Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1914-01-30
PRESIDENT {. Il. COOKE REVIEWS
FINANCIAL SITUATION REPORT
TOBANK OF HAWAIDIRHC1ORATI

Re-electing the same officers and
members of the board of directors, the
annual meeting of the stockholders in
the Bank of Hawaii was held this
morning. Particularly of interest at
this meeting was the report of c. H.
Cooke, president of the institution, in
which he reviewed the condition of
the land and the general financial con-
dition of the territory during the past
year.
The statement of the banks re-
sources and liabilities was also pre-
sented at the meeting, and by this
statement it is shown that the total
resources of the company reach the
sum of $5,929, 669.34. Below the state.
ment is given in detail.
The following is taken from Mr..
Cookies statement:
"On April 18th your branch at Lii
hue, Kauai, occupied it's new. building
and the same has been found very sat
isfactory.
The sugar season OF 1913 amounted
to 546,798 tons, which was 4S,460 less
than the year previous. The lower
price at which this crop was disposed
of has caused many plantations to
discontinue their dividends and others
10 curtail same, all of which, combin-
co with general conditions, caused a
decrease in the deposits of the local
banks as compared with the year pre-
vious; also the decline in stock valu-
atoms has caused a REIMBURSEMENT of
many of the loans of your institution.
These conditions, however, are not
peculiar to Hawaii. as during the past
year financial conditions on the main
land have been in a state of dullneSs
and depression, and liquidation In Sc
curities extending through the year
The new currency law, known as the
Federal Reserve Act, is expected to
assist materially in bringing about
more normal conditions in the bust.
ness world. As far as Hawaii is con.
Cerned, the question of coming under
this act is left optional, and we may
therefore, observe the working of the
act in other similar communities as
spectators and decide whether or not
We would be benefited by joining one
OF the reserve districts. This act
will be of advantage to us. as
the added facility given by the
new law for rediscounting CONNER
cial paper, can be used by us through
our correspondents, who have already
kindly offered us their services in this
connection.
The pineapple pack for the past
year Amounted to over 1,675,000 cases
with value of over $4,000 900, as
against 1,318,336 cases for 1912. This
industry has made rapid strides, as
shown by the increase from 1898
cases IN 1908.
"On December II your institution
qualified as United States Depository
for postal savings funds, the same to
come into effect on January /, 1914.
a condensed statement Of the
earnings and expenses of the bank
for the past year is as follows:
Gross earnings from all
sources .... ..........S 20O.Us8. 26
Expenses, including losses
and depreciation .. .... 118,225.3G
Net profits ............$ 8l,862.90
Less dividends, per cent 100000
Transferred to credit of
Undivided Profits .....S 1882 90
Amount Undivided Profits
on Dec. 81, 1912 ....... l28,035.16
Amount Undivided Profits
on Dec 81, 1913 .....$ 1E1.S9H.oi
Surplus account ........ 500 """.u U