Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1915-01-28
GOOD YEAR IS
Shown IN REPORT
OF HAWAII BANK
tcontinusd from page One)

II :
Continued from page one)
seventeenth in the history of your in
stitution, and your president begs tc
present herewith the annual state
n ent for the. year ending December
81, 1914, and submits the same under
the usual schedules.
1T IL a pleasure to report salts
factory growth in the various depart
ments of the bank, and you will note
from the statements presented that
deposits during the year have increas-
ed from $4,553. 555.84 to $5,739, $685.
the largest recorded in the history
OF your institution.
The gross profits for the year ser.
S1SS,320.19, from which expenses,
losses and depreciation we're charged
OF amounting to $104, S6074, leaving
net profit for the year Of $50, 549.4o,
out of which sum dividends totaling
per cent for the year were paid
amounting to $4,000, and $29,459.a5
was carried to undivided profits &C.
count. On December 3lst the sum CT
$100,00 was transferred from undi-
vided profits to surplus account, max
ing that account 100000, or an
amount equal to the capital stock of
your institution. and still leaving $751;
357.51 to the credit of undivided
profits.
A Trying Year.
The past year, from bankers
standpoint, has been a trying one. The
tariff reduction, the European war,
shattering and demoralizing the finan-
cial markets OF Europe and America,
the issuing Of large sums of emerg-
ency currency, the formation and
opening Of the federal reserve banks
all called for much adjustment and
care on the part Of all banks, and for
tunately the United States passed
through the strain without q total
financial collapse such as during the
year 1907. The year opened with un-
usually low prices for sugar, and
caused a necessary curtailment in
dividends and drop In the market
values of many securities held by the
bank against loans, which necessarily
caused more or less adjustment. To
the great credit of the. clientele OF
your Institution be it said that quick
and cheerful response was made, In
the few cases where it was necessary,
to meet all requirements without un-
due strain, displaying a resourceful
courage, showing keen appreciation
of business honor and credit. The
outbreak CT the war In Europe, inyolv-
ing. as it does, great beet sugar pro.
ducing nations, brought about sudden
and reverse business conditions, and
the price of sugar rose to the highest
mark in, many years. These high
prices, combined with record crops in
Hawaii, made the year, as a whole. 8
very prosperous one for this commun-.
ity, and the growth of the banks de-
posits between June 30 and Defender
81 Is q reflection of the changed fnan-
cial conditions.
In closing this report wish to ex
press my appreciation Of the loyal
support the directors, officers and
employees have given the institution,
and great credit is due to them for
the condition of the bank and the.
record that has been made during the
past year"
Statement OF Conditions.
The statement of conditions Decem-
Der 81, 1914, follows:
{ REsouRcEA
Loans, discounts and over
drufts ...............$4 .726, $3.50
5onds ........,........i. 947, 1890
Sank premises, Honolulu. 168, 6s6.46
Bank premises, Lihue
nfqneh ........ 100000
cuttofners' liabilities IN.
der letters Of credit. 7s,26s.36
Other assets ....s........ 3,723.s1
Cash and due from banks. f,22s, 955a3
s7,1ss,s21.i7
LIABILITIES.
Capital, paid up.......$ soo,ooooo
Surplus ................ COZ, 100000
UNDIVIDED profits ...... e1y357.5f
Pension fund .......... 42,f56.97
Letters Of credit outstand-
ing ... 7s,2ss.ss
Reserved for interest. f3,5oo.oo
Dividends unealled for. 5000
oeposits ....-......... s,73s, se3.33
R.1ss.s21.f7
G