Honolulu Republican, Volume IV, Number 506, 25 January 1902 — TRUST HOLDS ITS MEETING [ARTICLE]

TRUST HOLDS ITS MEETING

HITEIEYER MAKES HIS REPORT EXISTING TARIFF ON SUGAR IS A CHARGE UPON CONSUMPTION. Unutuil Consideration of Benefit* to People an Amusing Incident in Sugar Trust Talk—What Oxnard Says of Little Account —More Stockholders Present Than Usual 'Special to The Republican.) SEW YORK Jan 9.—At the annual meeting of the stockholders of the Alherican Sugar R- fining Company January Mh. President Havemeyer, in his annual report, said; "The stockholders know in a gen eral way of the accomplishing nt of |I t the i apital slock of the company. The increase was authorized at a slock holders' meeting held on IS last With the exception of places wh°re there was. a want of authority to subscribe, and a limited number of exceptional cases, the new stock was promptly taken up by the stockholders. The total amount of stock outstanding at the present lime is; Preferred s44.(ft>B.3*>*>; common $44.246.100. "The new stock shares in the divi uend comm- ncing with the dividend declared as of January 2. 1902. Organized in New York. "The stockholders have doubtless noticed the organization recently of a New York corporation to transact the New York business which was heretofore conducted by the company. For many years the legislation of N< w York was hostile to manufacturing enterprises. This was the situation when the company was or ganized. and 1»‘«1 to its organization in New Jersey, in which State a < on siderabte part of the company’s business had been transacted. Latterly the policy of New York has changed. By its more recent legislation it has held out inducements to have manu factoring business in N< w York done by Nt w York corporations. Tne company lias reorganized and conformed to this as far as concerns th“ business ol Its New York i eflnerit s This has involved the transfer to Jersey City of the residue of the business that was heretofore carried on in New York. Tariff Not Wanted. It would seem that with an overflowing Federal Treasury mere had disappeared any reason for continu- , ing the existing high tariff upon rawsugar. It constitutes a charg-* upon tlie consumption of nearly two cents a pound. "This represents on an annual consumption of 2.36U.000 tons $85,000,000 a year. Of this, however, only 1.360.Othi tons are imported: yielding custom revenues of $49.000.0U0. The bal ance. $36,000,0*40, goes into the pockets of the planters of the following States: Tons. Value. Louisiana p1tr5.350.000 $12,600,000 Domestic beet. 150.000 5.400.000 Hawaii 350.000 12.600.00 Porto Rico . . .150,000 5.400.000 A removal of this duty on raw sugar would result in a saving to the consumer of $85.4*00,000. Sales Would Increase. "Misleading statements are constantly being made about the benefits to tho company of reducing the present high rate of duty. The gain would be increased sales. The lower the prices at which refined sugar can be furnished, the larger is the number within whose reach it can be brought To this extent there would be a gain to the company, but the substantial b m fit of the remission or reduction of the duty would be to the consumer and the practical question is whether the public shall continue to pay the enormous amount which the duty requires for the ben- ft: of favored in dustrles which according to publish • d statements by those who are specially interested, do not require the protection \s.de from the matters to which I have previously referred, the business of the company during the year has proceeded as usual.' At the special request of the stock holders present for further remarks on the matter of tariff I. gisiation on sugar. President Havemeyer said’ Sugar is a necessity of life Were the duty removed, th- price would permit of its being used by the poorest people The people are beginning to ebaracterixe the tax on sugar as a hunger tax This, no doubt, is due to the fact that a'surplus exists in tue Treasury and there is no rea son for a tax on an article of food. The removal of the tax would be a great b!> ssing to the entire com mu nitv Oxnard of No Account. "As far as the beet industry is con cerned the farmers have received no more for their beets s;nce the tax was reimposed than when sugar was free in the years 1891. 1892 and 1893. What Mr Oxnard says : s of little account What Mr William Bavard Cutting attaches his signature to is of account. He has stated over his signature that the beet industry is profitable under conditions of abso’ute free trade and * that the United States, being an a* 1 rtcultural * country, the industry has ‘ *

nothing to f**ar even from the annex* tioa of Cuba. Daring the years 1891. 1892 and 1893 sugar was made free by the Repabiican party then in power. It was r*;mpo«d to meet financial necessities of the government being a sure revenue-getter of An effort has since been made to tax -offee likewise an article of food This attempt was scouted at and it failed. The tax on t**a is not for the purpose f revenue, but a means of protecting the poorer people from the deie-t-rious and poisonous cheap tea. There is no reason for the continuance of the tax on raw sugar and the hope is that it will be removed.” J hn E. Parson? and Lowell M. Palmer were re-elected directors. The vote cast was 285.447 share* of preferred stock out of a total of 440.out of a total of 442 «6l The attendance of stockhold rs was larger than usuel. National Sugar Refining Co. At the annual meeting of the stock holders of the National Suear Company the retiring board of directors was re-elected. No annua! report was submitted