Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1915-05-18
GOVERNOR PINKHAM MINGLES RAPS
WITH some COMFORTING ASSURANCE.
Crticzes Corporation Law as Allowing Stock Watering
Says He Doesn't Expect Free Sugar to Materaze-De-
efares Hawai's Case Has Not Been Presented In Best
Manner-DWellS at Length on Needs of Army on Oahu

ing markets Of the Middle West. In
shipments by water and rail via San
+. Francisco Hawaii experiences a per.
manent disadvantage of 1915 per ton
and via Panama 1855 Per ton. as com.
pared with Cuba. which handicaps can
not be materially reduced
AT the present tariff, Cuban basis
of S2o.09 per ton. Hawaii is in all
equity fully protected
Il have here and now some advice
to give Hawaiian sugar interests and
sugar investors and their publicity
friends. Learn to he ordinarily eoar.
teous, polite, frank and truthful in
the presentation of your cause. II Ia
known to your delegate to Congress,
and others friendly, that you most
inexcusably failed in this particular
two years ago. ! have sought, ever
since ! have been your governor, to
have You refrain from thus handicap
ping your cause.
, capitalization Law Raped.
Hawaii HIS been so prosperous II
/ has been reckless, and its financial
] men have operated under the rotten.
! est capitalization law extant. That
/ law is mandatory in that bonds Il.
sued must not exceed in amount capt.
/ tai stock issued and outstanding. thus
giving an inference the public is being
legally protected, when the reverse Is
the case. There is no stipulation the
stock issued shall have value. for by
manipulation 1t may be wholly wind
or water, or both.
As the operation OF this law forced
the attention OF Congress In the pres
entation OF 2 street railway franchise
extension, II is proper Its character
De made Known to You.
had hoped to secure an abolition
OF the law at the recent session OF the
Legislature and that the Chamber Of
Commerce would add its efforts, but
the law still stands, present Darfier
to sound fnancfal organization.
me assessable valuation OF this
territory Is $l6l.lSI, 226. yet In the
past Few years local investors have
submitted 20 relatively enormous loss
e.. 80 a,ou ..,,, ~ nn 10 hnO"h,
.rha. Ia si.i,,a 49,
ond nant oru i az ny ~ .w.uows
aa,,as.,r.aI ol1 49,, pensnSshe anu
tnnoooat $500 ose sisuliohs -
a.;na g., thnae s a.n sseu 40 a, "a GOV
riaito.,a,, az. $50 poa.sID ~. tol
,,,,,ans;,;a. as, nn.e W.T. 10 nut an
l.sSrha Sor.,.,..,, ne - -,
r,i,, $50 - .a $500 e,enls ore
,raaIth 49, ~ tJa-.,e enc, niols
a. oo,,,,s,,s sn ai.an islaIus, %,
HI, 900 .tL Ta.s,s,, s.. 49, p.os
~ o,,r enanoiaI ,,,,s;sa,..,. $3.50
+ 80 n.aLI... ca,sa
.a,rha r.oIaIa,,s aae .',ans.
81 orr .o,tizans :. Iao. pI as n.any
&C., g.I LIENS % posslpie On .he very
rar in;rr 4. 1a,,os.ss,s. puDnc Lsn9s
= naru no,,ni 49, ansns omaelsnip -
ertboIoss chs aSratrslss s' 20,
make nropressiyo st.amnts - @aIu. "a :.
la.It I,,n,'id %. 10 a'seps ~ sow -
40 a rnIe the bomos.aadar dns,.od =. =.
cnltiyata his own Iand with ~. -
bansa - Az Sagraa a,,..a,aa =. 49,
TTnita5 cfatas "a - .a -. -
Sone conntrtos
49,,
win the example OF great own
J, anu IesSees oeio.e MN; Win the
e 20 cane raising.
Win In orlentaIs ana some Latlns 50
%lAlng 70 WORK the lands on fay1ra-
oie terlis oi Iapor OF rentai TO- acre,
I.a nomesteaders quite naturally be-
leFe lheif comfort ana interest les
~ oSeups ing the positlon Oh small
dnaloIus. corporation methods OF or
sdh ne, ana operation are Ianllllar
- y, Inenk as are the results Nearly
al are unaoie 70 atone carry out the
lecessaIy economies OF production,
fence Tue great majority seek imam
'lal, materlal ana laDor AID from the
'ery CORPORATIONS tney seek 70 sup
'ia I'LL,
ms assist2nce is quite generally
Iccordeu. 10 certain extent the gov
'rnor oy law must approve every
'sreemenI Where any government lien
'Alsus.
AT present the governor Is trying
Q secure exact equity and | believe
ne just equation Is being approached.
DelleVe an equitable and salts