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The main object of this study is to trace the growth of capital on sugar plantations in Hawaii from 1870 to 1957. Capital growth is related to numbers of workers employed and to net output in order to obtain ratios of capital to output and capital to labor. The study ends with a short review of the financing of Hawaiian sugar. It concludes that the industry has been able to finance not only itself but to invest relatively large amounts in other domestic and foreign enterprises.