The Hawaiian gazette., 1917-04-06
.KA|W|M Milling
COMPANY'S P|LlKI|A
Annual Report Of Auditor Starts
Merry Row Among the
Stockholders D.

HILo, April 2-One Of those inter,
esting and exciting fractional fights has
developed among the stockholders Of
the Kaiwiki Milling Company which
promises TO epIiyen the meetings Of this
newest Of sugar corporations for some
time to come aud ensure quorum al
each meeting hereafter fl
ThIS piIikia cropped up at . special
meeting Of the company last Saturday,
when IL, WINS called 10 consider the an.
NAL report Of Auditor John 'Arruda.
This report was surprise and a shock,
llso. il was productive of much ,unpar.
Iiamenidry Language and II is stated
hat int the controversy that followed
il was lost in the shuttle, an adjourn
henf being taken without the report
being accepted. te 49,
According to one aBeount the neglect
to accept ntnis report will only put off
me day Of reckoning, and that at the
next meeting of the stockholders there
will be something doing.
No Books Were Opened . '..E
eyes, my report was submitted to a
meeting Of the Kaiwiki Milling Com,
pany last Saturday, " remarked Auditor
Arruda yesterday. For six months i
vas trying TO get possession of the
books of the company to audit them,
but | found that for the FIRST six
months there practically were no books
kept, only vouchers. Why, there is
over $1,000 in the treasury Of the com
papy that there Is no record of receiy-
ing. The books were in such bad shape
that il took me long time 70 60
through them. My report was not ae-
,epted, as they forced an adjournment
before motion TO accept the report
jould be put"
1t is understood that there were more
reasons for the fight which developed,
although no violence took place, as
harges were made that certain Of the
,ificers and directors had sold to them
selves treasury stock at 1888 a share,
ms. cad of at $40, which is the par
alue. Fierce accusations Of manipu.
lating this stock we're made, and 1t
vas asserted that the sales were illegal
,ecause no notice had been given.
Verbal Notices Served a...
The answer was. made that it was
perfectly legal as verbal notice had
been given to ali the stockholders of
ecord that the sale of this stock was
to take place, but that so few seemed
% want the stock that il was taken
by the officers, as the money had to be
raised by the sale of this stock to pay
ertain creditors.
Another bghe of contention is said
Q he the ,aistriBution of one hundred
shares of'stotk toiA.hM Cabrinha, M.
de f. Spinola and TO Fred Silva, al
though the hitter refused to take the
took awarded him. This stock IL is
stated, was given without any price
and is supposed to have been promo
clon stock. @a .a,.. ;. ...... LTt
President Blamed s.,h IA.
Among some of the stockholders
here is a feeling of bitterness against
Mr.. Cabrinha, president of the com
)any, as they hold him responsible for
he tangle in which the affairs Of the
company seem to be at this time. On
he other hand the company is said
20 be prosperous and with a good flu
ture before il, and that the officers
are not responsible for the unforeseen
roubles which have cropped up.
Officers of the company say now that
the books will be Strengthened out anc
better system installed. But, how
,ver, this may be there is considerable
dissatisfaction and it is asserted tha'
he next meeting of stockholders vii
be an exceedingly interesting one.