Hawaii Holomua, Volume II, Number 47, 12 November 1894 — A PROTECTION FUND. [ARTICLE]

A PROTECTION FUND.

More About the Sugar TrostTbe scherae of Bolte. Joues aud others to become the unuipalators of a great “protection fund does not seem to gain mneh headway. As far as we ean learn the charter has not been

granted, and tbe glattenoas crowd is yet withont the firal 5* \ • instalment, whieh according tc the programme shoald havebeen paid on Nov. lst » 1 We ean well understand the pleasing prospects whieh wou!d be nnrolled before the eyes ol the ambitioas financiers if the I sugsr plantaiions would be insane enongh td allow themselve« to be taxed by the said financiers who, of course wonld be tbe Ieading members of tbe great board of uine trnstees. Not less th;»n $100,000 and most likely more woold auuually be poured into tbe cuffere of tbese very ex- | clusive trastees, anJ as the ‘nine’ undoutedly would bave full eontrol of the two-thirds majority of the association, they would be able to do as they pleasod with tho accumnlated wealtb. Far be it from us to impugn tbe honest}' of any member eligible to such a powerful board. But the temptation to run things in this country to suit the planters, and nobody else would be too great for any ordinary mortaI aud all branches of the govcrument would soon be under the control of these geutlemen holding the very gilded pursetrings and of whom surely someone wonld uot besitate in bribiug and corruptingilegislatore.

We publish herewith urticles VIII and IX of the proposed agreement whieh will show the country what a power will be laid in tho hands of the nine trusteos, who of course own twothirds of the stock in the association. if this gigantic trust U ever allowed to heeome a fact. Cortain, now fortunately defunct gentlemon, used to run a similar shebang in Venice some ceutnries ago. When you were iuvited to eall on them —and we neverheard of any refusing the invitation—you crossed a bridge whieh most pvoperly was called the bridge of sigha.

Tho gontlemen who sat iu that eouneil wouid hardly have onetenth of the power whieh will fall into the hands of AIr. Bolte’s nine trustees, if the planters promiscuously should pour from one totwo millions ofdollars iutotheir cotfer 0 . The small stockholder, i tho merchunt aud the meehanie will probably then havo to ask Mr. Kowell or sorae other expert (save the mark) toerect a “bridge of sighs” over whieh they ean pass into the iron bondage of the all powerfnl nine.

Article VIII: The members of this association do herebv severally bind themselves and their several heirs, executors, adminiatrators, snccessors and assigns for the pnrposes aforesaid to eaeh contribute in eaah or its equivalent on the first day of Xovember in the years 1894, 1895, 1890. 1897 an*d 1898, the snm of one dollar ($1.00) for eaeh ton of sugar produced by eaeh of tbem resj>ectively dnnng the twelve months preceding the first day of October of eaeh of the yeare 1894. 1895,1896. 1897 and 1898; whieh amounl ia to be paid to the trustees of this association and to be held by them for tbe | purposes of this association and i to be applied in snch manner as ! may be agreed upou by a twothirda vote of this association. It is agreed. however, tbat this I association may by a two-thirds : vote increase the amonnt of oontribntion to be paid by eaeh member for eaeh of the years ending Oct lst 1895,1896. 1897

. aud 1893 amonnt not ex* ] ceeding two dollars ($2.00) fo r Meh ton of sngar prodnced; provided however. tbat such increase ahall not be made reirospective. In case of default in paym«nt of any subscription. it is agreed, ihai snit ntay be bronght for the same bv ihe 'trosWes in the name of the association.

Article IX: This fond is to be held bv the trustces and io be invested by ihem and ihe inier*«t earned to be added to the capital. on or before the first day of Xov. 1897, the said fund is to ' be disposed of as tuay be agreed opon by a two-thirds vote of ihis ' association in any one of the ] foliowing methods" (a) To be expended for the i porpose of buildiog, purchasing i

or obtaining a sugar refinery or an interest io a sagar refiuery or (b> To be reinrested as the for a protective fnnd for the benefit of tfais association or (e) To he divided amongst the membere of this association )>ro rata accordiog to the amoont of their several contributions.