Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1914-12-03
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ALREADY. GOOD
MONE:Y:MAKER

San Carlos Milling Company, incOr-
porated in Hawaii and operating in
the Philippine Islands, has issued its
, first report. being from the date of in
corporation, June s, 1912. to June 80,
1914. 1t shows prosperous conditions
notwithstanding many difficulties met
at the outset Manager p. J. Bells
report tells of opposition to the in.
stalling of a central by the company
which. though coming directly from
two planters, was undoubtedly origin
ated and financed in Iloilo by commits
sion companies also Of plague OF
army worms destroyed after a heroic
battle, Of long droughts and of foods,
He arrived in San Carlos in July, 1912,
and actual construction work was be-
gun in September.
The first crop was harvested in the
plantation mills between January ana
June, 1913, and the next enc between
January Is and May IS, 1914. Owing
to dryness in the early growing period
the 19l4-l5 crop is expected to be
light, although up to August l the
cane was looking exceedingly we'll and
growing very fast. There had been
no; loCusts or other insects to damage
the crop, though there had been great
damage from locusts in other sections
Of the islands. Mr.. Bell gives a state
ment of areas of land held by con-
tracted plantations and others, with
an estimate that the cane from all
will yield 10000 tens CT sugar foI
1915, CT which the mills share will be
1900 tens. He recommends an extern
sion Of the railroad and an increase
OF the capacity Of the mill. AS erect
ed the mill was intended to treat 600
tens CT cane each "a hours, but with
provision made to extend its capacity
to 1000 tens daily by installing addi-
tOnal units. The railroad is 15k
miles long and its rolling stock com
prises three Baldwin 13-ton locomo-
tiVes, 225 Gregg 5-ton cane cars AMI
four cotton freight cars.
Treasurer N. P. jRobinson's report
shows assets of $1,200,481, of which
permanent improvements represent
s$748, 249, while the liabilities contain
balance at credit of profit and loss
account of $192,S65. Besides capital
stock and bonds CT 100000 each, the
chief liabilities consist of Honolulu
Ircn Works Co. lean 100000, bills
payable $4,000 and bank overdraft
$3S,916 1t is stated in the main re-
port of the treasurer, however, that
$4,000 has been paid On the H. |. W.
Co. account, and that the bills pay
able and bank overdraft have been
paid in full. After making these pay
ments and allowing for operating Ell:
penses to the end of the year, it is
expected that the company will have
on hand a cash balance of not less
than $4,000. 1t is explained that the
object CT carrying this balance instead
OF paying off the remainder of the
debt to the Honolulu Iron Works Co.
is, first, so that the company may
be less dependent on its credit for
harvesting the 1915 crop than it was
during the current year, and, second
ly, to meet the cost of the enlarge
ment Of the factory capacity from
600 to 1000 tons of cane per day.
OF the total crop handled, 7843 tons
of sugar, 40 per cent, or 3137 tons
constituted the mills share, and the
total cost per ton of sugar to the
company was $40,149. Net receipts
for the 1914 crop are stated in the
account as .S317,74S.s4, but a note says
that from later information it is be-
.lieyedt $1,000 more will be realized
Further. the company has claims
against the steamship and insurance
companies fer about $500.