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AUSTIN'S HAWAIIAN WEEKLY.
Reorganization of the Press Publishing Company,
It is proposed, upon the charter of the Press Publishing Com
pany, to have a resolution passed which will make the present issue
of 8000 shares, having a par value of $25 each, preferred stock,
and to issue the balance of stock allowed by the charter up to
$100,000, leaving $80,000 to be common stock. The preferred
stock is to bear 12 per cent dividends before the common stock
can receive any profits from the business of the Company. The
share-holders of the Press Publishing Co. have agreed to return
one-half of the stock they now hold and take in lieu thereof one
half of their holdings in common stock, with the exception of Mr.
Thrum, who will receive part cash. It is proposed to take over
"Austin's Hawaiian Weekly" and the "Paradise of the Pacific,"
and to purchase new presses and other machinery that may be
necessary. The advantage of this reorganization is that the me
chanical cost of printing the two papers will be reduced to a mini
mum, as the business of the Press Publishing Co. is now sufficient
to pay nearly all of the expenses for publication of the newspapers.
Options for these various properties have been obtained at
most reasonable prices. The Press Publishing Co. plant is in
good condition and well equipped with type(much of it being new)
with first-class job presses and a modern two-roller cylinder press
capable of handling any work of an ordinary nature. It is now
the publication office of "The Friend," "Thrum's Annual," and
"Ka la o Hawaii," a neatly printed Hawaiian magazine weekly
periodical. Besides this, a considerable amount of job work is
turned out monthly. The Press Publishing Co. has been estab
lished since 1885, but its business has never been pushed. The
present equipment of the printing office could easily handle three
or four times the amount of business now turned out, and it is con
fidently expected that renewed energy will double or treble the
business in a few months.
Austin's Hawaiian Weekly has been published thus far as a
private enterprise, although it was intended from the beginning to
bring it under corporate management. Eight introductory num
bers have been issued for the purpose of testing the public pulse
concerning the reception of a high standard illustrated conserva
tive periodical and also to test the earning power of such a journal.
The result of the experiment has been most satisfactory. On
every hand both at home and abroad (see appendix) are heard
nothing but praises for Austin's Hawaiian Weekly. The earning
power for so infant an enterprise has also been most gratifying.
In eight weeks the business done, exclusive of doubtful accounts,
was $1,150, giving a basis of $575 as monthly earning power. As
a considerable sum of money has been expended each week in the
distribution of sample copies to every portion of the Islands, and
also in the United States, there is no further need for expense in
this direction. Austin's Hawaiian Weekly is favorably known
from Hawaii to Niihau and also in the United States. It is not too
sanguine to expect that a periodical so favorably received in its
first eight weeks existence can, under good management and strong
backing, double its earning power in the next three months. It
has been deemed expedient to place the first eight numbers in a
small volume by itself and to suspend further publication until it
can be taken up by the company. All subscriptions will therefore
be extended one month from time of expiration.
The Paradise of the Pacific, a monthly magazine, has been
established for fourteen years and designed for foreign circula
tion. It has during its entire existence received a subsidy from
the Government and there can be no good reason to anticipate
that this support will ever be discontinued. In this combination
the expense of publication of the Paradise of the Pacific will be
greatly reduced, as all general articles concerning Hawaii appear
ing in the Weekly can be transferred to the Monthly, thus savin"
double typesetting. ' "
The advantage of this newspapei combination in conserving
the public good, must be readily apparent The Monthlv, entirely
non-political, will be enlarged, very much improved in i'ts literary
and art features, and will continue to dissiminate abroad reliable
.information concerning Hawaii. The weekly will be semi-political
in policy from an independent standpoint, and will be conserva
tive in all its criticisms and comments. It will take for its scope
comments upon the happenings in and around the Pacific Ocean
and aim to push its way to general circulation throughout the
Distribution of Stock.
The distribution of Preferred Stock will be as follows:
8,000 shares at $25 $20,000
Issued to present shareholders $3,000
To Franklin Austin, for time and cash
expended on the Weekly $1 ,500
Available to the public $15,500
Some of this stock has been subscribed for by the most inlluen
ti'l people in Honolulu, and public are invited to send in applica
tions for stock as early as possible; the company's offices are in
the Lincoln Block, King St.
It is shortly expected to improve the plant by the addition of a
high speed four-roller press and probably with a small engraving
plant. The cost of this machinery will not exceed $4,000, ol
which the San Francisco agents have signified their willingness to
subscribe two-thirds of the amount in stock of a strong company.
Debit and Credit Statement.
.MONTHLY KKCKII'TS AND KXI'KNDITURKS :
Press Publishing Co. job work (including
Thrum's Annual,) work beginning Sep
tember 1 st $ 400
Paradise of the Pacific 215
Austin's Hawaiian Weekly 575
Present monthly receipts $1,100
Mechanical Department (including illustra
Staff, ' including Foreman and Business
Net profit monthly 210
Net income per annum 2,s2o
r2 per cent dividends on $11,500 stock
issued to public $t ,380
Annual surplus in dividend fund 1 ,140
The common stock will be purely speculative stock and can
only be made valuable by the increase in business and cannot re
ceive a dividend until after 12 per cent has been paid to the holders
of preferred stock. A large portion of this stock will be held in
the treasury to be used later in the purchase of other newspaper
properties offered for sale which it may seem profitable to buy.