAPT
tai to the desired $4,000. Then. meet
ing as a board of directors, We accept
ed the stock subscriptions secured BY
the AID Club. The difference in cost
was approximately $40 saved in rec
ording fees.
Some OF the features of this car
niVal corporation are different from
those of ordinary corporations, and I
wish to note some of them for your
attention. Under the articles of asso-
citation and bylaws, a quorum 10 bust
ness is, simply, those present, as to
all ordinary matters of business, and
a majority Of those present can act
In some special matters such as in
crease of capital stock, or amendment
of the bylaws, a majority of all the
shares is necessary. We have borne
in mind, however, that in the future
it may happen that when stock is
once paid up to the limit of its par
value,-say when a majority of the
present shares have reached thai
stage,-it may be difficult to retain
the interest and secure the attendance
of many of these holders, while 9th
ers may die, go elsewhere to reside,
or be otherwise lost. To prevent seri-
Gus difficulty where the affirmative
vote of a majority of all the stock is
necessary to take action, it is pro-
vided that whenever any stakeholder
Is not present or represented by proxy
at any three consecutive annual meet
ings, the board OF directors may at
such third and at subsequent meetings
until the owner does turn up and
claim his vote, vote the shares of such
absentees,-not as they may choose
but in favor of and along with the
majority of votes otherwise regular
ly cast upon the question submitted.
Another feature is that this corpora
ton will not pay any dividends.
Fund Not Snent Outright
81 will not anticipate the report of
the treasurer; but when you hear it
read L wish you to bear in mind that
the average business houses and men
who previously contributed cash, this
year merely subscribed for an equal
or less amount of stock, and paid only
10 per cent of it, and even this was
not spent, out and out, but invested
by our. committee and turned over,
and while it lost something in the
turning, it is good for more work
What we did get, which backed the
1914 Carnival, was the guaranty of
credit behind the stock subscriptions,
which, we hope, will serve for years
to come. before par is reached.
'fThe treasurer's report will tell you
a good deal about this Carnival; but
it will not tell you,-what alone,
perhaps, know better than others
that the treasurer himself has put as
much concentrated personal time and
grind" on account of the Carnival as
all the rest of our six put together. T.
will not tell YOU that not a single
member of the finance committee ever
occupied seat at any Carnival event
that was not paid for in hard cash.
Our rule, that work for the Carnival
should not entitle anyone to free
seats, was rule that began at home.
Everyone was helping.
Where we made mistakes We made
them honestly, and we tried not to
make the same mistake twice. Crit
cisms were freely offered, - some
frankly and well founded, and these
We always welcomed; others came
from that class of individuals who are
merely 'kickers' who view the work of
others from the side-lines and do not
pause to consider. We do feel that
some of the admission charges were
higher than they ought to have been,
and others should have been graded,
but we could not remould our plans
and our budget in the middle of the
stream. The result was worth the ex-
perience. The record will show bet
ter than anything else what the
charges ought to be next time.
Now, gentlemen, we have been
through one such Carnival, and We
have learned some things, and the fig
ures have recorded them. 1t cost
us something to learn them, but it
was good investment, if we profit
by it, We have also opened the way
to learning Of a good deal more. But
the value of cur investment in eXpe-
rience' depends upon it's reduction
into concrete form Tor the benefit of
our successors. Much ought to be
done. For example. take our figures
and cur records generally; analyze
them and reduce to figures the per
cent of profit On various kinds of Car
nival features, to be weighed with
heir relative worth to the public;
segTegate the fixed or overhead"
charges from the special expenses;
fro where fixed charges can he re-
duced; and, in general. find out why
and where this Carnival cost more
than it should have. and locate the
weak spots. Do not buy experience
vice This leads me to mention that
VIC have one or two recommendations
TO present fer your consideration as
stockholders These | will reserve I'M
til the treasurer's report has Neen
beard
Carnival SSeIf-Supporting
This corporations was launched on