Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1914-05-28
& {. PAXTON
MAKES REPORT
ON COPPER CO.
Tells of Accomplishment on
the Property Since Date of
His Arrival, April q
MANAGEMENT AGREEMENT
RATIFIED AT MEETING
Outlines General Plan Of Oper-
alton and Policy Of Handling
the Mining Property

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Considerable local interest has
been evidenced In the first report on
the Engels Copper Mining Company
mabe by e. e. Paxton, who resigned
hie position with Alexander & Bald
win 10 become treasurer and manager
OF the mining company. A large
amount of the stock in the copper cor.
poration IS held locally.
Parts OF Mr.. Paxton's report are
given below:
preliminary Report.
Il take this occasion TO briefly re-
port on what has thus far been ac-
complished since my arrival here on
April 22nd.
Reorganization. II ..,s,s 3.
Pool Agreement This has been
duly executed by the five trustees.
|to-Wit; Messrs Klamp, Paxton, Hum
burg, R0lph and Moulton The agree
ment has been approved BY the Com
pany's attorney. and is now In full
force and effect, and represents q ma
pority Of all the stock issued. A copy
OF this agreement has been sent to
Messfs. Bishop & Company, where II
can be examined by any stakeholder.
stockholders Meeting. Stock.
holders meetings have been duly and
regularly held increasing the capital
stock from 100000 to 1900, 900
shares, par value s100 each, of which
213. 600 shares win remain in the
treasury after the issue Of the. new
stock and which will be held for fil.
ture development, with the exception
|cf small amount which may be Is
sued to employees at not less than soc
per share. The board Of directors has
also been increased from five to sew
EN- members. the new board consist
fnR of Messfs. Henry Engels, !. !.
Truman. Jr, Richard spreekels. p
Kiamp, =. E Humbsge q g, Trap
h6ru1 kO1s tDe last four
names representing the Hawaiian
stockholdefs.s The following officers
have been appointed by the directors
for the ensuing year: Henry Engels,
president; r. Klamp, vicepresident;
Landon a. Bell, secretary; E. E. Pax
ton, treasurer and manager. MessTs,
Klink, Bean q Company have been
appointed auditors with instructions
to make q semiannual audit OF the
.company,s operations, both at the
mines and in San Francisco. This
firm audits the books Of Messrs. Alex.
aflder & Baldwin, Ltd, of San Fran.
cisco, and number of other respon.
sible corporations.
sBy.Laws.-The bylaws of the com.
pany have been amended to conform
ais nearly as possible to the usual
practice in the Hawaiian islands as,
far as the California code will par.
NIT. the duties and responsibilities OF
the several officers being identical
with the usual practice of Hawaiian
corporations.
Agreement with e. E. Paxton.
The agreement with the writer under
which the general management OF the
company's operations and financial af.
fairs is placed in his hands, subject
only to the general control Of the
board Of directors, and as approved In
writing by the Honolulu stockhold lders,
was formally ratified at the meeting
of the stockholders.
Organization for New Work.
"Mr. Henry E. Bush has been ap-
pointed general foreman or s1perin-
tendent to have charge of the actual
mining operations. Mr.. Bush has had
10 years experience In the Balaklala
and other copper mines In this state
and is highly recommended by his for
mer employers as being especially
trained Tor underground work. A com
petent man for the position of ac-
countant, store keeper and time keep
er has also been secured and who has
had several years experience in such
capacity at other mines. A general
system Of reports and accounting for
cash and supplies has been laid out.
"The above parties have been en-
gagged at very moderate salaries to be.
gin with, with the promise of reason
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