The Maui news. [volume] (Wailuku, Maui, H.I.) 1900-current, 1922-04-11
Puunene Makes Fine
Showing Under Many
Adverse Conditions

Showing a net profit of S445,609,
Hawaiian Commercial & Sugar Co.
of Maui enjoys the distinction of
being the only Hawaiian plantation
to make anything near a normal pro
fit under conditions obtaining last
year. The report of Manager F. f..
Baldwin shows the company to be in
excellent financial condition. The an
nual meeting will be held on April
IL in San Francisco.
The net receipts from sugar were
$3,90S,610 and the net crop profit
was S274,S14, which, together with
interest on bonds and other securi-
ties swelled the total net profit.
In view of the trying conditions of
labor shortage and low price of sugar
together with a loss of 5000 tons of
sugar due to drought in the previous
year and an additional loss of 1000
tons as result of the Lahaina disease,
the record of this plantation is sur
prisingly good.
Moreover, there was a loss of 1900
tons of sugar due to labor shortage
resulting in late harvesting and dry
weather last summer, The plantation
was from 400 to 500 laborers short,
but the situation is somewhat improv-
ed this year, says Manager Baldwin,
because of the influx of Filipino la
borers. The laborers, too, are work
ing better now, says Mr. Baldwin
but more labor is still needed to meet
plantation requirements.
The output for last year was 4S,-
500 tons, the smallest crop since
1907. The estimated production for
! ic ic
Owing to the serious inroads of the
Lahaina disease none of this species
of cane has been planted for the 1928
crop.
Drought impaired juices so that ii
| took, on the average 691 tons of
cane to produce a ton of sugar as
against 6.63 tons in 1920. Extrac.
| ton of juices was 99.07 per cent
which, says Mr.. Baldwin, is record
| for 15-roller mill.
improvement in 1921 represented
an out lay of $54S,S55 exclusive oI
the extension of bitches by East Mau
Irrigation Co., cost of which is taker
care of by bond issue of $750,00(
this year. Expenditures for improve
ments this year are to be limited tC
100000 owing to the general depres
SlOu III lile sugar
During 1920 the company set aside
$1,11S,200 for purchase of stock il
the Crockett refinery, under the re
organization necessitated by the
slump in the sugar market that year
The plantation also purchased $S39,
900 of the Crockett bonds These
/, are to be refunded and cash will be
forthcoming soon.
Manager Baldwin in his lepor
calls attention to tax matters which
may develop to the benefit of The
company. The total contingent ta1
liability is placed at $1,096,9S9 owing
to the issue raised by the fedora
government as to the amount de
ductible on account of loss i'll Suga
Factors stock, due to sale in 1920
The government demands an addi
tional tax of $474,405 but the planta
! tions who sold their stock have re
! tanned legal counsel to fight the gov
ernments contention. The compan,
contends that the figures of the in
ternal revenue Office with regard t
federal income and excess profits Ia,
are in error in the sum of $374,6l
and the company hopes to recove
} this amount from the government
The company has total assets o
$16,063,740, including in addition t
Crockett refinery bonds and stocks
5 stock in the Hawaiian -Philippin
) Central valued at $160,270; Gator
Neill & Co. stock, $5S,5OO; East MAJ
+ Irrigation Co., $792,960: Kahulu
I Railroad, S299,O0O; Maui Electric Co
: $4,000 Growing crops are figured a
s2,SS5,743.