Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1914-01-20

w. A. Kiuney's charges against
Alexander & Baldwin Of alleged mis-.
nnanaoennent as agents OF the affairs
Of the Meeryde Sugar Company are
not sustained by report Of the spe.
eiai investigating COMMITTEES. The
report was presented TO stockholders
Of MeBryde at largely attended
meeting In the Chamber Of Com
rberee room THE morning, and was
unaninncpsly adopted.
The meeting further accepted Al
exaudcr q Dsidwin's offer made at
the last meeting to accept note for
the balsnee due the agents on open
account
The committees report Sits and
summarizes the charges made by At.
torney Kinney IN connection with his
claim for more than 100000 dam
ages Eleven main charges are die
cusSed. The report dismisses six
charges, holds four unsustained and
IN the Iast generally uphoids Alexan-
der q Baldwin while making num-
Der Of spnnestions for possible
changes In financing. Some slight
criticism, for the most part construc-
tive, ls indicated, but the document 40
; whole is strong vlndleation Of the
i,sctlon with the Mtbryde company,|
and Alcxandsf 4 Bsidwin's manage
merit d made the Subject OF sincere
and hearty tribute.
The charges dismissed are those
for which 40 basls whatever was
found. The charges not sustained
are those IN which some Of the facts
Might be &c alleged BY Mr.. Kinney
but IN. which his allegations as TO the
intent Of the agents or as to the aetu-
al results were held BY the commit
tee not to be justified or correct.
Uunanimously. on a rising vote, the
McBryde stockholders accepted the
report OF the investigating committee
presented at the adjourned special
meeting this morning.
Attendance isSEarge.
There was q larger attendance than
at the first meeting when the com
mittee was appointed to investigate
KinDey's charges, lI3.s67 out Of 1885,.
604 shares being represented. This
made a goodly margin over quorum,
which is s7,S0S shares. Ernest II.
Woiehouse, as temporary chairman
presided. H. M. Won Holt, as tempo
rfry secretary, read the letters and
published notices relating to the ad.
journed meeting. Richard iyers,
chairman Of the investigating com
mittee, presented its report.
Hon F. M. Hatch moved the accept.
ance, Hon. Paul Isenberg seconding
the motion. It was that the report be
accepted and placed on file, ard that
the committee be discharged with the
thanks of the stockholders for the
able and exhaustive manner in which
it had performed its duties.
Aa& q. Offer Accepted.
No remarks had been offered on
the report. After It was disposti OF,
the offer OF Alexander & Baldwin,
Ltd, agents. to accept note at three
wears for the balance due them on
open account, with interest at 6 per
cent payable quarterly, was unani-
mously accepted. The matter was
presented by the McBryde directors
in a letter covering one from the
agents, which showed that the bal,
anee on December 81, 1913, was but
500, ,95420 instead of between $780,.
GOO and $I50.000 as estimated in the
original offer made at the first meet
ing. Owing to certain payments m&tle
since that date, the amount on Janu-
airy 2 was $142,972.96, and the mo-
ton passed, made by H. NJ. Won Holt
and seconded by Mr.. Isenberg. was
that the proper officers OF McBryde
Sugar Co. be authorized to execute a
note for this sum on the terms of.
fered.
Before the motion was put, Hon
George r. Carter mentioned that he
presumed the object was to place the
agents in a position where they could
not forecIose the Indebtedness, or de-
R.and its payment, within three years.
It took Mr.. Ivers, readily clearly
though rapidly, an hour and 20 min.
utes to present the report Of the spe-
cial investigating committee. There