The Hawaiian gazette., 1915-09-24
8 ll,422.97 $332,SO7.36
Earnings

Earnings .@A,..-, ~. ...
,s The gross earnings for the past year
3. show q decrease of $73l5.57, as against
those of the preceding year.
Passenger earnings dropped from
$1O6,04655 to $s5,6O2.s5, due, principal.
ly, to the competition by automobiles
which the good condition of govern.
ment roads has made possible.
Freight revenue shows a gain of 3d.
TT2.45 over the preceding yeaT, and
gains in other items went 10 Offset the
failing of In passenger revenue, SO that
the combined earrings from all sources
was but $7,3l5.57 less than the previous
year. .h.at.# o.. '..4 3. .. -sta
Operating Expenses sl.sg. .
The operating expense for the year
ended June 80, 1915, amounted to 5000,
10S.lS as against $256,24031 for tn;
preceding year, or decrease Of $780,.
1913. .z....ir. 81. s.,
The presidents report to the stock
FOLDERS last year estimated the expense
for the year just completed, at $685.
10000. The actual results were bet.
ter by $24,s91.s2.
The surplus earnings over operating
expense for the year just ended were
estimated at $211,000.00, while the ac-
tual result showed a surplus of $685.
9sO.90, or an increase over the esti.
mate of $17,9S0.90.
Every effort was made during tho
year to reduce the cost of operation to
the lowest possible point without i'm
pairing the safety of operation and
per efficiency to meet the public re-
quirements. A reduction in the force
employed and a corresponding increase
of work required of the remaining EN-.
ployes was the policy adopted, rather
than the scaling down of wages and
the retaining Of the original number
of employees.
Your property is in as good physical
condition as it was a year ago, and
the management feels that the road
can be operated for the year ending
June 80, 1915, at an estimated expend-
ture of 1925, 10000, assuming that tho
amount of business to be handled is
the same as that done during the past
year.
coupon Payments
Financial arrangements were in the
course of negotiation which would have
enabled the company to pay its coupons
on the LIST of October last year, in case
~ company had then secured the as
surance of certain new business along
the Hamalua Extension. The efforts,
however, to secure such assurance were
unsuccessful, and the company was OBJ
liged to pass the payment of these cou
pons. 1t was believed that the earn.
rgs from such new business, ii obtain.
ed, would make it possible for the COM
-. t.,kn -, fNNI
in addition to its operating expenses.
Sugar Companies Business
Under date, of April 10, 1915, the
company received communication from
the agents of the 0nomea Sugar Com
pany, giving your company an oppor
tunity to submit a bid for the trans
portation of the freights of that com
pany, it being understood that bids
should be made at the same time for
the freights of the Pepeekeo and Homo
mu Sugar Companies.
On May 3, 1915, your company sub
mitted its bids. On May 25, 1918, your
company was advised that the above
named plantations had closed a five
year contract from October /, 1918,
with the Inter.Island Steam Navigation
Company
Preasurer's Reports
Treasurer w, f. Dillingham; and AS,
F'stant Treasurer Harold Dillingham;
? esentedFtatements showing the finan-
oiaI results of the years business.
The sum of $l35,00O was borrowed
last spring with which the bond inter
est due October l last has been paid,
thus giving the company six months in