The Maui news. [volume] (Wailuku, Maui, H.I.) 1900-current, 1921-03-04
Unexpected Expenses
Cut Down Profits of
Pioneer Mill Company

The plantation bonus, income taxes
its proportion of losses from the strike
on the Oahu plantations and the cost
of adjustment of the Crockett refn-
cry losses, cost the Pioneer Mill Co.,
an average of 8 cents a pound on the
sugar produced by the company dur
ing 1920, according to the report of
A. w. II. Bottomley, president Of
Pioneer Mill Co. at the annual meet
ing in the office of the agency, the Am
erican Factors, reports the Star-Bul-
letin. Despite this heavy expense
the profit was $2,743,016.
Pioneer MILL" says Mr.. Bottom
| ley's report, was fortunate in harvest
ing and marketing most of it's crop
during the first half of the year and
obtained an average gross price of ap-
lproximately 16c for it's sugar.
"The year would have been an ex-
| traordinary profitable one had it not
been that the plantation had to con-
tribute very large sum as its share
of the expenses of the strike on the
island of Oahu, and also to purchase
60lS shares of stock in the California
and Hawaiian Sugar Refining corpora
tion to provide additional working
capital to make up the amount lost by
( the refinery by reason of the decline
: in sugar prices during the latter half
of the year, and it's inability to sell it's
stock of refined sugar manufactured
from raws purchased at high prices.
THE items mentioned above, to-
gether with the plantation bonus paid
on the high price of sugar and an
estimate of the amount of income
taxes payable on the profits of 1920
and additional income taxes payable
on the profits of previous years, are
as follows:
Refinery adjustment .......-.....$ 601 800
Strike claims -.-...............--... 629, 1853
Plantation bonus .............-....... 2,130, ,633
Income taxes (estimated) .....- 1,947 ,955
Total ,310, ,341
Steady pumping of water was neces-
sary throughout the year with the ex-
fception of the month of December ac-
cording to the report of A. W. Collins
manager. More water was pumped by
the company in 1920 than in any year
previously.
$573,562 For Improvements
The company expended $573,562 in
permanent improvements, of which
$217,629 went into an additional three
roller mill and new shredder, crush
er and cane carrier. The mill force
has been at work since July installing
a $4,000 square foot stadard evapora-
tor in place of two old Lilies and re-
placing three sets of mill cheeks. The
tons of sugar ground per hour have in
creased from 5629 to 61.40.
An outlay of $134,323 has gone into
a new concrete machine shop, round
house, Puukolii theater, Puukolii
restaurant, nine houses for skilled
men and 65 camp houses.
The new hydro-electric power plant
at Wahikuli cost $36,465.
Railroads cost S46,901, which rep
resents the extension to Kahana, the
lextension from the Puukolii line TO
IWahikuli and the filling in of the Wa
lhikuli trestle.
Profit Was $2,743,o16
The net profit of the company, ac-
Icording to the report of S. NJ. Lowrey
treasurer, was s2,743,01679. Dividends
amounted to Is per cent. or S750,00O
and total assets of the company are
given as s11,S76,6S9.
Officers of last year reelected al
the meeting are: A. w. 7. Bottomley
president; j. A. McCandless, first vice
president; Z. /. Spalding, second vice
president; S. M. Lowrey, treasurer
lG. p. Wilcox, secretary, and the
Audit Co., of Hawaii, auditor. Direct