The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1917-09-11

Owing to the fact less than sixty per /
cent Of the stock of Mineral Products
Company was represented at the spe.
cial meeting Of the stockholders Of the
company yesterday afternoon no action
looking to the Incorporation Of a new
company under the laws of Hawaii and
the transfer of the property of the old
company, Incorporated under the laws
of the State of Nevada, was taken.
Such action is essential unless the en-
tire project is to be abandoned and the
property of the company 10 90 to the
creditors or the affairs of the company
otherwise wound up and the creditors
paid Which course will be taken re-
mains TO be determined and toward the
close of the meeting yesterday after
noon the issue appeared TO be some
what in doubt. Another effort TO hold 4
meeting with n sufficient, stock rep.
resentatiOn present is to be made a
week from Thursday. .T..s
Attendance Is Toe, Small ..t Il
Stockholders Of the Mineral Products
Company comfortably filed the assem-.
bly, room Of the chamber of commerce
yesterday afternoon but the attend.
business for which the meeting was
called. The law requires that the pro.
posed resolutions transferring the prop
erty of the old company to the new
one which is to be formed shall be pass
cd by an affirmative vote of sixty per
cent of the shares of the company.
Not only was there not that percent
age present at the meeting but IL is by
no means certain that If there had
been the vote would have been unani.
nous for there were Indications at the
close of the meeting that some opposi-
ton or objection to the plan may be.
raised .t'=.. 80 saa
Reports First Read ~. ~.
Yesterdays meeting was called to
order by President Judd of the com.
pany and n committee of shareholders
was named to look over the creden.
tails and proxies of the stock repre-.
| scented. While this committee was at
work Mr.. Judd read the last reports
of Robert Anderson, the manager Of the
company, and the report of Robert d.
| Pike on the manufacture of basic car.
Donate of magnesia from the magnesia
bearing mineral deposits of the com
paHy and his recommendation for the
putting in of semi commercial plant
at a cost of 1920.
The reports read, Mr.. Judd informed
the meeting that the report of the com
mittee showed that there was repre-,
scented at the meeting 1,109T37 shares
of the company stock and that it was
required that the resolutions be passed
! by a vote of sixty per cent of the
stock and that the required shares were
not present so that it was evident that
the proposed action could not be taken
at the time. He advised that a motion
be made to adjourn for a week and
meantime for each one then present to
act as a committee of one to secure as
many proxies as possible so as to insure
the required representation at the next
meeting. Such a motion was made and
later amended to Thursday of next
week because the Civic Convention will
be meeting Monday and Tuesday and
the chamber of commerce rooms will
not be available Wednesday.
stgns of Trouble Appear
1t was before The putting of this mo
tion that indications appeared that
there might be some opposition to the
plan proposed unless more full infor,
nation on probable results, in financial
returns. from a commercial plant if ex
! prrimcnts were successful with the
rmnller plant 1t may be that the
project Of new company will 20
through all right or it NAV be that at
the next meeting there will not be the
required sixty per cent present or if
there is that the full sixty per cent
will not vote in favor of the rcSolu-
tionS The lack of interest taken in
the proposed reorganization yesterday
was not encouraging to the plans Of the
directors.
Only Two Courses Open
" making his announcement Of the
inSu tciCnt attendance President Judd
said that there were but two things to
10. One was to incorporate under the
laws of Hawaii, turn over the property
of the company to the new corporation,
levy and pay assessments, in short to
carry out the proposals mentioned in
the enll for the meeting or to abandon
the whole Mineral Products Company
project, lquidate its affairs or turn, the
property over to the creditors Per.
sonally he favored the first mentioned
plan,
Magnesia carbonate is in demand and
the stockholders of the company know
that they have it in large quantities
seventeen miles from the end of their
railroad, said Mr.. Judd. 1t is no Sc
cret process that is needed to make il
marketable. II remains to get the data
ture within. He was a Hawaiian named
Il oh