Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1914-12-03

with interest computed at five pei
cent per aflnun. compounded. as will,
PRINCIPAL and interest combined, at
maturity. equal the par value OF the
bonds, record and capital debt afore-
said. ..'.
18th. The excess Of income shall
be divided equally between the gov
eminent of the Republic Of Hawaii
and the stockholders Of said corpora
tion. >
9Th. A quarterly account or trial
balance of the corporation shall be
rendered by the corporation to the
minister Ct the interior from the be-
ginning Of the actual construction of
the railway"
Section 81 Of the franchise reads as
follows:
1T shall not be lawful to increase
the capital stock OF said corporation,
~ any time In excess OF said two hun
dred thousand dollars, unless the pro-
posed increase shall, when taken with
the original capital stock, represent
only the actual cost Of the property
Of the railway, and not over % per
cent OF such cost in addition thereto;
and such cost may include all ex-
pense OF laying tracks and equipping
the road for public use. and may also
include all subsequent extensions, but
no such increase shall be authorized
for extensions until they shall be de-
termined upon and authorized by
vote OF the corporation" -.
Section is gives the company the
right to borrow money at agreed rates
OF interest and TO secure the same by
mortgage of all or any portion of its
property. including. the franchise.
Section IA gives the company the
right TO purchase all or any part OF
the property. real and personal, rights.
privileges and franchises Of any other
railway or OF any other light and pow
er company having objects in whole
or In part similar TO those by the act
authorized, and when so acquired, the
right TO exercise all rights, powers,
privileges and franchises thereof,
whether derived by charter or act OF
the legislature.
Section Is gives the further right,
amongst others, to take shares in the
stock Of any other company having
similar objects.
Statement Of Gov. L. Z. ,Pinkham be-.
fore the House Committee on Terri.
tories, December 9Th, 1918.
Mr.. Pinkham-Mr. Chairman and
gentlemen, l had quite q little to do
With this street railway problem years
ago and made a pretty thorough ana
Iysis OF the matter with the officers
% the company, particularly with Mr..
Peck, In my capacity as private citi-
zen and business man OF the town.
During the last legislation ! was out.
or the country; was in the Far East
during the last session Of the Iegis-
|1Iure. SO only had what opportunity
my short stay IN Hawaii afforded be-
fore ] came down here to Washington
q look over this matter. and my infor-
nation or analysis 10 scarcely deeper
than your own. But my belief il that.
the people Of the territory and the
commercial organizations were So
thoroughly in interest In the matter
that there is no question, ] believe,
that they realize that we have protect
ed the public In every possible way,
and II ! could criticize ii II would only
b IN some minor manner that prob
ably Is not essential. would not want
to presume to open up any questions
IA the matter OF course, my admin
Islration begins as soon, as the presi-
dent can sign my commission. At
present ] am not In active administra-
ton.