The Maui news. [volume] (Wailuku, Maui, H.I.) 1900-current, 1921-12-23
STABILIZING FAIR ASSOCIATION

Proposals for a bonding of the property of the Maui County
Fair and Racing Association which will be submitted by the trus-
tees to the members at the annual meeting to be held January 5,
are in accordance with the plan to put the Association upon a thor
oughly business basis, will offer a safe and sound investment and
as such, as well as from sentimental reasons, such an issue should
have the enthusiastic support of the community. 1t will mean the
consolidation of debts with a security for their payment more than
three times greater than such debts. 1t is not the intent to borrow
money further to improve the property of the Association.
From a comparatively small start made in 1916 the annual fair
and the association which conducts it have grown to splendid pro-
portions and command the admiration and respect, yes the envy,
of every community in Hawaii nei. The first fair was conducted
IN WaIuku Park, the second on the grounds at kahului and those
grounds have been improved and built upon until it is estimated
that the property of the association is worth between $4,000 and
100000. It's Indebtedness is something less than $4,000 all of
Receipts from the last two fairs, the last held under the adverse
circumstances of world wide business depression, indicate that the
Fair Association is now i'll a position to be considered self supporting
that its revenues will pay the interest on a bonded debt and the
necessary expenses for care and upkeep of property, etc.
Viewed from business advisabiity, purchase of Fair Associa-
ton bonds is a perfectly sound and legitimate investment. Assets
are fully $50 percent of the proposed $4,000 bond issue and the
bonds represent no new Indebtedness incurred. Heretofore it has
eel simpler to carry the loans through the banks which have ever
recognized the important asset to the community the fair has been.
Its revenues promise easily to pay interest ON bonds and running
expenses OF the Association. 1t is a profitable, going concern.
Another aspect of the investment from the business point of
view is that property and the affairs that are offered on the pro-
perry, the fair, horse racing, athletic events, etc, form a community
asset far IN excess Of the amount OF money that is invested in the
project. The revenue they bring to Maui, the enjoyment and en-
tertainment they furnish to all of the people of Maui, the enviable
publicity which they bring to the Valley Isle are far greater than the
net revenues that come into the treasury of the Association, They
are community enterprises and they form two of Mauis most i'm
pOrtant community enterprises.
From a sentimental view point community pride demands that a
general public support to the limit be given the floatation of a
bond issue. 1t is not just to the financial institutions of the Islands
to ask them to carry the necessary Indebtedness of the Association
indefinitely. Every business in East and Central Maui is both di-
dectly and indirectly benefited by these enterprises and every indi-
vidual in those sections of Maui finds the Island a better and more
pleasant place to live because of them. That which is for the
benefit of a community as a whole should be supported and financed
by the whole community and not by only a few.
For these reasons and for many others when subscriptions for
the bonds shall be opened, there should be a quick and eager re-
Spouse from the public.