The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1918-05-03
ENORMOUS PROFITS
I 0E:,E|SH COMPANY
!. SHOWN BY RETURN
Statement Filed With Territorial
Treasurer Indicates One Con-
Germ Nets 100 Percent
AND THAT ISN'T ALL
THE ST0CkH0L DERS GET
Nearly As Much More Is Divided
Up As Salaries, According
To Figures Given In Report


IncOntrovertible proof Of the enor.
nous profits that the fish companies
Of Honolulu have been making is shown
In a statement filed with the terrific.
rial treasurer, by the Pacific Fishing
Company in which the figures show
that this company, with a capitaliza-
ttOn of only $4,000 declared a book !
profit last year Of SIC, 320.50 after Sl2,
$500 had been distributed among the
officers of the company as "salaries
~ the statement filed with the terri |
torial treasurer, this latter item is
called running expenses"
According to the above figures, this
company is struggling along in these
parlous times with net book profit !
of only about 120 percent and q gross
profit on the original investment, if
these salaries are not included, Of
more than 200 percent. These are the
figures filed with the territorial treas
/ urer for the year ending December 81,
1917, only.
Further investigation Of this com
pany shows that a large number of
| the stock holders are stallmen in the
fishmarket who are reaping these juicy
dividends in addition to the twenty
percent profit they are allowed by the
| food commission,
| How Stock Is Held
~ The Pacific Fishing Company, the
president Of which Is NJ. YamashirO, is
capitalized under the laws of the Ter
| ritory for $4,000, with 400 shares at
twenty five dollars a share. Yamashiro
and his relatives own ll3 shares of the
1 L.
are divided among more than fifty
shareholders, a large number Of which
are stallmen in the local market.
According to the returns filed at
the territorial treasury, the gross pro
its for the Pacific Fishing Company for
the year ending December 81, 1917,
were, $33, 746.09. An unexpended bal
ance Of the previous year added to this
makes a total of $25,S5l.72.
A :, As expenditures, the Pacific Fishing
Company charges itself with $13,56l.20
rs "running expenses Bad debts
for the year are charged at $1229.70
fish in the warehouse, $431,70 and Of
fice furniture at.$3oS.S0 making q to.
tai Of $l5,531.4O. .,
The item" Of $13,56l.20 for "run-
ming expenses" includes 5000 for bait
fishing rights; 5000 for auctioneering
- license and the rest is presumably paid
out for salaries and Office rent Legal
retainers are also believed to figure
in this expenditure.
Members Of Staff
The staff which Is necessary to run
this good going concern consists Of the
manager, N. Yamashiro two book
Keepers one auetioneer; and an tout.
side man.; the principal duty of the
latter being TO cut the heads off Of fish.
All the employees, with the exception
of their legal representative, are Jap
anese. ~
What Are Running Expenses"
The concern occupies an enclosure at
the fishmarket which is about fifteen
feet square. Eliminating $1,000 a year
which is paid for an auctioneer Ii.
cense and bait fishing rights and
understand just what these GRIMM
the net "running expenses of this
concern are $ll 1920. Inasmuch as
this firm owns no sampans, has no
equipment for fishing; has no other
overhead expenses than those already
enumerated, it is difficult, for those
who instituted this probe into the af,
fairs of the Pacific Fish Company, to
understand just what these " running ex-
, penses" really are.
Fish prices dropped materially YES.
terday owing to the Investigations that
have been carried on recently and the
adjustment of the private auctiOncer-
ing game which has been carried on
there for months. Eben Low is given
credit for bringing about the drastic
changes at the fishmarket when he
took charge Of the auction block.
Fish War, On
. Frank Cooke, controlling owner in
the Hawaiian Fishing Company, turn
ed over his stalls in the fishmarket
yesterday to the fishermen-the men
: who actually, 60 out aud catch the
fish, exacting a charge of ten percent
Of all sales for rental, thereby cutting
out the middleman's profit, This pro
codure spread CONSERVATION among the
stallmen and the Pacific Fishing Com
pany and an immediate slashing OF
prices was started yesterday mOrninI
. by those who were opposed to This
innovation. Fish was sold for almost
song with the. idea of driving thu
bona fide fishermen out of business Ii
some instances fish were sold at prices
=, which would be ruinous to anyone whC
- kept it up for long. This slash
ing of prices..yas kept up until the
q Pacific Fishing Company people dis
:, covered that the fishermen thrmSclvr
= w"r" buying at these bedrock price
- and holding the fish to be sold late
in the day. Upon this discovery
| -. A..