The Maui news. [volume] (Wailuku, Maui, H.I.) 1900-current, 1919-11-28
Our Contemporaries
The Poor lnter-lsland
(Hilo Post-Herald.)

Although the price of shipbuilding
at this time is high, and although in
spite of this the Matson Navigation
Company can see its way to order
four new ships, the Irter-Island Steam
Navigation Company cannot see its
way to order one, for the Honolulu
Hilo run.
In his letter to the Hawaii Public
ity Commission, President ]. A. Ken
nedy of the Inter-Island states that
the company is always anxious to
improve its service, and will put on a
larger boat whenever the prices of
ships go back to normal, or whenever
it can see its way so to do"
This anxiety to serve the public is
very pretty and laudable,-if true. In
consulting the figures in the Manual
of Hawaiian Securities issued by the
Honolulu Stock and Bond Exchange,
we discover a multitude of interest
ing facts, none of which however eX-
plain WHY the Inter-Island cannot
see it's way to engagements at this
time.
We find, for instance, that in 1916,
when the capital of the company was
$3.50, 900, a stock dividend of $500 900
was issued, whereby the capitaliza-
ton was raised to $4,000, 900. In the
same year the company had a surplus
of more than SAC, 900, in 1917 this in
creased to more than $3.50 and in
| 1918 rose to a point in excess of
$4,000.
In the years from 1912 to 1918, both
inclusive, the company showed net
| profits as follows: 1912, $453,000; 1913.
| S233,OOO; 1914, $33S,OOO 1915, $3.50,
| 600; 1916, 1927, 900; 1917 (war period)
| 1919, 600; and 1918 (also war times)
$511, 900.
During the same series of years
the company paid dividends as fol
lows: 1912, 1902, 900; 1913, 1902, 900
1914, 100000; 1915, 1902, 900; 1916
$25S, 900; 1917, $27O,00O, and 1918
1850, 900. In other words, during the
entire time covered by these figures
in addition to putting by a tidy sur
plus each year, the company pait
dividends of about 10 percent, ever
after the stock dividend of $750,00(
had been issued. In addition, in The
three years from 1916 to and includ
ing 1918, total assets rose from 81,
1926, 900 to $4,949, 900.
In the face of this showing, tn
company now has the supreme cheel
to advance its passenger rates 10 pei
cent and freight rates 25 percent. Thi
in spite of the fact that the charge
were already at such a point (consio
ering the distance covered) as t
single out the company as the hig.
priest of "nervy" corporations, and tn
population that stood for these rate
as the most gullable in the worlt
The excuse for this last move, is tina
the wages of engineers and other
have been raised. 1t is possible tina
the increased rates will not more tina
cover this increase in wages, but i
this regard, we are decidedly fror
Missouri.
In his letter to the publicity con
mission, Mr.. Kennedy says that hi
company considers the present heav
passenger travel as unusual, and thu
with the reopening of the Matson'
triangular run, whereby some of thos
boats will come here, he expects I
see it drop off. AS long as the Int
Island is willing to sit by and perm
this to happen, it certainly will,-a
indeed, it should.
We believe in the support of hon
industry. But we do not believe thi
such support, and taking all tn
traffic will bear,-and then some-ai
synonymous. We would be unhesita
ingly glad to see a rival compan
plunge for the Inter-Island pork ba
rel. If for no other reason, becaus
this would oblige the Inter-Island, IL
the first time in its life, to give Walt
. received.