Hawaii Holomua, Volume III, Number 143, 20 June 1894 — POOR SUCAR BARONS. [ARTICLE]

POOR SUCAR BARONS.

Do They Pay Proportionate Taxes? Mr. P.C. Jot»e9recently lanneliont afjainst the Hawaiian' rramw«ys Company heeaaae, as > ae claimed tliat cor|x>r.*tion diil aot j v taxes on it>ci|»ital ~tock. and iusinnatin" tbat said capitai sU*ck is too lar"e tn proportion lo as.-»e»,so.i value of tbe corj> ra tiou j‘roperty. W ithuut denying tbo sofl irapeaclnnent we esjires.ssd ourselvos surjirise<l to find a aian in Mr. Jones' pnsition \ attacking a corporation ou arconut of iusufficieut taxatioo *nd we nsk?d bira how the case ras with Hawaiinn corj>or itions Bu>re especially sugur corapanies. The Siar iramediatelv rushed to llie rescue of Mr Jones clairaed that tbe c«se of sugar pIantittions was «jnite ditferent from that of tl»e Tra>nw*ys Cora panv because, tlie dividei ds of the hitter were sj>eut abroad j wlulo tbo sngar atockholder sj>ent ibeir iueoioea in Hawaii. If Mr. Jotiok’ letter bad surpnsed ns Ihe inspired answer in the editorial eolumn of his j»tj>er fairly «tuuucd us throug't its brazen etfiontery. The niain drawhack to the prospority of this country is Ihe systera of tlu» alnenl landlords. The largest amounl <>f the ineoiue d©rived fro n sugar is apent abroad mul ;i 11 Hawaii receives is a j>orfectlv iuadeqonte araonnt of taxes. We will not reiniud Mr. Jones of his own, disaj>j>earanoe froin tiiis conntry. He liad uo iutontion of returning kcre. He raade a raoviug addr»;ss »o tho V. M. C. A. previous to his departuro “for g<>od mul f«>r ever, ' aud ho took a goodly sura t»f money away frora hert. l‘>ut look at the other sug<ir barous, I «rho sj>ond thoir princely ineonies in Cal fornia, Oerinany or Eng- 1 land. Bailey, Alexander, Hart, Pflug©r, Isenborg. D <vies. Ohule, Weloli. Onnliauiu, C. li. I>ishop, 6preckels, Austui. l J urvis, aud •ever.tl otlM*rs. To en »ble our readors to calcnlate the ara< uiit pf nionev tbat has gone or.t of tbe «onntrv by tbe absfiitoes we will mention the dividends p>i»l bv aome of the sugar corjM>rations a eouj>lo of years «go whea all their patriots uieutioiied expatri ited themselve< «nd devot»d Uieir lime to thepleisant oeoul>ation of clij>piug coupons and •ncking the Hawaiian orange. Tbe folloaing table ts correct: AMT. or TKR e J NT cat'l mvi- or («» vA>RK>R4T‘X. ST>, W»1'S. cri. 'T * WAeiHeMill $JUO.«HO. 1*1.000.«5prr»f KoUbt SnCo.. 4X>,IXX> anu.4S»> 4.1 w»i«kt.-i Miu Co.. ax\oix) isa.ooo.-is Haiu'k** So>c*r Co ‘2U0.WW. I OiionuHi S» K >*r Oo .VXI,000 IOm.000.2» liuion Mūl Co.... I60.UW. 44.000.57 luknau PUnl.Oo 120.000 63,S00 .'>3 Q«;u»ku* M;U Co 240.01« l-Mi.OOO ” r*i* n*nt. Co.... 7W.O00 330.4W.42 Wt*iluku S«s*r Co 365,0». 96,060.37 1T*lui** Co 255,IX», 122,0l«.4T (t**u'u Agric lCo 4S6.IX», 181,120 42 M<K Sug*r ('o -. A».U» »UX» «0 Jfcaka Sug*r Co.. 500.01» 260,0» 52 MrAiai*n*I"Su’TO» 160.000. Sl.u».45 Xok>* Sugnr Oo... 300.000. |] And how moeh ta\es doas Mr. P. C. Joues Ihink tbat tho above J

intntioned corpor»tions »li ch tlecUr- ! and paiJ »uch J:v:Jen<ls The assesseJ v.-tlne as piven to the tas ass**ssors, cf nearlv every nne ofthem JiJ ‘n>>t esceed an>l severaī JiJ not reaeb the araonnt yai>l oot in JividenJs! Tli»? Hawaiian Trarawavs Co. -t i '< is p»rtlv he!-l iu £opl.tnJ mJ partlv here Tliere are qu:te « n iui>er f s nall shareholJers ii> th»t C‘>uipmv —it i- an Enpiish | cor(iorati> n, anJ the JividenJs are Jecl reJ l*y the Jirectois in £ng>nl. We have in n-> year seen ti>e corporation pay ra>>re than s>x or seveu i er cent . it eertainiy uover maJe such returns as those mentioneJ ilj>>ve as <;routiJ out of ilie <ngar uii!is. A rev,sion of thes\st> i» !<>ft ixation s certaialv necessaiy iul wo fullv a"ree with Mr .Ji>ii>- that c.>rporations s>imilj (>.»y taxes ou tlieir ca(>it<i stock >>r if the cap;tal stock is higher thnn the boua ti<le value of tiie l>ro(*«*rtv. shoūl>l l‘>e in .Je to re1 ice iL H >w that em be Joue > (>r tit >ble (to the Iarge stockholJers no on ea-n leaeh ns l*etter than Mr. P. C. J<*ues. Tlie s riuking of the < a| it <1 stoc*k of j of ii certain e .>rpor.itioii here is yet fres!i in tiie miiul of m:<nv of I the aiual’ stockholJ»*rs. Stiri> kmg of stock anJ wreckiug <>f i c>iupanies aie undoubteclly very (>Ir>asant anel entertaining for a f w uioiu>polibts. We ean h ircl v ‘ believe tiiOUgii th.it the meth> l <• u i>e .ulvocateJ bv a weli km ini sto<;k bn>ker like Mr. P.C.Jones. The pr>>positioii. implieU 111 Mr. P. i . -.īone-’ letter. of Jisfranchising tla* Tramways Com*pany. «nJ thereī>v niia a nuuiber of small to kh>*'J. r< is not unbec>iraiiig a raan who, a fe\v weeks ago proposol >o tlirow Uie Voleano House Companv into bmkruptcy, aml theii buy tiie |.i>>i>erty in for a tritlo -*nJ a sraa!l svndicate. IJ.it by ail iucaiis i ii-e the taxt*b .u ! i t the s g:»r iiien pay.