The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1917-09-11
CONTINUANCE of MINERAL PRODUCTS
COMPANY is HANGING IN BALANCE
tack Of Interest Shown BY Small Attendance Special Meeting
and Some Evidence Of Possible Opposition To Reincoporaton
Appears Close Of Session Adjournment Is Taken To Sep
TENDER 10 ., ,@s "-.'1a5Ie

as to costs, methods, etc. and to de- |
termine how much Is required for a |
plant and how much that plant will |
produce for the company. .~r Isl
Makes No Excuses - ...a., j
1t may be said that the company
should have worked this deposit when |
the railroad reached the point where
il could be handled. Personally he had
favored doing so but majority of the
directors had not. But il was now too
late TO consider what might have been
or should have been done at that time.
IL the property consisted of only man
ganese or manganese dioxide, after the
reports they had received on those
minerals on their property, he would
favor abandoning the whole project
but owing to the reports on carbonate
lof magnetism, owing to the recent re-
fports of Mr.. Anderson, he favored 90
| ing ahead under the new incorporation
tplans. He took occasion to tell how
careful Mr.. Anderson was, how aecu-
rate On oil the information he gave out
and how consistently reliable. Under
those circumstances Mr.. Judd felt that
the reports of Mr.. Anderson should
bear weight and his proposals be con
sidered worthy of a trial. There was
no similar deposit in the whole country
to the large one the company has on
| its property so far as the directors can
learn. None that can be handled SO
simply and easily. &tgf n
Before putting the motion Mr.. Judd
/ asked If any one of the stockholders
had any questions he or she desired TO
ask and it was then appeared the first
signs Of possible opposition to the plans
Of the directors. aE.Hl
Pertinent Questions Asked u1,s
Chas. G.. Heiser asked what assessments
Z would be necessary and was told what
the directors had given TO the press,
that the plan was for n two per cent
assessment each month for FIVE months
Heiser asked whether this would not
raise 100000 and was told it would if
Tall assessments were paid and that all
would not be needed If the indebted
ness were not to be paid and it seemed
not worth while to pay notes when pay
ment was not asked. Heiser then ask
ed about the cost of the proposed mag.
nesia factory and was told that IL was
impossible to determine that until af
ter the experiments with the semi com
mercial plant had secured sufficient
cost might be 100000 but manager
Anderson had been careful not to make
definite statements on such cost with
out data to go on. ST.
Explains Small Attendance. a.
Mr.. Heiser here said that perhaps it
was lack Of definite information that
had reduced the attendance at the meet
ing to below the required percentage
to pass the proposed resolutions. He
added that without more definite infor
nation there might not be the required
sixty per cent at the next meeting and
even If there were il was by no means
certainty that the vote would be una
nimous or even be the required proper.
tiOn of total shares of stock. a..
Continuing Heiser asked If some 9th
er proposition might not be tried
Might it not be possible to raise by
voluntary assessment the amount need
ed to put in the semi-commercial mag
nesia plantl He wanted to know how
much would be required to put in such
plant and operate the company unit
the experiments were completed and the
necessary data obtained and how long
this would take. o., =,
Mr.. Judd replied that to put in thu
plant and get required data would
probably take about three months, anC
the total expense in that time would b,
about $4,000. ~
1t was then Mr.. Heiser said tina
stockholders wanted to know befor,
putting more money into the company
how much profits the magnesia plan
would show month. Abandoning thu
manganese and manganese dioxide pro
jects left only the magnesia project Il
hang to. Would this net enough I,
warrant the investment already made
and what would have to be put in il
the payment of assessmentsH Alread,
much money had been lost in expert
ments, and this was request to put VI
more money to try another experiment
, Stockholders wanted to know that 4
such experiment was success tina
there would be q satisfactory return
and not merely enough to get back tn
cost of the new factory. With the cap
ltal' Of the company as large as it will
, be, would returns from this one minera
be sufficient to pay dividends7
. ! Mr.. Judd Informed Mr.. Heiser tina
the proposed reorganization was the re
suit of mature consideration and tn
best judgement of the directors, am
said that if any stakeholder did no
, like this plan II was for him or her t.
? propose feasible alternative plan. H
= asked if he had one, and was informe,
by Mr., Heiser that he had nothin,
definite at this time. '. j..
: Then the motion was put and carriet
to meet again in the chamber of com
, merce rooms on Thursday, Septembe
49, and adjournment taken to that date
y In the course of answering MI
, Heiser, Mr.. Judd said that the ques
tions Mr.. Heiser asked as to maximum
possible profits from carbonate of mag
nesia had been asked relative to man
ganese and manganese dioxide, and /
was the expectation of estimated pro
fits on these that had induced man,
l present stockholders to buy. He as
serted that although he himself had en-
- tered into the company believing tina
it was good, he had never advised an,
one to purchase stock in the company
D and when asked for advice had decline
to give il pro or con to. those who wer
j contemplating buying. IT,
Henry Williams was fined ten dollar