Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1914-04-13
DIRECTORS FOR 1915 CARNIVAL;
REPORTS 1914 OFFICIALS ADOPTED

! II =
Incorporation with seven individuals
only. tn" six members of the finance
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 inCTcaS-
ing the capital stock and adopted a
resolution. right in the territorial
traasurer's Clfice increasing our CAPT
tai TO the desired 40.a00. Then. meet
ing a. a board Of directors, We accept
Cd the stock subscriptions secured by
the Ad Club. Tie difference id 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 7
wish to note some Of them for your
attention. Under the articles of assO-
citation and bylaws, a quorum TO 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 majority of. the
present shares have reached thac
stage,-it may be difficult to retain
the interest and secure the attendance
Of many Of these holders, while 9th
ers may die, 60 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 SDent Outright I
Il will not anticipate the report of |
the treasurer; but when you hear it |
read ! 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.
THE 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. l.
will not tell you that not single |
member of the finance committee ever
occupied a seat at any Carnival event |
that was not paid for in hard cash.
Our rule, that work for the Carnival I
should not entitle anyone to free
seats, was a 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. Criti- |
cisms were freely offered, some |
frankly and we'll 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 a 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 !,
rionce' depends upon its reduction |
into concrete form rOr the benefit of |
cur successors. Much ought to be !
done. For example. take cur figures |
AID our records generally; analyZe |
them and reduce to figures the per |
cent Of profit On various kinds Of Car
nival features. to I've weighed with !
their relative worth TO the public; |
sCgrcgate the fixed or "Overhead' |
charges from the special expenses; |
tind where fixed charges can be re.
dured; 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 I.
" Ice. This leads mo to mention that I
We have one or two recommendations !
to present for YOUR consideration as
st ckhCldeTs. These | will reserve un- !